West Virginia Real Estate: The Most Affordable Housing Market in 2024

In the current real estate market, finding an affordable place to call home can feel like searching for a needle in a haystack.

But what if that needle was right in front of you, nestled in the heart of the Appalachian Mountains? West Virginia is emerging as the most affordable state to buy a home in the U.S. in 2024.

In this blog post, we will explore the various factors that affect home affordability, why West Virginia is a great place to live, and the West Virginia Housing Development Fund, a great home buying program. By the end, West Virginia’s country roads will be calling you home!

Key Factors Affecting Home Affordability

Several factors contribute to a state’s housing market affordability. Here are the three most important factors:

• Median Home Prices: This is the most obvious factor. The median home price varies drastically across the United States. For example, in 2024, you could expect to find a median home price of $230,000 in West Virginia, while in California, that number skyrockets to $843,000. These differences mean the same budget will get you a vastly different home in different locations.
• Cost of Living: The cost of living encompasses everything beyond the house itself: groceries, transportation, utilities, healthcare, entertainment, and more. A region with a high cost of living can strain your budget even if the home prices seem reasonable. For instance, a house in a major city might be affordable on paper, but the high cost of everyday expenses could make it financially challenging to live there comfortably.
• Property Taxes: Property taxes are recurring annual expenses that can significantly impact the long-term affordability of a home. Some states have notoriously high property tax rates, adding thousands of dollars to your yearly housing costs. These taxes vary widely, so factoring them into your calculations when comparing affordability across states is important.

Why West Virginia’s Housing Market is So Affordable

• Economic History: West Virginia’s economy has historically been based on industries like coal mining and manufacturing, which have experienced fluctuations. This has contributed to lower property values, creating opportunities for affordable housing.
• Vast Rural Areas: A significant portion of West Virginia is rural, with vast expanses of natural beauty. This rural character often translates to lower land and housing costs than more urbanized areas. Purchasing a house in a rural area may also mean you are eligible to utilize a USDA loan with no down payment.
• Lower Demand: Compared to coastal or metropolitan areas, West Virginia experiences less demand for real estate. This less competitive market allows buyers to find better deals and negotiate more favorable terms.

What Makes West Virginia a Great Place to Live

West Virginia is an attractive place to live for more than just its housing market. Especially if you are looking to move away from the hustle and bustle of city life.

• Natural Beauty: The state is a paradise for outdoor enthusiasts, with stunning mountains, forests, rivers, and state parks. Activities like hiking, fishing, whitewater rafting, and skiing are readily available.
• Small-Town Charm: West Virginia’s towns and cities exude a friendly, small-town atmosphere. You’ll find welcoming communities, local shops and restaurants, and a slower pace of life.
• Low Crime Rate: West Virginia’s crime rate is generally lower than the national average, which provides a sense of safety and security.

About the West Virginia Housing Development Fund

The West Virginia Housing Development Fund (WVHDF) is a valuable resource for those looking to buy a home in the state. Created in 1969, the WVHDF offers various programs and resources to make homeownership more accessible and to make you want to stay a homeowner in West Virginia, including:

• WVHDF Homeownership Program: The WVHDF Homeownership Program was designed to make homeownership more affordable to families and individuals. This program provides down payment assistance to help first-time homebuyers overcome one of the biggest hurdles to homeownership. In addition, it offers a range of affordable mortgage loan options with competitive interest rates and flexible terms.
• Movin’ Up Program: While this program is designed to help homeowners who have outgrown their current house, first-time homebuyers and existing homeowners are both eligible. Eligible borrowers must meet statewide income limits and complete homebuyer counseling to qualify. In return, you receive down payment assistance of up to $8,000.
• WVHDF Refinance Program: This program allows you to refinance your home with lower interest rates and no house price or income limits.

If you’re looking for an affordable, beautiful, and welcoming place to call home, West Virginia might be the perfect fit for you. With its low cost of living, stunning scenery, and supportive resources like the WVHDF, the Mountain State is becoming an increasingly attractive option for homebuyers in 2024.

Get started on the path to owning your dream home in West Virginia by scheduling a consultation with one of our expert loan officers today!