The typical owner-occupied home in Martinsville is worth about $69,100, 74% below the Illinois median of $263,300 and 79% below the national median of $332,700. Owners pay a median $1,122 a year in property taxes, about 1.62% of their home's value, lower than the Illinois rate of 2.01%. The median household earns $61,833 a year, so the median home costs 1.1 times the median income (3.2 times for Illinois). 76% of occupied homes here are lived in by their owners, and 53% of those owners still have a mortgage.
Martinsville at a glance
| Martinsville | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $69,100 | $263,300 | $332,700 |
| Median property tax paid per year | $1,122 | $5,298 | $3,119 |
| Property tax as a share of value | 1.62% | 2.01% | 0.94% |
| Median household income | $61,833 | $83,390 | $80,734 |
| Homes lived in by their owners | 76% | 67% | 65% |
| Owner homes with a mortgage | 53% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $847 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 13.2% | 20.6% | 21.0% |
| Median rent | $593 | $1,274 | $1,413 |
| Rent as a share of renters' income | 37.5% | 29.1% | 30.6% |
| Median year homes were built | 1956 | 1971 | 1980 |
| Vacant homes | 8.0% | 7.7% | 10.1% |
| Population | 1,187 | 12,694,798 | 334,922,499 |
What a typical home costs per month in Martinsville
At this week's average 30-year rate of 7.11%, buying the median Martinsville home of $69,100 with 20% down costs about $494 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $609, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $21,169 for the 20%-down payment. That payment is 10% of the median Martinsville household income of $61,833; at that income and 20% down, the 28% guideline points to a home of about $202,000.
The median rent here is $593 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $13,820 |
|---|---|
| Loan amount | $55,280 |
| Principal and interest | $372 |
| Property taxes (1.62% a year) | $93 |
| Homeowners insurance (our estimate, 0.5% a year) | $29 |
| PMI | $0 |
| Total per month | $494 |
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| Down payment | $2,418 |
|---|---|
| Loan amount | $67,848 |
| Principal and interest | $456 |
| Property taxes (1.62% a year) | $93 |
| Homeowners insurance (our estimate, 0.5% a year) | $29 |
| FHA mortgage insurance | $31 |
| Total per month | $609 |
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Questions about home buying in Martinsville
What is the median home value in Martinsville?
About $69,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Martinsville?
Homeowners pay a median $1,122 a year, which is about 1.62% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Martinsville?
For the median home with 20% down at 7.11%, the payment is about $494 a month. Keeping that under 28% of gross income takes about $21,169 a year.
More about Martinsville
- Mortgage Refinance in Martinsville
- Debt Relief in Martinsville
- Home Equity Loans in Martinsville
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data