Monterey, MI is a small town located in Michigan with a population of around 2,000 people. It is known for its rural location and many outdoor recreational activities. The cost of living in Monterey is relatively low compared to the US average. The median rent for a two-bedroom apartment in Monterey is $960 which is much lower than the median rent nationally at $1,430. Additionally, the Grocery Cost Index in Monterey is 94 which is 6 points lower than the US average of 100. Businesses in Monterey include Corner Market, Red Top Auto & Equipment Sales, and Envision Insurance Group LLC. All provide services that benefit the community and make life more convenient for residents of Monterey. Overall, Monterey provides an affordable living environment and has multiple businesses that contribute to its quality of life.
Monterey has an unemployment rate of 5.1%. The US average is 6.0%.
Monterey has seen the job market increase by 0.9% over the last year. Future job growth over the next ten years is predicted to be 30.3%, which is lower than the US average of 33.5%.
Tax Rates for Monterey
- The Sales Tax Rate for Monterey is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Monterey is 4.3%. 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 $21,385 a year. The US average is $28,555 a year.
- The Median household income of a Monterey resident is $77,321 a year. The US average is $69,021 a year.