The typical owner-occupied home in Martinsville city is worth about $98,400, 74% below the Virginia median of $383,700 and 70% below the national median of $332,700. Owners pay a median $760 a year in property taxes, about 0.77% of their home's value, higher than the Virginia rate of 0.73%. The median household earns $46,727 a year, so the median home costs 2.1 times the median income (4.1 times for Virginia). 55% of occupied homes here are lived in by their owners, and 56% of those owners still have a mortgage.
Martinsville city at a glance
| Martinsville city | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $98,400 | $383,700 | $332,700 |
| Median property tax paid per year | $760 | $2,790 | $3,119 |
| Property tax as a share of value | 0.77% | 0.73% | 0.94% |
| Median household income | $46,727 | $93,170 | $80,734 |
| Homes lived in by their owners | 55% | 67% | 65% |
| Owner homes with a mortgage | 56% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,025 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 21.1% | 20.1% | 21.0% |
| Median rent | $808 | $1,579 | $1,413 |
| Rent as a share of renters' income | 24.6% | 29.4% | 30.6% |
| Median year homes were built | 1958 | 1984 | 1980 |
| Vacant homes | 18.8% | 8.7% | 10.1% |
| Population | 13,658 | 8,705,170 | 334,922,499 |
What a typical home costs per month in Martinsville city
At this week's average 30-year rate of 7.11%, buying the median Martinsville city home of $98,400 with 20% down costs about $634 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $798, 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 $27,158 for the 20%-down payment. That payment is 16% of the median Martinsville city household income of $46,727; at that income and 20% down, the 28% guideline points to a home of about $169,000.
The median rent here is $808 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $19,680 |
|---|---|
| Loan amount | $78,720 |
| Principal and interest | $530 |
| Property taxes (0.77% a year) | $63 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| PMI | $0 |
| Total per month | $634 |
Change the numbers in the calculator
| Down payment | $3,444 |
|---|---|
| Loan amount | $96,618 |
| Principal and interest | $650 |
| Property taxes (0.77% a year) | $63 |
| Homeowners insurance (our estimate, 0.5% a year) | $41 |
| FHA mortgage insurance | $44 |
| Total per month | $798 |
Change the numbers in the calculator
Questions about home buying in Martinsville city
What is the median home value in Martinsville city?
About $98,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Martinsville city?
Homeowners pay a median $760 a year, which is about 0.77% 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 city?
For the median home with 20% down at 7.11%, the payment is about $634 a month. Keeping that under 28% of gross income takes about $27,158 a year.
More about Martinsville city
- Mortgage Refinance in Martinsville city
- Debt Relief in Martinsville city
- Home Equity Loans in Martinsville city
- 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