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 | Mingo County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $40,000 | $94,066 | $242,182 |
| Price Trend (Annual %) | 0.8% | 1.9% | 8.2% |
| Median Gross Rent | $604 | $849 | $1,342 |
| Rent Trend (Annual %) | 0.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mingo County is about 57% lower than in West Virginia. Rent is about 29% 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 Mingo County, up about 0.8% and 0.5% a year respectively. Home prices are changing faster.
Median rent in Mingo County rose about 3.5% between 2015 and 2023, from $583 to $604. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 1.0 yearly household incomes in Mingo County.
Buying the median-priced home in Mingo County costs roughly 5.5 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 Mingo County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Mingo County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $40,000 | $94,066 | $242,182 |
| Median Household Income | $39,374 | $57,886 | $78,145 |
| Price-to-Income Ratio | 1.0 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mingo County fell about 28.5%, while median household income rose about 32.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Mingo County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.3% | 62.4% | 58.2% |
| Rental Rate | 21.7% | 21.6% | 31.3% |
| Vacancy Rate | 22.0% | 16.1% | 10.6% |
| Median Tenure (years) | 23.0 | 18.0 | 15.0 |
| Median Year Moved In | 2003 | 2008 | 2011 |
Mingo County has a homeownership rate of 56.3%, lower than the West Virginia average of 62.4%. Its housing vacancy rate is 22.0%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Mingo County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1982 | 1974 | 1978 |
| Median Number of Rooms | 5.6 | 5.9 | 5.5 |
The typical housing unit in Mingo County was built around 1982. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 23.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mingo County, West Virginia.
What is the median home price in Mingo County, West Virginia?
The median home price in Mingo County, West Virginia is $40,000, lower than the West Virginia average of $94,066.
What is the average home price in Mingo 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 Mingo County, West Virginia?
The median gross rent in Mingo County, West Virginia is $604 per month, lower than the West Virginia average of $849.
What was the median gross rent in Mingo County in 2020?
In 2020, the median gross rent in Mingo County, West Virginia was $522 per month.
What is the price-to-rent ratio in Mingo County, West Virginia?
The price-to-rent ratio in Mingo County, West Virginia is about 5.5, meaning it would take roughly 5.5 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 Mingo County.
Are home prices or rent rising faster in Mingo County, West Virginia?
Both home prices and rent are rising in Mingo County, up about 0.8% and 0.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mingo County, West Virginia?
56.3% of households in Mingo County, West Virginia own their home, lower than the West Virginia average of 62.4%.
What is the vacancy rate in Mingo County, West Virginia?
The housing vacancy rate in Mingo County, West Virginia is 22.0%, higher than the West Virginia average of 16.1%.