At $1,668/mo, rent takes about 25% of the local median household income, comfortably within the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,668 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
Rent in Monticello changed +4.3% over the year to September 2026. Across the 53 Minnesota cities Zillow tracks, the typical change was +3.4%.
Rent has risen 9 months in a row, and rose in 10 of the last 12 months.
30% of the median household income ($79,534) is $1,988 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,630); a 3-bedroom is $2,170.
Saint Cloud, 23 miles away, rents for 26% less ($1,241/mo), about $5,100 a year in savings.
From Zillow's monthly rent index (ZORI) for Monticello. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Monticello, MN has changed in 5 years
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.
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Can you afford rent in Monticello on your salary?
At $1,668/mo, how Monticello rent compares to typical pay (30% rule).
Monticello rent by bedroom count
Median rent for each apartment size in Monticello. Click any size for full breakdown.
Tips for renters in Monticello
Last updated: October 17, 2026
The median rent in Monticello is $1,668/mo as of October 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 25% of local median household income ($79,534/yr), Monticello ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.3% over the past year.
Frequently asked questions
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Is rent going up or down in Monticello?
How does Monticello rent compare to other cities in Minnesota?
Which nearby cities are cheaper to rent in than Monticello?
At $1,668/mo, rent takes ~25% of Monticello's median household income ($79,534/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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