The typical owner-occupied home in Monterey is worth about $169,700, 56% below the Virginia median of $383,700 and 49% below the national median of $332,700. The median household earns $60,849 a year, so the median home costs 2.8 times the median income (4.1 times for Virginia). 65% of occupied homes here are lived in by their owners, and 81% of those owners still have a mortgage.
Monterey at a glance
| Monterey | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $169,700 | $383,700 | $332,700 |
| Median property tax paid per year | – | $2,790 | $3,119 |
| Median household income | $60,849 | $93,170 | $80,734 |
| Homes lived in by their owners | 65% | 67% | 65% |
| Owner homes with a mortgage | 81% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,389 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 28.1% | 20.1% | 21.0% |
| Median rent | $850 | $1,579 | $1,413 |
| Rent as a share of renters' income | 33.5% | 29.4% | 30.6% |
| Median year homes were built | 1938 | 1984 | 1980 |
| Vacant homes | 8.9% | 8.7% | 10.1% |
| Population | 197 | 8,705,170 | 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 $169,700 with 20% down costs about $1,140 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,422, 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 $48,837 for the 20%-down payment. That payment is 22% of the median Monterey household income of $60,849; at that income and 20% down, the 28% guideline points to a home of about $211,000.
The median rent here is $850 a month, so owning the median home costs about $290 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $33,940 |
|---|---|
| Loan amount | $135,760 |
| Principal and interest | $913 |
| Property taxes (1.10% a year) | $156 |
| Homeowners insurance (our estimate, 0.5% a year) | $71 |
| PMI | $0 |
| Total per month | $1,140 |
Change the numbers in the calculator
| Down payment | $5,940 |
|---|---|
| Loan amount | $166,626 |
| Principal and interest | $1,121 |
| Property taxes (1.10% a year) | $156 |
| Homeowners insurance (our estimate, 0.5% a year) | $71 |
| FHA mortgage insurance | $75 |
| Total per month | $1,422 |
Change the numbers in the calculator
Questions about home buying in Monterey
What is the median home value in Monterey?
About $169,700 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 $1,140 a month. Keeping that under 28% of gross income takes about $48,837 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