Total monthly cost of ownership
Cost to Own a Home in Martinsville, Virginia
A $93,000 home here costs
$867per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $478. The real number is $389 higher every month — 81% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Martinsville against Martinsville city and Virginia
| Measure | Martinsville | Martinsville city |
|---|---|---|
| Median home value | $92,500 | $92,500 |
| Median property tax | $746 | $746 |
| Effective tax rate | 0.806% | 0.806% |
| Median gross rent | $784 | $784 |
| Population | 13,584 | 13,584 |
The weather behind that power bill
Martinsville sits in Martinsville city, which averages a high of 88.0°F in its hottest month and a low of 23.8°F in its coldest, with 47.35" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 1,085 cooling and 4,342 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Martinsville city — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Martinsville city
No other places of this size are published in Martinsville city.
Full Martinsville city cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Martinsville?
A $93,000 home in Martinsville, Virginia costs approximately $867 per month with 20% down at 6.66%. That is $478 principal and interest, $62 property tax, $23 homeowners insurance, $226 utilities and $78 set aside for maintenance.
What is the property tax rate in Martinsville?
Martinsville has an effective property tax rate of 0.806%, based on a median home value of $92,500 and median real estate taxes of $746. That is in line with the Martinsville city average of 0.806%.
What is the average home price in Martinsville?
The median owner-occupied home value in Martinsville, Virginia is $92,500, against $92,500 across Martinsville city.
Is it cheaper to rent or buy in Martinsville?
Median gross rent in Martinsville is $784 a month, against $867 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Martinsville — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Virginia.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.