A+
11%
Overall NAT. AVG.
1%
Goods & Services NAT. AVG.
35%
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 Indiana National
Cost of living8990100
Goods & Services9994100
Groceries10198100
Health care9596100
Housing6572100
Transportation9695100
Utilities104107100

An Overview of Cost of Living in Martinsville, IN

Knowing the cost of living in Martinsville allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Martinsville stands at 89, marking it 11% lower than the national average.

Is Martinsville Affordable?

Is Martinsville an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Martinsville is 41.1% lower than the national average, while the average monthly rent prices are 21.7% lower than average. The affordability of any location can also be influenced by median income levels. Martinsville has a median household income of $50,264, which is 9.1% lower than the national average.

What Factors can Influence the Cost of Living in Martinsville?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Groceries: The costs associated with groceries have witnessed substantial increases over the past 2-3 years. In select markets, food prices have escalated by more than 20% during this timeframe, whereas others have seen more restrained upticks. The variances in food expenses can exert a considerable influence on the overall cost of living in a given locale. In Martinsville, the groceries index is 1.4% higher than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Martinsville, the baseline sales tax rate begins at 7%, and income tax rates start at 3.23%.

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 1% lower than the Indiana average
  • The cost of living in Martinsville is 11% lower than the national average
  • Martinsville housing is 35% lower than the national average
  • Indiana general sales tax is 37% higher than the national average
  • Indiana state income tax is 21% higher than the national average

Most Affordable Places to Live in and Around Martinsville

See all the best places to live around Martinsville

Compare Martinsville, IN 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$63,125$5,260$1,473$1,894
      Renters$36,941$3,078$862$1,108
      To approximate the cost of living and the housing affordability in Martinsville, IN, 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 $63,125. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,473 per month to avoid calamity and poverty. The renters in the city have an income of about $36,941, which would make their monthly maximum allowable rental costs $862.

      Indiana Sales Tax

      State General Sales Tax With Max Surtax
      Indiana 7% 7%

      Indiana Income Tax

      State Income Tax (Low) Income Tax (High)
      Indiana 3.15% 3.15%

      Goods & Services

      Item Martinsville National avg. Difference
      Haircut $26.42$24.268.9%
      Beauty Salon $47.57$45.564.4%
      Toothpaste $3.55$3.704.0%
      Shampoo $1.36$1.286.5%
      Movie $11.48$12.135.4%
      Bowling $16.61$18.007.7%

      Groceries

      Item Martinsville National avg. Difference
      Ground Beef $5.88$5.840.8%
      Fried Chicken $1.74$1.5710.8%
      Milk $4.78$4.672.4%
      Potatoes $5.01$4.931.6%
      Pizza $12.45$12.093.0%
      Beer $10.53$10.411.1%

      Health Care

      Item Martinsville National avg. Difference
      Optometrist $173.41$125.6838.0%
      Doctor $108.22$135.7820.3%
      Dentist $104.94$113.297.4%
      Ibuprofen $10.84$10.651.8%
      Lipitor $483.43$468.603.2%

      Housing

      Item Martinsville National avg. Difference
      Home Price $108,800.00$184,700.0041.1%
      Avg. Mortgage Payment $2,453.08$2,346.694.5%
      Apartment Rent $743.00$949.0021.7%

      Transportation

      Item Martinsville National avg. Difference
      Gasoline $3.56$3.462.9%
      Tire Balancing $47.16$59.9221.3%

      Utilities

      Item Martinsville National avg. Difference
      All Electricity $206.98$193.996.7%
      Phone $190.02$192.251.2%
      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.
      Stinesville, IN3238317.2%
      Paragon, IN4678515.1%
      Gosport, IN1,0528614.3%
      Morgantown, IN1,3528811.5%
      Brooklyn, IN2,6338712.6%
      Martinsville, IN11,8078911.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Robinson, TX11,806990.7%
      Bucyrus, OH11,8088613.6%
      Dunkirk, NY11,8128119.0%
      Manchester, VA11,8141066.0%
      Alum Rock, CA11,79817877.8%
      Martinsville, IN11,8078911.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.