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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 $161,300, lower than the Iowa average of $226,062.
The average cost of rent is $925/mo in Monterey, primarily driven by the current value of real estate in the Monterey area. In Monterey, 9.71% of households rent, and 53.55% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Monterey is $6,717 per month. Households that rent pay about 13.77% of their income on rent here. Monterey’s most expensive areas are in the central regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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Cities with Similar Populations
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- Schley, IA: higher priced homes
- Scottsville, SC: equally priced homes
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