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 | Preston County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,677 | $94,066 | $242,182 |
| Price Trend (Annual %) | 24.0% | 1.9% | 8.2% |
| Median Gross Rent | $753 | $849 | $1,342 |
| Rent Trend (Annual %) | 3.7% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Preston County is about 10% lower than in West Virginia. Rent is about 11% 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 Preston County, up about 24.0% and 3.7% a year respectively. Home prices are changing faster.
Median rent in Preston County rose about 29.2% between 2015 and 2023, from $583 to $753. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 1.4 yearly household incomes in Preston County.
Buying the median-priced home in Preston County costs roughly 9.4 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 Preston County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Preston County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $84,677 | $94,066 | $242,182 |
| Median Household Income | $61,375 | $57,886 | $78,145 |
| Price-to-Income Ratio | 1.4 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Preston County rose about 21.9%, while median household income rose about 66.1% 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 | Preston County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 67.8% | 62.4% | 58.2% |
| Rental Rate | 16.3% | 21.6% | 31.3% |
| Vacancy Rate | 15.9% | 16.1% | 10.6% |
| Median Tenure (years) | 19.0 | 18.0 | 15.0 |
| Median Year Moved In | 2007 | 2008 | 2011 |
Preston County has a homeownership rate of 67.8%, higher than the West Virginia average of 62.4%. Its housing vacancy rate is 15.9%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Preston County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.39 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1985 | 1974 | 1978 |
| Median Number of Rooms | 5.9 | 5.9 | 5.5 |
The typical housing unit in Preston County was built around 1985. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Preston County, West Virginia.
What is the median home price in Preston County, West Virginia?
The median home price in Preston County, West Virginia is $84,677, lower than the West Virginia average of $94,066.
What is the average home price in Preston 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 Preston County, West Virginia?
The median gross rent in Preston County, West Virginia is $753 per month, lower than the West Virginia average of $849.
What was the median gross rent in Preston County in 2020?
In 2020, the median gross rent in Preston County, West Virginia was $662 per month.
What is the price-to-rent ratio in Preston County, West Virginia?
The price-to-rent ratio in Preston County, West Virginia is about 9.4, meaning it would take roughly 9.4 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 Preston County.
Are home prices or rent rising faster in Preston County, West Virginia?
Both home prices and rent are rising in Preston County, up about 24.0% and 3.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Preston County, West Virginia?
67.8% of households in Preston County, West Virginia own their home, higher than the West Virginia average of 62.4%.
What is the vacancy rate in Preston County, West Virginia?
The housing vacancy rate in Preston County, West Virginia is 15.9%, lower than the West Virginia average of 16.1%.