Martin County, KY: income, rent and loan options

Who lives in Martin County

Martin County is home to about 11,027 people, according to the Census Bureau's 2020 to 2024 American Community Survey, which makes it the 96th most populous of 120 county-level areas in Kentucky. Its 230 square miles average 48 people per square mile, by the 2024 Census Gazetteer. No metropolitan area includes Martin County in the 2023 federal delineation, so its numbers stand on their own rather than as part of a metro. The Census Bureau counts 2 places in the county (2 incorporated, 0 census-designated); the largest is Inez, with about 930 residents, or 8% of the county.

Jobs and commutes in Martin County

The biggest employer of Martin County residents, by industry, is education and health care at 27% of workers, followed by retail trade (20%). Retail trade stands out: 20% of workers here, versus 12% statewide. Unemployment in Martin County, ACS five-year: 5.5%; Kentucky: 4.9%. Commutes of 45 minutes-plus: 31%; under 15 minutes: 37%. No car: 8.7% of Martin County households.

Self-employed in Martin County? Two years of tax returns usually stand in for pay stubs.

Martin County at the extremes

Ranked against the other 119 county-level areas in Kentucky, these are the Martin County figures furthest from the middle.

• On the uninsured rate, Martin County sits near the bottom of Kentucky at 1.6%, the lowest of 120. Even insured households face deductibles; ask the provider about a payment plan.
• Martin County ranks the highest of 120 Kentucky counties for the share of renters paying 30% or more of income for rent: 70%, against 45% statewide. Make sure a consolidation loan lowers what you pay each month.
• On median gross rent, Martin County sits near the bottom of Kentucky at $450/mo, 3rd lowest of 120. Cheaper housing gives many renters more slack in a budget.

Where Martin County households live

$450 a month is the median gross rent in Martin County, 53% below the state. By the Census definition, 70% of Martin County renters are cost-burdened. With a median value of $86,900, a typical Martin County house costs 2.3 times what the median household earns in a year. Owners occupy 85% of homes. Half the housing stock was built before 1984.

In an owner-heavy county like Martin County, many borrowers can also choose a home equity loan or line of credit. Those can price lower but put the house on the line, so compare the two in writing; our personal loan vs. HELOC guide walks through it. With rent burdens at 70%, keep any Martin County loan to the smallest amount that solves the problem.

Household income in Martin County

At $37,042, the typical Martin County household income is 44% below the median U.S. county ($65,681). Only 111 Kentucky counties post a higher median.

Some 49% of households here live on less than $35,000 a year; 20% have six-figure incomes. Poverty rate, Martin County: 33.2%; Kentucky: 16.1%. Income inequality, measured by the Gini index, comes to 0.572 here. For a borrower in Martin County, the county median is only context: a lender looks at the income you can document, so pay stubs, benefit letters or tax returns matter more than any average.

Martin County next to its neighbors

Johnson County is closest, 18 miles from center to center; the sixth, Wayne County, is 24 miles off. All of the six report a higher median household income than Martin County; Wayne County is highest at $58,878 and Mingo County lowest at $38,119. Some neighbors are in West Virginia. Lender licensing is state by state, so a loan for a Martin County resident follows Kentucky rules.

Census places in Martin County

1,227 of Martin County's 11,027 residents live in its 2 Census places (11%); the 2 largest are listed. Inez and every other Martin County community use this county guide.

People and households in Martin County

Bachelor's degree or higher: 10% of Martin County adults. Health coverage gaps: 1.6% of Martin County residents are uninsured.

Room for a loan payment in Martin County

Lenders compare monthly debt payments with gross monthly income, the debt-to-income ratio. For a Martin County household at the medians it works out like this; treat it as an illustration only.

• $3,087 a month: gross income for a household at the Martin County median
• Rent at the median, $450, takes 15% of that
• Under a 35% cap, $1,080 total minus rent leaves $630
• Under a 45% cap, $1,389 total minus rent leaves $939

If your rent is above $450, the room shrinks dollar for dollar.

What the numbers mean for Martin County borrowers

Where the Martin County numbers stand out, and why it matters for a loan:

• Keeping the car running. At 31% with long commutes, repairs are a frequent Martin County emergency; first decide if the car is worth fixing.
• Manufactured homes. 37% of Martin County housing units are mobile homes, and their repairs are often paid with unsecured loans. Get the quote in writing.
• Free help first. 33% of residents live below the poverty line; utility, rent and food programs cost nothing to repay (free options).
• Rent at $450. With 70% burdened, a short term and small amount keep risk down.

Checking a lender's license in Kentucky

Martin County borrowers fall under statewide rules, enforced by the Kentucky Department of Financial Institutions. Banks and credit unions have their own regulators, and the CFPB takes complaints about any lender. State-level detail for Martin County borrowers is in the Kentucky guide.

Four steps for Martin County borrowers

A short checklist for Martin County borrowers:

• Write down what the expense costs; a smaller loan costs less.
• Line up offers side by side: APR, fees in dollars, total cost.
• Only work with lenders licensed for Kentucky borrowers.
• Ask a Martin County credit union about member loans.

Related local guides

Next step up from Martin County:

• Kentucky state guide