Economy in Monterey, CA

Monterey, CA is a beautiful coastal city that offers plenty of opportunities for those looking to live and work in the area. The cost of living compared to the national average is slightly higher, with an average 2 bedroom rent of $3,550 as opposed to $1,430 across the US. Additionally, groceries are 10% more expensive than the national average. Despite this fact, Monterey has many attractive benefits such as a diverse population and array of local businesses. Examples include the Monterey Bay Aquarium, Portola Hotel & Spa, Carmel Valley Coffee Roasting Company, and many more. With year-round sunshine and scenic beauty that overlooks the Pacific Ocean, it's easy to see why people flock to Monterey and make it their home.

Monterey has an unemployment rate of 3.8%. The US average is 6.0%.

Monterey has seen the job market increase by 1.8% over the last year. Future job growth over the next ten years is predicted to be 33.1%, which is lower than the US average of 33.5%.

Tax Rates for Monterey
- The Sales Tax Rate for Monterey is 8.8%. The US average is 7.3%.
- The Income Tax Rate for Monterey is 9.3%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for Monterey
- The average income of a Monterey resident is $36,812 a year. The US average is $28,555 a year.
- The Median household income of a Monterey resident is $85,365 a year. The US average is $69,021 a year.