Monticello, IN
Population 5,504 · Indiana
About Monticello, IN
Monticello is a small town located in Indiana with a population of 5,504 residents according to the latest US Census Bureau American Community Survey data. The median household income is $50,138 per year, which is 33% below the national median of $75,149. The median age of 46.9 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Monticello features a median home value of $122,200, which is 50% below the national median of $244,900. This makes Monticello one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $860, 26% below the national average of $1,163/month. Of the 2,798 total housing units, 61% are owner-occupied (1,576 units) and 39% are renter-occupied (991 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Monticello shows an unemployment rate of 8.3%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 12.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Monticello have an average one-way commute time of 17.8 minutes, one of the shorter commutes in the region.
Education & Demographics
11.9% of Monticello residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 8.5% White, 0.6% Hispanic or Latino, 0.0% Black or African American, and 2.6% Asian residents, with 5.6% of the population being foreign-born.
Cost of Living in Monticello, IN
Compared to national averages, Monticello has a median household income of $50,138 (33% below the national median of $75,149). Home values average $122,200, which is 50% below the national median. Monthly rent at $860 is 26% below the US average of $1,163. Within Indiana, Monticello's income is 28% below the state average of $69,330, and home values are 25% below the state median of $163,409.
Why Live in Monticello, IN?
Monticello offers affordable housing with a median home value of $122,200, below the US average of $244,900, and rent that’s lower than the national average at $860/month, and a low poverty rate of 12.1%, better than the national average. Additionally, the city features short commute times averaging just 17.8 minutes.
Potential considerations include median household income ($50,138) that falls below the national average. However, Monticello’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Monticello has a population of 5,504 with a median age of 46.9 years. Compare Monticello with other cities to see how it stacks up, or explore all cities in Indiana.
Similar Cities Near Monticello
Cities in Indiana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Cicero | 5,441 | $75,278 | $251,000 | Compare |
| Hidden Valley | 5,625 | $106,071 | $267,200 | Compare |
| Rensselaer | 5,369 | $61,648 | $149,100 | Compare |
| New Whiteland | 5,641 | $89,196 | $185,000 | Compare |
| Hartford City | 5,685 | $36,868 | $77,800 | Compare |
| Westville | 5,291 | $59,732 | $152,000 | Compare |
| Bright | 5,735 | $111,140 | $246,600 | Compare |
| Tipton | 5,255 | $64,709 | $148,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Indiana
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Monticello With Other Cities
Frequently Asked Questions about Monticello
What is the population of Monticello, IN?
The population of Monticello, IN is 5,504 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Indiana.
What is the median household income in Monticello?
The median household income in Monticello, IN is $50,138 per year, which is 33% below the national median of $75,149.
What is the median home value in Monticello?
The median home value in Monticello, IN is $122,200, which is 50% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Monticello?
The median monthly rent in Monticello, IN is $860, which is 26% below the national average of $1,163/month.
What is the unemployment rate in Monticello?
The unemployment rate in Monticello, IN is 8.3%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Monticello, IN a good place to live?
Monticello offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 5,504 and a median age of 46.9, the city appeals to established professionals and retirees.
How educated is Monticello, IN?
11.9% of residents in Monticello aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Monticello?
Key cost-of-living indicators for Monticello, IN: median home value is $122,200 (50% below national), median rent is $860/month, and median household income is $50,138. The home-value-to-income ratio is 2.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Monticello?
The poverty rate in Monticello, IN is 12.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Monticello, IN?
Monticello's population is 8.5% White, 0.6% Hispanic or Latino, 0.0% Black or African American, 2.6% Asian, and 0.2% two or more races. 5.6% of residents are foreign-born.