The Most Affordable Neighborhoods in Monterey, TN by Home Value

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 $206,048, lower than the Tennessee average of $315,131.

The average cost of rent is $800/mo in Monterey, primarily driven by the current value of real estate in the Monterey area. In Monterey, 25.02% of households rent, and 53.51% of homeowners own their homes outright.

Housing affordability isn’t just about home prices, though. The average household income in Monterey is $4,341 per month. Households that rent pay about 18.43% of their income on rent here. Monterey’s most expensive areas are in the southwestern regions, while the cheapest areas are in the northern 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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