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City Report · MN

Monticello

Pop. 14,858·42nd most expensive in Minnesota·Monticello rents are up 7.4% over the past year
Median rent (all units)
$1,623/mo
Year-over-Year
+7.4%
Month-over-Month
-0.6%
vs US Median
-$342
Falling (Monthly)
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Most AffordableMost Expensive
Monticello · $1,623
More affordable than 68% of US cities · National median $1,965/mo
Affordability
24% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,623/mo, rent takes about 24% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$65,000/yr
Local median income
$79,534/yr
Based on the 30%-of-income rule using Monticello's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,180
1 BR
$1,340
2 BR
$1,630
3 BR
$2,170
4 BR+
$2,430
Research median
$1,630/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$19,476/yr
At $1,623/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 7.4% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+7.4% YoY, -0.6% MoM), not inventory.
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Demographics

Who lives here

Monticello, MN is majority owner-occupied, has a large share of families with children, 23.5% of residents hold a bachelor's degree or higher.

Population
14,858
Median income
$79,534
Median age
34.1
Renters
35.3%
Age distribution
26.4%
25.8%
24.4%
12.6%
Under 1826.4%
18–3425.8%
35–5424.4%
55–6412.6%
65+10.8%
Gender
49.3%
50.7%
Male49.3%
Female50.7%
Race & ethnicity
85.3%
White85.3%
Black1%
Hispanic8.6%
Asian3.4%
Other1.7%
Education (25+)
12%
29%
35.4%
23.5%
No HS diploma12%
HS diploma29%
Some college35.4%
Bachelor's+23.5%
Housing tenure
64.7%
35.3%
Owner64.7%
Renter35.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Monticello, MN has changed in 5 years

Income
$73,651 → $79,534
up 8.0%
Population
14,235 → 14,858
up 4.4%
Renter share
29.9% → 35.3%
+5.4 pts
Bachelor's+
24.4% → 23.5%
-0.9 pts
Median age
34.8 → 34.1
-0.7 yrs

Median household income climbed from $73,651 to $79,534 between 2021 and 2024, a 8.0% shift. Census counts show Monticello, MN adding about 623 residents over the five-year window, up 4.4% on net. The renter share has risen from 29.9% to 35.3%, with owner-occupied housing accounting for the remainder.

Community

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Salary vs rent

Can you afford rent in Monticello on your salary?

At $1,623/mo, how Monticello rent compares to typical pay (30% rule).

By apartment size

Monticello rent by bedroom count

Median rent for each apartment size in Monticello. Click any size for full breakdown.

Local insights

Tips for renters in Monticello

About renting in Monticello, MN

Last updated: July 20, 2026

The median rent in Monticello is $1,623/mo as of July 2026. A studio apartment averages $1,180/mo while a 2-bedroom runs $1,630/mo. One-bedroom apartments average $1,340/mo and 3-bedroom units go for $2,170/mo.

At 24% of local median household income ($79,534/yr), Monticello ranks as affordable compared to the national benchmark of 30%. Rents have increased 7.4% over the past year.

FAQ

Frequently asked questions

Is Monticello an affordable city for renters?

Monticello is considered very affordable for renters. At $1,623/mo, rent takes approximately 24% of the local median household income ($79,534/yr). The standard benchmark is 30%. Monticello falls comfortably within that range.

How much income do you need to rent in Monticello?

To keep rent at or below 30% of gross income, you would need to earn at least $65,000/year (~$31/hour full-time) to afford the median rent of $1,623/mo in Monticello. The local median household income is $79,534/yr, meaning the typical Monticello household meets that threshold.

Is rent going up or down in Monticello?

Rent in Monticello has increased 7.4% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Monticello rent compare to other cities in Minnesota?

Monticello is middle-of-the-pack for Minnesota for rent, ranking #42 out of 67 tracked cities at $1,623/mo.

Which nearby cities are cheaper to rent in than Monticello?

Buffalo is nearby and more affordable at $1,509/mo, which is $114 less than Monticello.

What percentage of Monticello residents rent vs. own?

According to Census data, approximately 35.3% of Monticello households are renters, while 64.7% are owner-occupied. Monticello leans toward homeownership, which can mean a smaller rental inventory.

How does Monticello rent compare to the national average?

Monticello's median rent of $1,623/mo is $342 (17%) below the US national median of $1,965/mo. Within Minnesota, it ranks #42 out of 67 tracked cities.
Income Affordability
24%
VERY AFFORDABLE

At $1,623/mo, rent takes ~24% of Monticello's median household income ($79,534/yr). The standard benchmark is 30%.

Monticello 24%Benchmark 30%
State income tax5.35–9.85%
Run the Monticello affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Monticello, MN

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