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 | McDowell County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,187 | $94,066 | $242,182 |
| Price Trend (Annual %) | 22.4% | 1.9% | 8.2% |
| Median Gross Rent | $685 | $849 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in McDowell County is about 23% lower than in West Virginia. Rent is about 19% 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 McDowell County, up about 22.4% and 4.3% a year respectively. Home prices are changing faster.
Median rent in McDowell County rose about 31.6% between 2015 and 2023, from $520 to $685. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 2.4 yearly household incomes in McDowell County.
Buying the median-priced home in McDowell County costs roughly 8.8 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 McDowell County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | McDowell County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $72,187 | $94,066 | $242,182 |
| Median Household Income | $29,979 | $57,886 | $78,145 |
| Price-to-Income Ratio | 2.4 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in McDowell County rose about 144.5%, while median household income rose about 39.0% 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 | McDowell County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.3% | 62.4% | 58.2% |
| Rental Rate | 16.8% | 21.6% | 31.3% |
| Vacancy Rate | 30.9% | 16.1% | 10.6% |
| Median Tenure (years) | 21.0 | 18.0 | 15.0 |
| Median Year Moved In | 2005 | 2008 | 2011 |
McDowell County has a homeownership rate of 52.3%, lower than the West Virginia average of 62.4%. Its housing vacancy rate is 30.9%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | McDowell County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1967 | 1974 | 1978 |
| Median Number of Rooms | 5.5 | 5.9 | 5.5 |
The typical housing unit in McDowell County was built around 1967. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in McDowell County, West Virginia.
What is the median home price in McDowell County, West Virginia?
The median home price in McDowell County, West Virginia is $72,187, lower than the West Virginia average of $94,066.
What is the average home price in McDowell 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 McDowell County, West Virginia?
The median gross rent in McDowell County, West Virginia is $685 per month, lower than the West Virginia average of $849.
What was the median gross rent in McDowell County in 2020?
In 2020, the median gross rent in McDowell County, West Virginia was $594 per month.
What is the price-to-rent ratio in McDowell County, West Virginia?
The price-to-rent ratio in McDowell County, West Virginia is about 8.8, meaning it would take roughly 8.8 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 McDowell County.
Are home prices or rent rising faster in McDowell County, West Virginia?
Both home prices and rent are rising in McDowell County, up about 22.4% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in McDowell County, West Virginia?
52.3% of households in McDowell County, West Virginia own their home, lower than the West Virginia average of 62.4%.
What is the vacancy rate in McDowell County, West Virginia?
The housing vacancy rate in McDowell County, West Virginia is 30.9%, higher than the West Virginia average of 16.1%.