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These days, finding an affordable place to live in the Monterey area can be challenging. Home prices in Monterey are now at a median cost of $22,908, lower than the Alabama average of $228,911.
The average cost of rent is $714/mo in Monterey, primarily driven by the current value of real estate in the Monterey area. In Monterey, 12.94% of households rent, and 71.86% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Monterey is $5,120 per month. Households that rent pay about 13.95% of their income on rent here. Monterey’s most expensive areas are in the western regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
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Cities with Similar Populations
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