Martinsville cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexMartinsvilleIndianaNational
Cost of living index8789100
IndexMartinsvilleIndianaNational
Goods & Services index10497100
Groceries index9692100
Health care index8894100
Housing index5872100
Transportation index101100100
Utilities index9599100
An overview of the general cost of living index for Martinsville, IN is displayed above for your reference. Residents in Martinsville, IN enjoy a cost of living index of 87. This index is 2% lower than the Indiana average, and 13% lower than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Martinsville, IN, the average cost of goods and services is 7% higher than it is in Indiana, and it is 4% higher than the national average.
How would you rate the cost of living in Martinsville?
Write a review to give others more information about this area.
Is the cost of living increasing or decreasing in Martinsville?
Write a review to give others more information about this area.
See all Martinsville poll results

Did you know?

  • The cost of living in Martinsville is 2% lower than the Indiana average.
  • The cost of living in Martinsville is 13% lower than the national average.
  • The cost of housing in Martinsville is 42% lower than the national average.
  • Indiana general sales tax is 37% higher than the national average.
  • Indiana state income tax is 45% higher than the national average.

Compare Martinsville, IN Cost of living To Other Cities

      vs

      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
      The salary calculator is meant to help you compare your salary in Martinsville, IN to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Martinsville, IN, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Martinsville, IN salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

      Median Income & Debt-To-Income Ratio

      Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
      Owners$54,016$4,501$1,260$1,621
      Renters$28,346$2,362$661$850
      One can approximate the cost of living and the housing affordability in Martinsville, IN by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Martinsville, IN have a median income of $54,016. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,260 per month to avoid calamity and poverty. The renters in the city have an income of about $28,346, which would make their monthly maximum allowable rental costs $661.

      Indiana Sales Tax

      StateGeneral Sales TaxWith Max Surtax
      Indiana7%7%

      Indiana Income Tax

      StateIncome Tax (Low)Income Tax (High)
      Indiana3.23%3.23%
      The Indiana sales tax and Indiana income tax rates should definitely be considered when determining the overall cost of living in Martinsville, IN. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Indiana sales tax is 7% and the maximum surtax is 7%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Indiana income tax rates range from 3.23% to 3.23%.

      Goods & Services

      ItemMartinsvilleNational avg.Difference
      Haircut $17.11$17.492.2%
      Beauty Salon $39.32$38.173.0%
      Toothpaste $2.64$2.3213.5%
      Shampoo $0.94$1.017.5%
      Movie $10.54$10.721.7%
      Bowling $4.98$13.8664.1%

      Groceries

      ItemMartinsvilleNational avg.Difference
      Ground Beef $3.78$3.903.0%
      Fried Chicken $1.13$1.4019.2%
      Milk $1.83$1.966.6%
      Potatoes $2.93$3.187.9%
      Pizza $10.00$10.393.8%
      Beer $8.40$9.239.0%

      Health Care

      ItemMartinsvilleNational avg.Difference
      Optometrist $120.23$106.3413.1%
      Doctor $75.18$115.2534.8%
      Dentist $81.51$98.3817.1%
      Ibuprofen $8.93$9.263.6%
      Lipitor $436.30$466.476.5%

      Housing

      ItemMartinsvilleNational avg.Difference
      Home Price $93,900.00$184,700.0049.2%
      Avg. Mortgage Payment $1,031.19$1,273.3219.0%
      Apartment Rent $697.00$949.0026.6%

      Transportation

      ItemMartinsvilleNational avg.Difference
      Gasoline $2.35$2.599.3%
      Tire Balancing $42.74$48.9012.6%

      Utilities

      ItemMartinsvilleNational avg.Difference
      All Electricity$150.52$167.6010.2%
      Phone $28.90$163.4282.3%
      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, StatePopulationCost of Living IndexNational Avg.
      Bethany, IN9898-2%
      Stinesville, IN23281-19%
      Gosport, IN71685-15%
      Paragon, IN69385-15%
      Stilesville, IN21384-16%
      Martinsville, IN11,71487-13%

      Cities with similar population

      City, StatePopulationCost of Living IndexNational Avg.
      Kingsburg, CA11,71611616%
      Firestone, CO11,7091099%
      Fairfax Station, VA11,71917373%
      Lakewood Park, FL11,70692-8%
      Chelsea, AL11,7061033%
      Martinsville, IN11,71487-13%
      Source: The Martinsville, IN cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.