Cost of Living in Martinsville city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Martinsville city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Martinsville city ranks #2,128 of 3,144 counties for affordability (bottom 32%)
Data Story
About Cost of Living in Martinsville city, Virginia
Martinsville's low income, high rent ratio
At 22.2%, Martinsville's rent-to-income ratio exceeds national norms, with renters spending more than one-fifth of earnings on housing despite the lowest median income in the peer group ($42,434). This combination signals genuine affordability stress for residents.
Lowest incomes, tightest budget squeeze
Martinsville's 22.2% rent-to-income ratio ranks above Virginia's state average of 18.6%, and its $42,434 median income is the lowest statewide by a wide margin. The result: residents here face steeper housing burdens despite lower absolute rents than many state peers.
Cheapest rents, toughest incomes
Martinsville's $784 rent is the lowest among peer counties, undercutting even Lunenburg ($780) and Mecklenburg ($804), yet the $42,434 median income falls far below all neighbors. This means low rents provide little relief given the area's income challenges.
Martinsville's tight housing budget reality
Renters allocate 22.2% of their $42,434 income to $784 rent, while homeowners commit roughly 20% to mortgages on the state's most affordable homes ($92,500). Both figures pinch household finances more than state and national averages.
Martinsville needs income alongside rent
While Martinsville offers the region's lowest housing costs, moving here makes sense only if you have reliable income from remote work, pensions, or local jobs that match or exceed the $42,434 median. Budget carefully—low rents can't compensate for limited local earnings.
Cost of Living Advisory: Martinsville city
Affordability Verdict
Martinsville city is affordable for renters, with a median gross rent of $784/month representing approximately 22.2% of median household income. The rent burden (GRAPI) stands at 26.0%.
Rent vs. Own
Renters in Martinsville city pay $784/month on average, compared to $710/month for homeowners. This market favors buyers by about 9%.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $31,360/year. For owner costs at the 28% rule, the required income is roughly $30,429/year. With a median household income of $42,434, most households can comfortably afford rent here. Notably, 26.0% of renter households in Martinsville city are cost-burdened, spending more than 30% of income on housing.
Regional Context
Within Virginia, Martinsville city is more affordable than Dickenson County by roughly 7% ($784/mo vs $733/mo).
Affordability Calculator
See how your income compares to housing costs in Martinsville city
Rent Burden
22.2%
of gross income
Max Housing (28% Rule)
$990
per month
Owner Cost Burden
20.1%
of gross income
You can likely afford the median home in Martinsville city
Median home value is $92,500. Estimated monthly cost: $738 vs. your max of $990.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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