salaryRent here is among the highest 10% in the country. A typical house costs about 9.7 years of household income, so buying is hard for most locals. Commutes are short, about 18.5 minutes. Most households rent (64%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $114,920 a year. That is $55 an hour at a full-time job.
Is rent cheaper than other California cities?
No. Rent here is more expensive than in most of California. It is number 476 of 653 cities from cheapest to most expensive.
How much do households earn in Monterey?
Share of households by yearly income. 42.0% of households earn $100,000 or more.
Rent by apartment size in Monterey
| Size | Monterey | U.S. average |
|---|---|---|
| Studio | $2,025 | $1,338 |
| 1 bedroom | $2,122 | $1,324 |
| 2 bedrooms | $2,570 | $1,509 |
| 3 bedrooms | $3,500+ | $1,698 |
| 4 bedrooms | $3,500+ | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Monterey overall?
Everyday prices in California overall are 11% above the U.S. average (index 110.7, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Monterey, so the California figure is shown.
Taxes and bills in Monterey
Life in Monterey
Is it cheaper to rent or buy in Monterey?
Renting is cheaper right now: about $4,595 a month less.
Owning assumes a typical $1,076,300 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $107,630 for the down payment.
Frequently asked questions
What is the average rent in Monterey, CA?
Renting in Monterey costs a median of about $2,873 a month in 2026, including utilities. The California median is $2,357.
How much do I need to make to live in Monterey?
To keep rent under 30% of income, you need about $114,920 a year, or $55 an hour at a full-time job.
Is Monterey cheap or expensive?
Monterey is rated Expensive: rent takes 31.1% of the typical household income of $110,919. It ranks 476th cheapest of 653 California cities we track.
How much are property taxes in Monterey?
The median homeowner in Monterey pays $6,071 a year in property taxes, about 0.56% of the median home value.
Is Monterey more expensive than the national average?
Overall prices in California are 11% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Monterey?
The median home value in Monterey is $1,076,300, about 9.7 times the typical yearly household income.
29,613 people live in Monterey. Numbers are typical (middle) values.