Monterey: Economy & Jobs
Earnings in Monterey center on a median $60,849 (1.1× below Highland County median $65,625; 1.5× below Virginia median $93,170), with homes at a median value of $169,700. The surrounding county supports 615 jobs (avg $44,493).
- $52,231 avg taxable income per return — similar than the median household income (vs Virginia $92,983).
Income & Affordability
Median household income $60,849 — below the Virginia median ($92,968). Poverty rate 10.2% (U.S. average ~12.5%). 47% of renters spend more than half their income on rent ("severely cost-burdened" by HUD definition; U.S. ~24%).
| Affordability · Home Price To Income | 2.8× |
|---|---|
| Affordability · Home Affordability | affordable |
| Affordability · Rent Pct Income | 19.8% |
| Affordability · Rent Affordability | affordable |
| Affordability · Pct Severely Rent Burdened | 46.9% |
| Affordability · Poverty Rate | 10.2% |
| Irs Income · IRS tax returns filed | $1,080 |
| Irs Income · Total Adjusted Gross Income (thousands) | $56,409 |
| Irs Income · Average AGI per return | $52,231 (vs Virginia $92,983) |
| Irs Income · Year | 2022 |
| Income Estimate | $66,839 |
| Median Household Income | $60,849 (vs Virginia $92,968) |
| Poverty Rate | 10.2% |
Sources: IRS SOI 2022 · Census ACS 5-Year 2023 · Refreshed 2026-04-12
Economic Character
Qualitative classification derived from Census occupation, industry, and income data — workforce composition (white-collar/blue-collar), top employing sector, and income tier.
| Economic Character · Workforce | white_collar |
|---|---|
| Economic Character · Top Industry | Education Healthcare |
| Economic Character · Income Level | middle-class |
| Economic Character · Median Income | $60,849 |
Employment & Workforce
Employment + workforce stats. The county-level employment count covers all jobs within the county, not just town residents. 7% work from home (U.S. average ~15%).
| Commuter Profile · Work From Home Pct | 6.7% |
|---|---|
| Commuter Profile · Primary Mode | drove alone |
| Employment · Avg annual employment (county) | 615 |
| Employment · Total annual wages (county) | $27,355,633 |
| Employment · Average annual pay | $44,493 |
| Employment · Year | 2024 |
| State Occupation Wages · Year | 2023 |
| State Occupation Wages · All Occupations · Soc Code | 00-0000 |
| State Occupation Wages · All Occupations · Title | All Occupations |
| State Occupation Wages · All Occupations · Employment | 3,981,130 |
Sources: BLS QCEW 2023 · BLS Occupational Employment and Wage Statistics (OES) · Refreshed 2026-04-12
Industry Sectors
Major industries by establishment count from Census County Business Patterns (2022). Sectors are NAICS-coded; counts are county-wide employer establishments.
| Agriculture · Total Farms | 3 |
|---|---|
| Agriculture · Land In Farms Acres | 3,200 |
| Agriculture · Avg Farm Size Acres | 1,066.70 |
| Agriculture · Top Commodities | Animal Totals, Poultry Totals, Cattle, Crop Totals, Vegetable Totals |
| Agriculture · Year | 2022 |
| Business Patterns · Establishments (employer count) | 76 |
| Business Patterns · Total Employees | 345 |
| Business Patterns · Annual Payroll Thousands | 11,126 |
| Business Patterns · Year | 2022 |
Sources: USDA NASS Census 2022 — county FIPS matched · Census CBP API — county FIPS match
Local Business Mix
Retail and service businesses by category (Census CBP NAICS-coded). Counts cover the surrounding county, not just the town. Reflects the everyday commercial mix residents can access.
| Local Businesses · Commercial Banks | 3 |
|---|
Sources: Census CBP — NAICS detail codes
Banking
FDIC-insured bank branches with addresses. Branch density correlates with population — fewer branches per resident in lower-density areas.
Branches (1)
SNAP & Food Access
USDA-authorized SNAP retailers — supermarkets, super stores, convenience stores, and other locations where SNAP benefits can be redeemed. Per-1K density tracks food access.
Sample (4)
| Nearest Snap · Name | Dollar General 6391 |
|---|---|
| Nearest Snap · Total In Area | 4 |
Chamber of Commerce
IRS-registered chamber of commerce organizations matched to this town. Reflects the IRS Exempt Organizations BMF; some chambers operate informally and may not appear here.
| Chamber Of Commerce · Name | HIGHLAND COUNTY CHAMBER OF COMMERCE |
|---|
Sources: IRS EO BMF · Refreshed 2026-04-12
Spending & Tax
Federal spending flowing to the surrounding county — direct payments, grants, contracts, loans (USAspending.gov).
| Federal Spending · Federal Spending Fy2024 | $24,962,001 |
|---|---|
| Federal Spending · Per Capita | 11,183.69 (vs Virginia $14,580) |
| Federal Spending · Population | 2,232 people (vs Virginia 42,214) |
Sources: USAspending API
Other
| Pct Drove Alone | 53.3% |
|---|---|
| Pct Public Transit | 40.0% |
| Pct Walked | 6.7% |
| Retirement Score · Median age | 67.1 years (vs Virginia 37.8y) |
| Retirement Score · Ss Household Pct | 62.5% |
| Retirement Score · Va Access | Yes |
| Retirement Score · Factors | older population, strong SS base, VA nearby |
| Retirement Score · Rating | good |
Sources: Census ACS 5-Year 2023 · Refreshed 2026-04-12