Cost of Living in Martinsville city, Virginia

$784/mo

Median Monthly Rent

$92,500

Median Home Value

31% below state averageUnaffordable

At a Glance

Median Monthly Rent

$784/mo

31% below state average

Median Home Value

$92,500

67% below national

Rent-to-Income Ratio

26.0%

% of income spent on rent

Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)

Affordability Rating

Unaffordable

Rent over 50% of income

How Martinsville city Compares

Median monthly rent comparison

Martinsville city$784/mo

Virginia Average$1,140/mo

National Median$1,163/mo

Detailed Housing Stats

$784/mo

Median Gross Rent

$92,500

Median Home Value

$710/mo

Monthly Owner Cost

26.0%

Rent-to-Income Ratio

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.

Affordability Calculator

See how your income compares to housing costs in Martinsville city

Your Annual Household Income

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

Your rent-to-income ratio22.2%

Recommended max30.0%

Frequently Asked Questions

What is the cost of living in Martinsville city, Virginia?

Martinsville city, Virginia has a median monthly rent of $784/mo and a median home value of $92,500. The affordability rating is Unaffordable, with rent making up approximately 26.0% of median household income.

What is the median rent in Martinsville city?

The median gross rent in Martinsville city is $784/mo. This is 31% below state average for Virginia.

Is Martinsville city affordable?

Martinsville city is rated Unaffordable based on rent-to-income ratio of 26.0%. Spending over 50% of income on rent is generally considered unaffordable.

How does Martinsville city's rent compare to the state average?

Martinsville city's median rent of $784/mo is 31% below state average of $1,140/mo for Virginia.

What is the median home value in Martinsville city?

The median home value in Martinsville city, Virginia is $92,500. This is 67% below the national median home value of $281,900.