Cost Of Living in West Virginia 2024

Average monthly spending for singles, couples, students, and families in West Virginia

Whether you're living in West Virginia or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

5,200 USD

per month

400 USD
52,000 USD

Single

3,600 USD

per month

1,200 USD
24,000 USD

Couple

6,000 USD

per month

2,000 USD
32,000 USD

Family

8,000 USD

per month

2,800 USD
44,000 USD

Student

2,600 USD

per month

1,000 USD
4,600 USD
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in West Virginia is 3,600 USD. Expenses can range from 1,200 USD at the minimum level to 24,000 USD at the highest end.


Couples

The average monthly spending of couples in West Virginia is 6,000 USD. Expenditure can range from 2,000 USD to 32,000 USD per month.


Families

The average cost of living for families in West Virginia is 8,000 USD per month. Families spend anywhere from 2,800 USD to 44,000 USD.


Students

The average monthly expenditure for students in West Virginia is 2,600 USD. Students spend from 1,000 USD to 4,600 USD per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.

Prices and cost of goods and services in West Virginia


Dining, food, and beverages costs


Large bottle of water
0.70 USD 0.80 USD 0.92 USD
MINIMUM AVERAGE MAXIMUM
Fast food combo meal
6 USD 12 USD 20 USD
MINIMUM AVERAGE MAXIMUM
Restaurant meal for one
19 USD 29 USD 58 USD
MINIMUM AVERAGE MAXIMUM
Fine dining meal for one
39 USD 58 USD 230 USD
MINIMUM AVERAGE MAXIMUM
Soda or Soft Drink
0.85 USD 1.00 USD 1.2 USD
MINIMUM AVERAGE MAXIMUM
Cappuccino or latte
5 USD 8 USD 12 USD
MINIMUM AVERAGE MAXIMUM

Grocery and market costs


Milk large bottle
4 USD 4.8 USD 6 USD
MINIMUM AVERAGE MAXIMUM
Loaf of bread
0.72 USD 0.82 USD 0.95 USD
MINIMUM AVERAGE MAXIMUM
12 eggs
3 USD 4 USD 6 USD
MINIMUM AVERAGE MAXIMUM
Fresh whole chicken
6.8 USD 8.8 USD 12 USD
MINIMUM AVERAGE MAXIMUM
Beef 1 kg or 1 lb
8 USD 12 USD 24 USD
MINIMUM AVERAGE MAXIMUM
Rice 1 kg or 1 lb
3.2 USD 4.4 USD 6.2 USD
MINIMUM AVERAGE MAXIMUM
Tomato 1 kg or 1 lb
1.2 USD 1.6 USD 3 USD
MINIMUM AVERAGE MAXIMUM
Apples 1 kg or 1 lb
2.1 USD 2.8 USD 4.6 USD
MINIMUM AVERAGE MAXIMUM

Commute, travel, and transportation costs


20 minutes taxi ride
4.9 USD 5.8 USD 12 USD
MINIMUM AVERAGE MAXIMUM
Average car full tank
30 USD 40 USD 80 USD
MINIMUM AVERAGE MAXIMUM
Average car 1-day rental
28 USD 38 USD 57 USD
MINIMUM AVERAGE MAXIMUM
Average car price
15,000 USD 30,000 USD 40,000 USD
MINIMUM AVERAGE MAXIMUM
Bus ticket one way
0.95 USD 1.4 USD 2.8 USD
MINIMUM AVERAGE MAXIMUM
Car Service
38 USD 57 USD 110 USD
MINIMUM AVERAGE MAXIMUM

Utility cost (monthly)


Utility Bill - Individual
72 USD 210 USD 1,400 USD
MINIMUM AVERAGE MAXIMUM
Utility Bill - Couple
99 USD 300 USD 1,600 USD
MINIMUM AVERAGE MAXIMUM
Utility Bill - Family
84 USD 240 USD 1,300 USD
MINIMUM AVERAGE MAXIMUM
Internet and cable
30 USD 60 USD 80 USD
MINIMUM AVERAGE MAXIMUM
Mobile phone charges
24 USD 40 USD 120 USD
MINIMUM AVERAGE MAXIMUM

Leisure and activities costs


Movie ticket
15 USD 20 USD 30 USD
MINIMUM AVERAGE MAXIMUM
One month gym membership
45 USD 57 USD 110 USD
MINIMUM AVERAGE MAXIMUM

Cloths and accessories costs


Pair of jeans or pants
33 USD 47 USD 71 USD
MINIMUM AVERAGE MAXIMUM
Woman dress
32 USD 44 USD 140 USD
MINIMUM AVERAGE MAXIMUM
Woman shoes
30 USD 41 USD 95 USD
MINIMUM AVERAGE MAXIMUM
Men's shoes
26 USD 32 USD 63 USD
MINIMUM AVERAGE MAXIMUM
Men suit
28 USD 35 USD 190 USD
MINIMUM AVERAGE MAXIMUM
Regular t-shirt
14 USD 19 USD 57 USD
MINIMUM AVERAGE MAXIMUM

Housing costs / monthly rent


Studio apartment
470 USD 710 USD 1,900 USD
MINIMUM AVERAGE MAXIMUM
1-bedroom apartment
710 USD 1,100 USD 2,800 USD
MINIMUM AVERAGE MAXIMUM
2-bedroom apartment
950 USD 1,400 USD 3,800 USD
MINIMUM AVERAGE MAXIMUM

Housing costs / Buying


Studio apartment
95,000 USD 140,000 USD 280,000 USD
MINIMUM AVERAGE MAXIMUM
1-bedroom apartment
110,000 USD 190,000 USD 710,000 USD
MINIMUM AVERAGE MAXIMUM
2-bedroom apartment
190,000 USD 570,000 USD 1.1M USD
MINIMUM AVERAGE MAXIMUM

Furniture Costs


King Size Bed
600 USD 750 USD 1,000 USD
MINIMUM AVERAGE MAXIMUM
Double Bed
400 USD 600 USD 750 USD
MINIMUM AVERAGE MAXIMUM
Single Bed
350 USD 460 USD 600 USD
MINIMUM AVERAGE MAXIMUM
Living Room
660 USD 850 USD 3,000 USD
MINIMUM AVERAGE MAXIMUM
Dining Table
300 USD 400 USD 750 USD
MINIMUM AVERAGE MAXIMUM
Sofa or Couch
400 USD 540 USD 1,200 USD
MINIMUM AVERAGE MAXIMUM

Electronics and House Appliance Costs


TV Set
400 USD 600 USD 1,200 USD
MINIMUM AVERAGE MAXIMUM
Fridge or Freezer
350 USD 540 USD 750 USD
MINIMUM AVERAGE MAXIMUM
Washing Machine
460 USD 660 USD 1,200 USD
MINIMUM AVERAGE MAXIMUM
Stove or Cooker
430 USD 540 USD 750 USD
MINIMUM AVERAGE MAXIMUM
Mobile Phone
500 USD 600 USD 850 USD
MINIMUM AVERAGE MAXIMUM
Laptop or Computer
540 USD 660 USD 1,200 USD
MINIMUM AVERAGE MAXIMUM

Expenditure to Income Ratio in West Virginia

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.


Spending to Income Ratio

76%

67% to 85%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%6%
50% - 60%11%
60% - 70%18%
70% - 80%26%
80% - 90%15%
90% - 100%9%
100% - 110%5%
110% - 120%3%
120% - 130%2%
130% - 140%2%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in West Virginia is 76% This means that on average, people spend around 76% of their income for living. According to the distribution table, 18% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
68%
Spending-Income-Ratio
60%
77%

Couple
72%
Spending-Income-Ratio
64%
81%

Family
79%
Spending-Income-Ratio
71%
89%

How do people spend their money in West Virginia?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure27%

27% of total expenses on average (16% to 35%)

LOW120 USD
AVERAGE1,600 USD
HIGH16,000 USD
Per Month

People living in West Virginia typically spend from 16% to 35% of their total monthly expenditure on housing with 27% being the average. The average spend on housing is 1,600 USD with expenditure ranging from 120 USD to 16,000 USD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water6%

6% of total expenses on average (3% to 10%)

LOW20 USD
AVERAGE260 USD
HIGH2,600 USD
Per Month

Utility expenditure like electricity, water, and gas in West Virginia ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 260 USD with 20 USD and 2,600 USD being the upper and lower limits.

Transport, Fuel, Commute8%

8% of total expenses on average (4% to 12%)

LOW40 USD
AVERAGE520 USD
HIGH5,200 USD
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 40 USD to 5,200 USD on commuting with 520 USD being the norm for most people in one month. This means that money spent on transport constitutes about 8% of total spending on average but can go as low as 4% or as high as 12%.

Food and Groceries Cost27%

27% of total expenses on average (19% to 33%)

LOW99 USD
AVERAGE1,300 USD
HIGH13,000 USD
Per Month

The average outlay on groceries in a month in West Virginia is 1,300 USD. The cost of groceries can range between 99 USD to 13,000 USD. People spend on average about 27% on food and groceries with upper and lower bounds of 19% and 33% respectively.

Healthcare and Medical Services9%

9% of total expenses on average (4% to 12%)

LOW28 USD
AVERAGE360 USD
HIGH3,600 USD
Per Month

People in West Virginia allocate 4% to 12% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 9%. The range of medical expenses range from 28 USD to 3,600 USD with 360 USD being the norm.

Leisure and Shopping6%

6% of total expenses on average (3% to 10%)

LOW16 USD
AVERAGE210 USD
HIGH2,100 USD
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 16 USD to 2,100 USD with 210 USD being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.

Education and Schooling6%

6% of total expenses on average (4% to 12%)

LOW24 USD
AVERAGE310 USD
HIGH3,100 USD
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 310 USD per month with 24 USD being the minimum spent amount and 3,100 USD being the maximum.

Other Expenses12%

12% of total expenses on average (7% to 19%)

LOW52 USD
AVERAGE670 USD
HIGH6,700 USD
Per Month

How much money can you save in West Virginia every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in West Virginia manage to save money from their income every month?


Saving Money
67%
Not Saving
33%

Almost 67% of the surveyed people in West Virginia said that they can save some money at the end of each month while 33% said that aren't saving anything.


Percentage of people saving money by population group in West Virginia

GroupSaversNon Savers
Singles71%29%
Couples66%34%
Families62%39%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Saving to Income Ratio

13% 23% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

170 USD 2,200 USD 22,000 USD
MINIMUM AVERAGE MAXIMUM

For most people, 13% to 32% of their monthly income is what they can allocate to their savings, with 23% being the average. The amount of money that people can save is approximately 2,200 USD on average with savings ranging from 170 USD to 22,000 USD.

71% of surveyed singles reported some of their income going to savings while 66% of couples said the same. 62% of families confirmed their ability to save money.


How much money do people actually save in West Virginia?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

16% 27% of income 34%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

510 USD 1,500 USD 10,000 USD
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%29%
10% - 20%23%
20% - 30%16%
30% - 40%16%
40% - 50%12%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 16% to 34% of their monthly income to savings, with 27% being the average for most singles. The average amount of money that singles are able to save is 1,500 USD with 510 USD and 10,000 USD being the minimum and maximum respectively.


Couples

Saving to Income Ratio

14% 25% of income 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

850 USD 2,500 USD 14,000 USD
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%33%
10% - 20%25%
20% - 30%19%
30% - 40%11%
40% - 50%9%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 14% to 33% of their monthly income, with 25% being the average for most couples. The average amount of money that couples can save is 2,500 USD with 850 USD and 14,000 USD being the minimum and maximum respectively.


Families

Saving to Income Ratio

12% 21% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,200 USD 3,400 USD 19,000 USD
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%36%
10% - 20%28%
20% - 30%20%
30% - 40%8%
40% - 50%6%
> 50%2%

Interpretation and Analysis

Families in West Virginia can save anywhere between 12% to 30% of their monthly income, with 21% being the average for most families. The average amount of money that families can put aside is 3,400 USD with 1,200 USD and 19,000 USD being the minimum and maximum respectively.

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Affordable living in West Virginia

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in West Virginia?


Yes
78%
No
23%

Around 78% of surveyed residents think that living in West Virginia is affordable with proper budgeting while 23% reported that it is just too expensive and not affordable even with frugality and thriftness.

Low-cost alternatives in West Virginia

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options60%

Few low-cost options41%


Based on the survey, 60% of the people living in West Virginia have no problem finding low-cost alternatives to support a frugal lifestyle while 41% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of West Virginia whether they have an emergency fund and the answers were as follows.

Yes76%

No24%


Based on the survey, 24% of the people living in West Virginia said that they don't have an emergency fund while 76% said that they do.

Financial Literacy in United States

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy77%


We asked residents of United States whether they acquired any adequate personal financial training in their lives. Approximately 23% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 77% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of United States have problems or difficulties in managing their expenditures and savings so asked the people one simple question: do you struggle with your personal finances? 19% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 81% said that they have everything under control.

Struggles with finance19%

Easily manages finances81%

Financial goals of people in West Virginia

In an attempt to understand the economic situation in West Virginia, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund7%
Debt Reduction33%
Retirement Savings8%
Education Funding8%
Homeownership17%
Investing9%
Travel or Lifestyle11%
Healthcare Expenses9%
Financial Independence8%

Around 7% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 33% said their number one priority is to pay off high-interest debt or loans and improve credit. 8% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 8% reported that their priority is saving for the tuition fees and education costs of their children while 17% choose to buy a home or pay off existing mortgage before other things. 9% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 11% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 9% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Saving Challenges in West Virginia

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in West Virginia. Listed below are the answers given by the survey participants.


Reason% People
Low Income6%
High Expenses9%
Debt and Loans18%
Lack of Budgeting Skills10%
Impulsive Spending9%
Financial Emergencies6%
Living the moment7%
Will do it later17%
Inflation11%
Social Pressure3%
Market Instability3%

Around 6% of the people said that their salary is too low to accommodate a portion for savings while 9% said that the high cost of living leaves little room for savings. 18% of the residents said that they are burdened with debt and find it challenging to save money. 10% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 9% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 11% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or societal expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.

Typical saving choices for people in West Virginia

Where do people choose to put their savings?


Saving Type% People
Emergency Funds11%
Gold10%
Savings Accounts17%
Retirement Accounts11%
Cash Savings16%
Real Estate10%
Investment6%
Stocks6%
Bonds6%
Mutual Funds3%
Certificates of Deposit3%

Retirement, pension plans, and life after work in West Virginia

What does the retirement lifestyle look like in West Virginia and how much retirement savings are required?

Retirement age

The retirement age for most employees in United States is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in West Virginia:
AgeAmount
2515,000 USD
3029,000 USD
3552,000 USD
4074,000 USD
45110,000 USD
50150,000 USD
55180,000 USD
60230,000 USD
65270,000 USD

Retirement Income Distribution

We asked residents of West Virginia about their retirement income sources and below are the results.

Source% People
Pensions13%
Savings22%
Investments13%
Social Security8%
Annuities8%
Part-time Job10%
Real Estate17%
Dividends and Interest8%

Retirement Monthly Expenses in West Virginia

850 USD 2,600 USD 17,000 USD
MINIMUM AVERAGE MAXIMUM

Debt, loans, and mortgages in West Virginia


Percentage of people who are in debt


In Debt
23%
Debt Free
77%

According to the survey, 23% of the people in West Virginia have some kind of debt, loan, mortgage, or credit card payments while 77% reported that they don't have financial obligations to banks.


Debt-to-income ratio in West Virginia

Debt to income ratio

24%

14% to 33%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 24% of the people's monthly income in West Virginia goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%11%
40% - 50%11%
30% - 40%13%
20% - 30%15%
10% - 20%19%
0% - 10%28%

According to our data, 3% of the debtors in West Virginia pay 60%+ of their income as debt settlement while 11% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 11% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 13% dedicated 30% to 40% of income for same. Things are looking brighter for 15% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in West Virginia

Debt% People
Real Estate Mortgage13%
Auto Loan23%
Student Loan3%
Credit Card25%
Personal Loan36%

13% of debtors in West Virginia confirm that real estate mortgages constitutes the main part of their outstanding debt while 25% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 23% of people and personal loans rose at 36%. Lastly, student loans are the main source of debt for 3% of debtors in West Virginia.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in West Virginia

Besides measuring the loan-to-income ratio, we asked residents of West Virginia how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never55%
Once a year22%
Twice a year11%
Three times a year8%
Four times a year4%

Housing costs, accommodation, and housing affordability in West Virginia

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in West Virginia

Monthly Rent Prices

Studio apartment
470 USD 710 USD 1,900 USD
MINIMUM AVERAGE MAXIMUM
1-bedroom apartment
710 USD 1,100 USD 2,800 USD
MINIMUM AVERAGE MAXIMUM
2-bedroom apartment
950 USD 1,400 USD 3,800 USD
MINIMUM AVERAGE MAXIMUM
3-bedroom apartment
1,100 USD 1,900 USD 5,200 USD
MINIMUM AVERAGE MAXIMUM
Furnished apartment
2,300 USD 5,700 USD 11,000 USD
MINIMUM AVERAGE MAXIMUM
Townhouse
1,900 USD 2,800 USD 8,100 USD
MINIMUM AVERAGE MAXIMUM
House
2,300 USD 5,700 USD 11,000 USD
MINIMUM AVERAGE MAXIMUM
Villa
2,800 USD 7,100 USD 11,000 USD
MINIMUM AVERAGE MAXIMUM

The monthly rental cost of a studio apartment in West Virginia ranges between 470 USD and 1,900 USD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 710 USD to 2,800 USD. Two-bedroom rentals rate ranges between 950 USD and 3,800 USD per month. The monthly rental for a three-bedroom apartment ranges from 1,100 USD to 5,200 USD. The average rent of a townhouse in West Virginia is around 2,800 USD while house rental costs can be as high as 5,700 USD per month. Finally, if you want to rent a villa, expect to pay anywhere from 2,800 USD to 11,000 USD per month.



Apartment and house prices in West Virginia

Cost of buying a property

Studio apartment
95,000 USD 140,000 USD 280,000 USD
MINIMUM AVERAGE MAXIMUM
1-bedroom apartment
110,000 USD 190,000 USD 710,000 USD
MINIMUM AVERAGE MAXIMUM
2-bedroom apartment
190,000 USD 570,000 USD 1.1M USD
MINIMUM AVERAGE MAXIMUM
3-bedroom apartment
630,000 USD 950,000 USD 2.8M USD
MINIMUM AVERAGE MAXIMUM
Townhouse
810,000 USD 1.9M USD 7.1M USD
MINIMUM AVERAGE MAXIMUM
House
950,000 USD 5.7M USD 8.1M USD
MINIMUM AVERAGE MAXIMUM
Villa
1.1M USD 6.3M USD 9.5M USD
MINIMUM AVERAGE MAXIMUM

The average price of a studio apartment in West Virginia can range from 95,000 USD to 280,000 USD depending on location. One bedroom cost can be anywhere from 110,000 USD to 710,000 USD. A villa can cost you 6.3M USD on average with prices ranging from 1.1M USD to 9.5M USD.


If you're leasing or purchasing, housing costs in West Virginia will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


46 x138 monthly income 215
MINIMUM AVERAGE MAXIMUM

Property prices in West Virginia can be x138 to x215 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x138 multiples of the average monthly salary in West Virginia.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


24% 33% of income 43%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in West Virginia is around 33%. This means that people pay 33% of their income for rent. Those figures can range from 24% to 43% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
31%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
2.5%
AVERAGE
3.5%
TO
4.5%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


8 USD 100 USD 1,000 USD
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in West Virginia

Housing33%

33% of total expenses on average (21% to 45%)

LOW430 USD
AVERAGE1,300 USD
HIGH8,600 USD
Per Month

Utilities, Electricity, Water7%

7% of total expenses on average (3% to 12%)

LOW72 USD
AVERAGE210 USD
HIGH1,400 USD
Per Month

Transport, Fuel6%

6% of total expenses on average (4% to 12%)

LOW95 USD
AVERAGE290 USD
HIGH1,900 USD
Per Month

Food and Groceries18%

18% of total expenses on average (12% to 23%)

LOW190 USD
AVERAGE570 USD
HIGH3,800 USD
Per Month

Healthcare11%

11% of total expenses on average (5% to 15%)

LOW110 USD
AVERAGE320 USD
HIGH2,100 USD
Per Month

Leisure, Shopping4%

4% of total expenses on average (3% to 7%)

LOW60 USD
AVERAGE180 USD
HIGH1,200 USD
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW24 USD
AVERAGE72 USD
HIGH480 USD
Per Month

Other Expenses20%

20% of total expenses on average (12% to 24%)

LOW210 USD
AVERAGE640 USD
HIGH4,300 USD
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in West Virginia

Housing30%

30% of total expenses on average (23% to 40%)

LOW660 USD
AVERAGE2,000 USD
HIGH11,000 USD
Per Month

Utilities, Electricity, Water6%

6% of total expenses on average (4% to 10%)

LOW99 USD
AVERAGE300 USD
HIGH1,600 USD
Per Month

Transport, Fuel10%

10% of total expenses on average (4% to 15%)

LOW240 USD
AVERAGE720 USD
HIGH3,800 USD
Per Month

Food and Groceries16%

16% of total expenses on average (11% to 21%)

LOW280 USD
AVERAGE840 USD
HIGH4,500 USD
Per Month

Healthcare13%

13% of total expenses on average (7% to 17%)

LOW220 USD
AVERAGE660 USD
HIGH3,500 USD
Per Month

Leisure, Shopping5%

5% of total expenses on average (2% to 8%)

LOW120 USD
AVERAGE360 USD
HIGH1,900 USD
Per Month

Education2%

2% of total expenses on average (1% to 4%)

LOW40 USD
AVERAGE120 USD
HIGH640 USD
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW340 USD
AVERAGE1,000 USD
HIGH5,400 USD
Per Month


Family
Average monthly expenses and break out of spending for families living in West Virginia

Housing29%

29% of total expenses on average (24% to 39%)

LOW890 USD
AVERAGE2,500 USD
HIGH14,000 USD
Per Month

Transport, Fuel6%

6% of total expenses on average (4% to 8%)

LOW220 USD
AVERAGE640 USD
HIGH3,500 USD
Per Month

Food and Groceries20%

20% of total expenses on average (13% to 26%)

LOW500 USD
AVERAGE1,400 USD
HIGH7,900 USD
Per Month

Healthcare10%

10% of total expenses on average (6% to 15%)

LOW220 USD
AVERAGE640 USD
HIGH3,500 USD
Per Month

Leisure, Shopping4%

4% of total expenses on average (2% to 8%)

LOW140 USD
AVERAGE400 USD
HIGH2,200 USD
Per Month

Education14%

14% of total expenses on average (7% to 22%)

LOW390 USD
AVERAGE1,100 USD
HIGH6,100 USD
Per Month

Other Expenses14%

14% of total expenses on average (7% to 19%)

LOW330 USD
AVERAGE950 USD
HIGH5,300 USD
Per Month


Student
Cost of living and expenses break down for students living in West Virginia

Housing21%

21% of total expenses on average (16% to 27%)

LOW240 USD
AVERAGE610 USD
HIGH1,100 USD
Per Month

Utilities, Electricity, Water5%

5% of total expenses on average (3% to 9%)

LOW41 USD
AVERAGE100 USD
HIGH180 USD
Per Month

Transport, Fuel5%

5% of total expenses on average (5% to 11%)

LOW71 USD
AVERAGE180 USD
HIGH320 USD
Per Month

Food and Groceries22%

22% of total expenses on average (16% to 26%)

LOW200 USD
AVERAGE510 USD
HIGH920 USD
Per Month

Healthcare8%

8% of total expenses on average (5% to 11%)

LOW61 USD
AVERAGE150 USD
HIGH280 USD
Per Month

Leisure, Shopping4%

4% of total expenses on average (2% to 8%)

LOW51 USD
AVERAGE130 USD
HIGH230 USD
Per Month

Education19%

19% of total expenses on average (12% to 24%)

LOW190 USD
AVERAGE480 USD
HIGH870 USD
Per Month

Other Expenses17%

17% of total expenses on average (11% to 23%)

LOW150 USD
AVERAGE380 USD
HIGH690 USD
Per Month
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