Martinsville, VA is a great place to live with affordable housing and cost of living. The average 2 bedroom rent in Martinsville is $770 which is significantly lower compared to the US average of $1,430. Not only that, but groceries are also quite affordable with the Grocery Cost Index being 93 in Martinsville versus 100 in the US. Local companies in this area include Bassett Furniture Industries Inc., Stanley Furniture Company Inc., American National Corporation, and Carter Machinery Company Inc. All four of these companies have been staples of the local economy for many years.
Martinsville has an unemployment rate of 9.1%. The US average is 6.0%.
Martinsville has seen the job market increase by 1.1% over the last year. Future job growth over the next ten years is predicted to be 24.3%, which is lower than the US average of 33.5%.
Tax Rates for Martinsville
- The Sales Tax Rate for Martinsville is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Martinsville is 5.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Martinsville
- The average income of a Martinsville resident is $19,663 a year. The US average is $28,555 a year.
- The Median household income of a Martinsville resident is $36,832 a year. The US average is $69,021 a year.