Monterey, Tennessee has a population of 38574 people. It is known for its affordable living costs, with the average 2 bedroom rent being only $850 in comparison to $1,430 across the US. The grocery cost index also reflects this advantage with a score of 94 compared to the US average of 100. Family owned businesses are an important part of the Monterey economy with companies like Monterey Health Food and Leatherwood Store providing goods and services for locals. Unemployment rates are also low in the area, currently sitting at 4.5%.
Monterey (zip 38574) has an unemployment rate of 4.9%. The US average is 6.0%.
Monterey (zip 38574) has seen the job market decrease by -3.7% over the last year. Future job growth over the next ten years is predicted to be 43.3%, which is higher than the US average of 33.5%.
Tax Rates for Monterey (zip 38574)
- The Sales Tax Rate for Monterey (zip 38574) is 9.8%. The US average is 7.3%.
- The Income Tax Rate for Monterey (zip 38574) is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Monterey (zip 38574)
- The average income of a Monterey (zip 38574) resident is $22,575 a year. The US average is $37,638 a year.
- The Median household income of a Monterey (zip 38574) resident is $45,667 a year. The US average is $69,021 a year.