West Virginia has its roots in mining. The economy, job market and housing market all have had ties to mining. The state has a housing market that many say is significantly undervalued. The size of the market is smaller than the average state, and there are some distinct variations from the norm that provide those looking to buy a home in West Virginia with some opportunities unavailable elsewhere.
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The 2002 US census showed that there were 852,165 total housing units in West Virginia. The home ownership for the state is high. The 2000 census data listed West Virginia as having a home ownership rate of 75.2%, in the same year the national average was much lower at 66.2%. The high rate of home ownership in West Virginia might have something to do with the low cost of housing. The 2000 census data shows that the median value for an owner occupied home in West Virginia was $72,800.
The national average for that year was $119,600. With median values down around half that of the national averages, it is little wonder that many find the prospect of owning a home in West Virginia attractive. However, the state is not without its problems. The median household income and percentage of people living below the poverty line for the state are lower and higher than average, respectively.
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In West Virginia, home price growth has been strongest in the Morgantown area in recent years. In the same year, house prices rose by 15.1%, which is just under its record year of 15.6% in September 2004, and far above the 13.4% rise for the nation.
Low mortgage rates have propelled the housing market nationwide. In West Virginia in particular, population growth has helped. Morgantown and the Eastern Panhandle areas of Martinsburg, Charles Town and Ranson showed some of the highest population gains in the state from 2000 to 2004.
Job growth also helps support the housing market. When looking at the surrounding states, the house price appreciation of 9% during the past year in West Virginia is slower than that in Pennsylvania, Virginia and Maryland and in the nation as a whole, however, it’s faster than in Kentucky or Ohio.
All of this looks good for the continued growth of the West Virginia housing market.
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