Quick facts: Monterey, VA

Quick Facts

106
Cost of Living
above US average
170
Population
29.41
Crime Rate per 1000
above US average
$56,144
Median Income
below US average
$155,000
Median House Price
above US average
$1935
Average Rent
above US average
9%
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 $56,144.

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Income Needed to Buy

βœ“ Affordable
$49k/year
Based on $155,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($56,144) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$83k/year
Based on $1935/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $83k vs median $56,144
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Monterey, VA

Monterey, Virginia, is a small, charming town located in Highland County in the beautiful Allegheny Highlands. Nestled at the intersection of State Routes 220 and 250, it's known for its picturesque landscapes, rolling hills, and rich history. With a population of just over 100 residents, Monterey embodies the essence of small-town America. The town is surrounded by natural beauty, offering opportunities for outdoor activities such as hiking, fishing, and camping in the nearby George Washington National Forest. Rich in history, Monterey is home to the Highland County Museum, which showcases the local heritage and culture. Visitors can explore the scenic byways, enjoy local fairs, and experience the warmth of the community through various events throughout the year. The town's proximity to larger cities like Staunton and Harrisonburg makes it a peaceful retreat while still providing access to urban amenities. Monterey exemplifies a serene lifestyle, perfect for those looking to escape the hustle and bustle of city life and immerse themselves in the tranquility of rural Virginia.

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