The typical owner-occupied home in Monterey is worth about $202,200, 7% below the Louisiana median of $216,500 and 39% below the national median of $332,700. The median household earns $139,519 a year, so the median home costs 1.4 times the median income (3.6 times for Louisiana). 80% of occupied homes here are lived in by their owners, and 29% of those owners still have a mortgage.
Monterey at a glance
| Monterey | Louisiana | U.S. | |
|---|---|---|---|
| Median home value | $202,200 | $216,500 | $332,700 |
| Median property tax paid per year | – | $1,180 | $3,119 |
| Median household income | $139,519 | $60,756 | $80,734 |
| Homes lived in by their owners | 80% | 67% | 65% |
| Owner homes with a mortgage | 29% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,580 | $1,604 | $1,963 |
| Those costs as a share of the owners' income | 13.4% | 20.4% | 21.0% |
| Median rent | – | $1,064 | $1,413 |
| Median year homes were built | 1993 | 1983 | 1980 |
| Vacant homes | 21.2% | 14.4% | 10.1% |
| Population | 326 | 4,611,961 | 334,922,499 |
What a typical home costs per month in Monterey
At this week's average 30-year rate of 7.11%, buying the median Monterey home of $202,200 with 20% down costs about $1,358 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,695, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $58,190 for the 20%-down payment. That payment is 12% of the median Monterey household income of $139,519; at that income and 20% down, the 28% guideline points to a home of about $485,000.
| Down payment | $40,440 |
|---|---|
| Loan amount | $161,760 |
| Principal and interest | $1,088 |
| Property taxes (1.10% a year) | $185 |
| Homeowners insurance (our estimate, 0.5% a year) | $84 |
| PMI | $0 |
| Total per month | $1,358 |
Change the numbers in the calculator
| Down payment | $7,077 |
|---|---|
| Loan amount | $198,538 |
| Principal and interest | $1,336 |
| Property taxes (1.10% a year) | $185 |
| Homeowners insurance (our estimate, 0.5% a year) | $84 |
| FHA mortgage insurance | $89 |
| Total per month | $1,695 |
Change the numbers in the calculator
Questions about home buying in Monterey
What is the median home value in Monterey?
About $202,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Monterey?
For the median home with 20% down at 7.11%, the payment is about $1,358 a month. Keeping that under 28% of gross income takes about $58,190 a year.
More about Monterey
- Mortgage Refinance in Monterey
- Debt Relief in Monterey
- Home Equity Loans in Monterey
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data