1st Advantage MortgageAbout 75% of Henry County homes are owner-occupied, and the median household income is $50,760. County medians do not set your terms. Shop at least three lenders, including a credit union serving Henry County, and confirm each one's Virginia license.
On this page
- A quick profile of Henry County
- Where Henry County works
- Henry County at the extremes
- The Henry County housing market in figures
- Income in Henry County compared with Virginia
- Henry County towns compared
- The counties around Henry County
- Before borrowing in Henry County
- Henry County households compared
- $4,230 a month: the Henry County median budget
- Checklist for Henry County applicants
- Who licenses lenders for Henry County residents
- Related local guides
- Frequently asked questions
A quick profile of Henry County
Henry County is home to about 49,980 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 37th most populous of 133 county-level areas in Virginia. It covers 382 square miles of land, or about 131 people per square mile. Under the July 2023 OMB definitions, Henry County is not part of any metropolitan area. Of the 11 Census places inside Henry County, Collinsville leads by population with about 7,139; 1 of the 11 are incorporated.
Where Henry County works
By the Census industry count, 25% of employed Henry County residents work in education and health care and 19% in manufacturing. Relative to Virginia (7%), manufacturing is 12 points bigger in Henry County (19%). ACS puts five-year average unemployment at 4.1% in Henry County. About 83% drive to work alone and 13% have trips of 45 minutes or more.
| Industry (employed residents 16+) | Henry County | Gap to Virginia |
|---|---|---|
| Education and health care | 25.0% | +2.7 pts |
| Manufacturing | 18.9% | +11.9 pts |
| Retail trade | 9.5% | -0.3 pts |
| Professional and administrative services | 9.5% | -7.3 pts |
| Construction | 6.4% | -0.1 pts |
| Other services | 6.1% | +0.8 pts |
A lender verifies what your own job pays. The county's industry mix tells you about the local economy, not about your application.
Henry County at the extremes
- Few Virginia counties match Henry County on median gross rent: $728/mo here, $1,579/mo for the state, ranking 7th lowest of 133. Lower rent can leave more room for a payment.
- On median home value, Henry County sits near the bottom of Virginia at $134,800, 12th lowest of 133. With modest home values, equity borrowing is rarely large.
- Henry County ranks 14th lowest of 133 Virginia counties for the share of households earning $100,000 or more: 21%, against 47% statewide. Few six-figure households means smaller loans are the norm.
The Henry County housing market in figures
$728 a month is the median gross rent in Henry County, 54% below the state. By the Census definition, 48% of Henry County renters are cost-burdened. Henry County homes are worth $134,800 at the median, a 2.7-to-1 ratio to income. 75% of Henry County households own their home and 25% rent. Half the housing stock was built before 1974. Nationally, Henry County's $728 rent is 17% below the middle county.
| Measure | Henry County | Virginia | Gap |
|---|---|---|---|
| Median gross rent | $728/mo | $1,579/mo | 54% lower |
| Median home value | $134,800 | $383,700 | 65% lower |
| Owners | 75% | 67% | +7.8 pts |
| Rent-burdened renters | 48% | 49% | -0.9 pts |
| Burdened owners | 24% | 25% | -0.6 pts |
| Mobile homes | 15.6% | 4.3% | +11.3 pts |
| Vacant units | 17% | 9% | +8.5 pts |
With 75% of Henry County homes owner-occupied, equity is a real alternative for many readers; just remember a missed HELOC payment puts the home at risk.
Income in Henry County compared with Virginia
At $50,760, the typical Henry County household income is 23% below the median U.S. county ($65,681). That places it 118th among Virginia's 133 county-level areas.
| Households earning | Henry County | +/- vs Virginia |
|---|---|---|
| Under $35,000 | 34.0% | +16.1 pts |
| $35,000 to $99,999 | 44.9% | +9.7 pts |
| $100,000 to $199,999 | 18.5% | -10.7 pts |
| $200,000 or more | 2.6% | -15.1 pts |
Six-figure households (21%) are outnumbered by those under $35,000 (34%) in Henry County. Poverty rate, Henry County: 16.0%; Virginia: 9.9%. Gini index for Henry County: 0.452. Income from any regular source can count, including Social Security, pensions and disability benefits, as long as you can document it.
Henry County towns compared
Places, by size: the top 11 of 11. Roughly 65% of Henry County lives outside all of them, in open country or unnamed settlements. Among places of 500 or more people, median income runs from $25,797 in Villa Heights to $76,875 in Ridgeway. No Henry County place has a separate guide yet; this county page serves all 11.
| Place | Type | Population | Median income | Median rent | From county center |
|---|---|---|---|---|---|
| Collinsville | CDP | 7,139 | $52,158 | $746 | 8 mi |
| Horse Pasture | CDP | 2,236 | $54,216 | $855 | 2 mi |
| Chatmoss | CDP | 1,563 | $73,643 | n/a | 10 mi |
| Stanleytown | CDP | 1,386 | $40,000 | $630 | 9 mi |
| Ridgeway | town | 1,051 | $76,875 | $727 | 7 mi |
| Bassett | CDP | 1,031 | $45,563 | $599 | 10 mi |
| Fieldale | CDP | 783 | $45,114 | n/a | 6 mi |
| Villa Heights | CDP | 601 | $25,797 | n/a | 7 mi |
| Oak Level | CDP | 563 | $31,000 | n/a | 12 mi |
| Laurel Park | CDP | 553 | $41,700 | n/a | 12 mi |
| Sandy Level | CDP | 407 | $43,468 | n/a | 14 mi |
The counties around Henry County
Six nearby counties, 8 to 30 miles away by the straight-line distance between their centers. Income ranges from $46,727 in Martinsville city to $68,849 in Franklin County; 5 of these neighbors top Henry County's median. The list crosses into North Carolina, where different lending rules and regulators apply.
| Neighbor | Distance | Income | Rent | Own |
|---|---|---|---|---|
| Henry County | - | $50,760 | $728/mo | 75% |
| Martinsville city, VA | 8 mi | $46,727 | $808/mo | 55% |
| Patrick County, VA | 17 mi | $53,038 | $716/mo | 77% |
| Rockingham County, NC | 20 mi | $57,053 | $810/mo | 72% |
| Stokes County, NC | 22 mi | $62,969 | $775/mo | 79% |
| Franklin County, VA | 26 mi | $68,849 | $829/mo | 78% |
| Floyd County, VA | 30 mi | $62,191 | $878/mo | 84% |
Before borrowing in Henry County
Where the Henry County numbers stand out, and why it matters for a loan:
- Manufactured homes. 16% of Henry County housing units are mobile homes, and their repairs are often paid with unsecured loans. Get the quote in writing.
- Retirement budgets. In a county with a 47.7 median age, keep any loan term shorter than your plans for the money.
- Rent at $728. With 48% burdened, a short term and small amount keep risk down.
Henry County households compared
Bachelor's degree or higher: 15% of Henry County adults. Uninsured, Henry County: 6.3%; Virginia: 6.9%.
| People and households | Henry County | Compared with Virginia | Compared with median county |
|---|---|---|---|
| Bachelor's or higher | 15.5% | -26.7 pts | -6.7 pts |
| Work from home | 8.1% | -10.3 pts | -0.6 pts |
| Median age | 47.7 | +8.7 yrs | +6.2 yrs |
| No high school diploma | 16.2% | +7.8 pts | n/a |
| Poverty rate | 16.0% | +6.1 pts | +2.8 pts |
| No health insurance | 6.3% | -0.6 pts | -1.6 pts |
| No vehicle | 5.5% | -0.6 pts | 0.0 pts |
| Unemployment (ACS) | 4.1% | -0.2 pts | -0.4 pts |
| Trip time | Share |
|---|---|
| Under 15 min | 23.5% |
| 15 to 29 min | 48.1% |
| 30 to 44 min | 15.6% |
| 45 to 59 min | 5.1% |
| 60+ min | 7.7% |
$4,230 a month: the Henry County median budget
Here is the Henry County median household run through a simple DTI check. Your numbers will differ.
- Start: $4,230 gross per month ($50,760 / 12)
- Less median rent of $728, which is 17% of it
- At 40%, room after rent is $964 a month
A household below the $50,760 median has less room than this, often none.
Checklist for Henry County applicants
A short checklist for Henry County borrowers:
- Know the exact dollar figure you need before talking to a lender.
- Line up offers side by side: APR, fees in dollars, total cost.
- Look the lender up with the state regulator first.
- Pick the shortest term whose payment still fits.
Who licenses lenders for Henry County residents
No county office licenses personal lenders. For Henry County, check the Virginia Bureau of Financial Institutions. Problems with a lender can also go to the CFPB. See the Virginia state guide for the statewide picture.
Related local guides
Statewide:
Frequently asked questions
Is Henry County a high-income county?
Its $50,760 median ranks 118th of 133 Virginia counties and compares with $65,681 for the median U.S. county.
How does Henry County rent compare with Virginia?
$728 locally versus $1,579 for the state, 54% below.
How many towns are in Henry County?
The Census Bureau counts 11 places mainly in the county, led by Collinsville, Horse Pasture, Chatmoss, Stanleytown, Ridgeway.
Does living in Henry County change what I qualify for?
Not in our fit check, which uses only the amount, credit range, income and payments you enter, the same for a Henry County resident as anyone. Lenders decide under fair-lending law.
Is there a Henry County office that licenses lenders?
No, licensing is statewide. In Virginia it is the Virginia Bureau of Financial Institutions.