Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Boone County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $124,999 | $94,066 | $242,182 |
| Price Trend (Annual %) | 19.4% | 1.9% | 8.2% |
| Median Gross Rent | $823 | $849 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Boone County is about 33% higher than in West Virginia. Rent is about 3% lower than the West Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Boone County, up about 19.4% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Boone County rose about 43.8% between 2015 and 2023, from $572 to $823. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Boone County.
Buying the median-priced home in Boone County costs roughly 12.7 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Boone County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Boone County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $124,999 | $94,066 | $242,182 |
| Median Household Income | $56,549 | $57,886 | $78,145 |
| Price-to-Income Ratio | 2.2 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Boone County rose about 164.9%, while median household income rose about 46.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Boone County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.4% | 62.4% | 58.2% |
| Rental Rate | 16.2% | 21.6% | 31.3% |
| Vacancy Rate | 22.4% | 16.1% | 10.6% |
| Median Tenure (years) | 20.0 | 18.0 | 15.0 |
| Median Year Moved In | 2006 | 2008 | 2011 |
Boone County has a homeownership rate of 61.4%, lower than the West Virginia average of 62.4%. Its housing vacancy rate is 22.4%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Boone County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.69 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1976 | 1974 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Boone County was built around 1976. On average, 2.7 people live in a home with about 5.8 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Boone County, West Virginia.
What is the median home price in Boone County, West Virginia?
The median home price in Boone County, West Virginia is $124,999, higher than the West Virginia average of $94,066.
What is the average home price in Boone County, West Virginia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Boone County, West Virginia?
The median gross rent in Boone County, West Virginia is $823 per month, lower than the West Virginia average of $849.
What was the median gross rent in Boone County in 2020?
In 2020, the median gross rent in Boone County, West Virginia was $657 per month.
What is the price-to-rent ratio in Boone County, West Virginia?
The price-to-rent ratio in Boone County, West Virginia is about 12.7, meaning it would take roughly 12.7 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Boone County.
Are home prices or rent rising faster in Boone County, West Virginia?
Both home prices and rent are rising in Boone County, up about 19.4% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Boone County, West Virginia?
61.4% of households in Boone County, West Virginia own their home, lower than the West Virginia average of 62.4%.
What is the vacancy rate in Boone County, West Virginia?
The housing vacancy rate in Boone County, West Virginia is 22.4%, higher than the West Virginia average of 16.1%.