A+
18%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
49%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Martinsville Virginia National
Cost of living82109100
Goods & Services97100100
Groceries97101100
Health care9899100
Housing51130100
Transportation8895100
Utilities99104100

An Overview of Cost of Living in Martinsville, VA

Getting a feel for the cost of living in Martinsville is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Martinsville is 82, which is 18% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

It's not uncommon for housing expenses to eat up a substantial portion of your income, oten exceeding 30%. The good news is that Martinsville stands out by reporting housing costs that are 49.1% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more affordable compared to the rest of the country. This favorable housing situation allows residents to allocate a more manageable portion of their income to housing, resulting in greater financial flexibility.

Is Martinsville Affordable?

Wondering if Martinsville is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Martinsville, for example, the median home price is 57.2% lower than what folks pay nationally, and monthly rent is 30% lower than the usual rates. Plus, income levels matter too, with Martinsville boasting a median household income of $36,166, which is 34.6% lower than the national average.

What Factors can Influence the Cost of Living in Martinsville?

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Martinsville, the utilities index is 0.6% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.

Where is the Data From?

The Martinsville cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Martinsville is 24% lower than the Virginia average
  • The cost of living in Martinsville is 18% lower than the national average
  • Martinsville housing is 49% lower than the national average
  • Virginia general sales tax is 4% higher than the national average
  • Virginia state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around Martinsville

See all the best places to live around Martinsville

Compare Martinsville, VA Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$50,657$4,221$1,182$1,520
      Renters$28,372$2,364$662$851
      To approximate the cost of living and the housing affordability in Martinsville, VA, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Martinsville have a median income of $50,657. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,182 per month to avoid calamity and poverty. The renters in the city have an income of about $28,372, which would make their monthly maximum allowable rental costs $662.

      Virginia Sales Tax

      State General Sales Tax With Max Surtax
      Virginia 5.3% 6%

      Virginia Income Tax

      State Income Tax (Low) Income Tax (High)
      Virginia 2% 5.75%

      Goods & Services

      Item Martinsville National avg. Difference
      Haircut $14.00$24.2642.3%
      Beauty Salon $34.81$45.5623.6%
      Toothpaste $3.68$3.700.7%
      Shampoo $1.30$1.281.5%
      Movie $11.00$12.139.3%
      Bowling $11.83$18.0034.3%

      Groceries

      Item Martinsville National avg. Difference
      Ground Beef $6.12$5.844.8%
      Fried Chicken $1.37$1.5712.7%
      Milk $4.64$4.670.8%
      Potatoes $4.99$4.931.0%
      Pizza $13.42$12.0911.1%
      Beer $10.22$10.411.9%

      Health Care

      Item Martinsville National avg. Difference
      Optometrist $124.44$125.681.0%
      Doctor $115.83$135.7814.7%
      Dentist $127.61$113.2912.6%
      Ibuprofen $10.25$10.653.8%
      Lipitor $485.00$468.603.5%

      Housing

      Item Martinsville National avg. Difference
      Home Price $79,000.00$184,700.0057.2%
      Avg. Mortgage Payment $1,651.10$2,346.6929.6%
      Apartment Rent $664.00$949.0030.0%

      Transportation

      Item Martinsville National avg. Difference
      Gasoline $3.25$3.466.2%
      Tire Balancing $48.39$59.9219.2%

      Utilities

      Item Martinsville National avg. Difference
      All Electricity $189.18$193.992.5%
      Phone $184.83$192.253.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Fieldale, VA1,0958217.5%
      Eden, NC14,9868316.8%
      Oak Level, VA4668415.8%
      Collinsville, VA7,0198415.7%
      Sandy Level, VA7158515.4%
      Martinsville, VA12,6468217.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lakeland, TN12,6441087.8%
      Sugarland Run, VA12,65614443.7%
      Athens, TX12,6678712.6%
      San Anselmo, CA12,623237137.5%
      Fernandina Beach, FL12,62211514.9%
      Martinsville, VA12,6468217.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.