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 | Monroe County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $302,857 | $94,066 | $242,182 |
| Price Trend (Annual %) | 64.9% | 1.9% | 8.2% |
| Median Gross Rent | $676 | $849 | $1,342 |
| Rent Trend (Annual %) | 2.3% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 222% higher than in West Virginia. Rent is about 20% 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 Monroe County, up about 64.9% and 2.3% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 17.7% between 2015 and 2023, from $574 to $676. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 5.7 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 37.3 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Monroe County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Monroe County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $302,857 | $94,066 | $242,182 |
| Median Household Income | $53,379 | $57,886 | $78,145 |
| Price-to-Income Ratio | 5.7 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County rose about 312.7%, while median household income rose about 37.4% 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 | Monroe County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.5% | 62.4% | 58.2% |
| Rental Rate | 13.1% | 21.6% | 31.3% |
| Vacancy Rate | 24.4% | 16.1% | 10.6% |
| Median Tenure (years) | 23.0 | 18.0 | 15.0 |
| Median Year Moved In | 2003 | 2008 | 2011 |
Monroe County has a homeownership rate of 62.5%, about the same as the West Virginia average of 62.4%. Its housing vacancy rate is 24.4%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Monroe County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1974 | 1974 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Monroe County was built around 1974. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 23.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe County, West Virginia.
What is the median home price in Monroe County, West Virginia?
The median home price in Monroe County, West Virginia is $302,857, higher than the West Virginia average of $94,066.
What is the average home price in Monroe 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 Monroe County, West Virginia?
The median gross rent in Monroe County, West Virginia is $676 per month, lower than the West Virginia average of $849.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, West Virginia was $619 per month.
What is the price-to-rent ratio in Monroe County, West Virginia?
The price-to-rent ratio in Monroe County, West Virginia is about 37.3, meaning it would take roughly 37.3 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Monroe County.
Are home prices or rent rising faster in Monroe County, West Virginia?
Both home prices and rent are rising in Monroe County, up about 64.9% and 2.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, West Virginia?
62.5% of households in Monroe County, West Virginia own their home, about the same as the West Virginia average.
What is the vacancy rate in Monroe County, West Virginia?
The housing vacancy rate in Monroe County, West Virginia is 24.4%, higher than the West Virginia average of 16.1%.