Affordable

What Salary Do You Need to Live in Monterey?

To afford a 2-bedroom in Monterey, you need to earn at least $28,040/year based on estimated fair market rent data. The median household income here is $37,134, which means the typical resident is $9,094 above the threshold.

Census ACS Data Pop. 334

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$491	$1,637	$19,640	$-17,494
1 Bedroom	$582	$1,940	$23,280	$-13,854
2 Bedroom BENCHMARK	$701	$2,337	$28,040	$-9,094
3 Bedroom	$855	$2,850	$34,200	$-2,934
4 Bedroom	$1,052	$3,507	$42,080	+$4,946

Affordability Breakdown

Where the required salary line crosses above Monterey's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$37,134

Annual household

2BR Required Salary

$28,040

Under 30% rule

Income Gap

+$9,094

Surplus

Verdict

Affordable

Ratio: 22.7%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Monterey

Your Annual Salary

Pre-filled with Monterey's median household income

Max monthly rent you can afford$928

Studio

$491/mo

1 BR

$582/mo

2 BR

$701/mo

3 BR

$855/mo

4 BR

$1,052/mo

Your salary is $0 above the median income in Monterey.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Monterey's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Monterey

Living in Monterey is well within reach for most median-income earners. With a $9,094 cushion between what residents earn and what a 2-bedroom requires, households in Monterey typically have meaningful financial flexibility after housing costs.

For remote workers or relocators evaluating Monterey, a studio at $491/month offers an even more aggressive savings rate. Even a 3-bedroom at $855/month remains accessible for dual-income households earning above $34,200.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $42,060 would position you well — though many residents in Monterey manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Monterey, Indiana.

With a total population of 334, the city supports an active civilian workforce of 191 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $28,040 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

191

Active civilian employees in Monterey

Frequently Asked Questions About Renting in Monterey

What salary do I need to live in Monterey, Indiana?

To afford a 2-bedroom in Monterey under the 30% rule, you need an annual salary of at least $28,040. The median household income in Monterey is $37,134.

Can I afford a 2-bedroom in Monterey on $37,134?

The affordability verdict for Monterey is "Affordable". The rent-to-income ratio is 22.7%, meaning median earners have a $9,094 surplus.

What is the average rent in Monterey compared to median income?

The median gross rent in Monterey is $582/month. With a median household income of $37,134, residents spend approximately 22.7% of their income on rent.

What salary do I need for a studio in Monterey?

A studio in Monterey rents for approximately $491/month. Under the 30% rule, you need an annual salary of $19,640 to afford this.

Is Monterey considered an affordable place to live?

Based on the surplus of $9,094 and an affordability verdict of "Affordable", Monterey is considered a affordable rental market when comparing the required 2-bedroom salary of $28,040 to the local median household income.

How Monterey Compares

Other cities in Indiana with salary requirements