Economy in Monument, CO

Monument, CO is a small town located in El Paso County and situated near the Rocky Mountains. It is a popular destination for those looking to escape the hustle and bustle of the city life. The cost of living in Monument, CO is slightly higher than most parts of the US, with two bedroom rentals averaging $2,170 compared to the national average of $1,430. Additionally, grocery costs are also higher than the national average as indicated by a cost index of 103 compared to 100 in other parts of America. Despite these higher costs, Monument remains an attractive location with several local companies providing services ranging from construction and landscaping to electrical work and home repair services. Popular companies include Cornerstone Building Solutions, Western Slope Electric LLC and Miracle Stone Landscaping &Pavers Inc., each offering quality services at competitive prices.

Monument has an unemployment rate of 6.8%. The US average is 6.0%.

Monument has seen the job market increase by 4.1% over the last year. Future job growth over the next ten years is predicted to be 48.7%, which is higher than the US average of 33.5%.

Tax Rates for Monument
- The Sales Tax Rate for Monument is 8.3%. The US average is 7.3%.
- The Income Tax Rate for Monument is 4.6%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.

Income and Salaries for Monument
- The average income of a Monument resident is $29,203 a year. The US average is $28,555 a year.
- The Median household income of a Monument resident is $102,278 a year. The US average is $69,021 a year.