Rent vs buy in West Virginia
In West Virginia, no city reaches 50,000+ people, so what you see is statewide data. Enter your own town's rent and price in the calculator and you'll see its verdict.
Our view of West Virginia
Because no West Virginia city holds 50,000+ people, your choice rests on your own town's numbers. Across the state, the typical home value is $177k. The 183,060 renter households pay a median rent of $872 a month. That's well below the US average of $1,413 a month. Just 25% of households here rent, compared with 35% of US households. Small shifts in your area tip the math for you, because prices and rents start so low. You can type the rent and price of your own town into our rent vs buy calculator. We built it so you learn when you break even.
Buying a place keeps your yearly bills low. Your property tax is 0.53%, well under the 0.94% US rate. A smaller tax bill means more money stays in your pocket every month. Insurance runs cheaper for you as well. Here, homeowners insurance costs $971 a year, while the US average runs $1,308 a year. Because bills that don't shrink your loan take a smaller share of each payment, low extra costs help you get ahead sooner. Wealth comes sooner for you here than it would in a state with high taxes.
Home values here rise steadily. Long term, home prices grew 3.4% a year, and in the last 10 years they rose 4.9% a year. That growth helps you as you pay down your loan. Even so, buying's upfront costs take time to overcome. Selling too soon means closing fees hurt. If your plans don't include staying for 7 years, rent of $872 monthly protects cash and keeps life simple.
A $177k home is tough to beat when it has low taxes and insurance, so buy if you'll stay put. Rent, and let your savings sit in the bank, if a move might come soon.