Quick facts: Monterey, CA

Quick Facts

145.2
Cost of Living
above US average
29,571
Population
35.74
Crime Rate per 1000
above US average
$98,003
Median Income
above US average
$1,195,000
Median House Price
above US average
$3457.55
Average Rent
above US average
10%
Poverty Rate
below US average
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $98,003.

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Income Needed to Buy

βœ— Stretch
$375k/year
Based on $1,195,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $375k vs median $98,003
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Income Needed to Rent

⚠ Stretch
$148k/year
Based on $3457.55/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $148k vs median $98,003
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Monterey, CA

Monterey, California, is a picturesque coastal city located on the Monterey Peninsula along the central coast of California. Known for its stunning natural beauty, Monterey features breathtaking ocean views, rugged shoreline, and an abundance of marine life. The city has a rich history, once serving as a capital for Alta California under Spanish and Mexican rule, which is reflected in its historic sites. One of Monterey's major attractions is the renowned Monterey Bay Aquarium, famous for its diverse marine ecosystems and conservation efforts. Cannery Row, a waterfront street made famous by author John Steinbeck, is now a vibrant area filled with shops, restaurants, and art galleries. Visitors can also enjoy whale watching, kayaking, and beautiful beaches such as Carmel Beach and Asilomar State Beach. Monterey is surrounded by natural beauty, including the scenic 17-Mile Drive and nearby Big Sur, offering hiking trails and stunning coastal vistas. The city hosts various events and festivals throughout the year, celebrating its cultural heritage and marine environment. With its mild climate, rich history, and recreational opportunities, Monterey is a sought-after destination for both tourists and residents alike.

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