Monterey has the 1095th largest population in the United States. The population grew by 3.7% from 2010 to 2015, which was faster than the national average. Monterey is part of the Salinas metro area. Unemployment in the Salinas area is 5%, which is higher than the national average, and is getting better. Salinas has the 118th largest local economy in the US, and a high cost of living. The average pay for jobs in Monterey is below average at $45,520, and the median cost of a home in Monterey is $615,900, which is above the national average. 46% of workers in Monterey hold a bachelors degree or higher (above average), and 94% of workers have a high school degree (above average). Driving to work is especially common in Monterey. 71% of Monterey workers drive to work alone, 1% take public transit, 12% carpool, and 14% walk. People in Monterey spend an average of 16 minutes commuting to work, which is shorter than the national average of 26 minutes.