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 | Roane County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $127,273 | $94,066 | $242,182 |
| Price Trend (Annual %) | 72.4% | 1.9% | 8.2% |
| Median Gross Rent | $590 | $849 | $1,342 |
| Rent Trend (Annual %) | 2.6% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Roane County is about 35% higher than in West Virginia. Rent is about 31% 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 Roane County, up about 72.4% and 2.6% a year respectively. Home prices are changing faster.
Median rent in Roane County rose about 29.4% between 2015 and 2023, from $456 to $590. Over the same span, rent in West Virginia rose about 32.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Roane County.
Buying the median-priced home in Roane County costs roughly 18.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Roane County. The price-to-rent ratio in West Virginia is about 9.2.
| Metric | Roane County | West Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $127,273 | $94,066 | $242,182 |
| Median Household Income | $45,281 | $57,886 | $78,145 |
| Price-to-Income Ratio | 2.8 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Roane County rose about 57.3%, while median household income rose about 63.0% 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 | Roane County | West Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.6% | 62.4% | 58.2% |
| Rental Rate | 17.7% | 21.6% | 31.3% |
| Vacancy Rate | 22.7% | 16.1% | 10.6% |
| Median Tenure (years) | 20.0 | 18.0 | 15.0 |
| Median Year Moved In | 2006 | 2008 | 2011 |
Roane County has a homeownership rate of 59.6%, lower than the West Virginia average of 62.4%. Its housing vacancy rate is 22.7%, compared with 16.1% in West Virginia.
Housing Stock
| Metric | Roane County | West Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1977 | 1974 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Roane County was built around 1977. On average, 2.5 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 Roane County, West Virginia.
What is the median home price in Roane County, West Virginia?
The median home price in Roane County, West Virginia is $127,273, higher than the West Virginia average of $94,066.
What is the average home price in Roane 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 Roane County, West Virginia?
The median gross rent in Roane County, West Virginia is $590 per month, lower than the West Virginia average of $849.
What was the median gross rent in Roane County in 2020?
In 2020, the median gross rent in Roane County, West Virginia was $501 per month.
What is the price-to-rent ratio in Roane County, West Virginia?
The price-to-rent ratio in Roane County, West Virginia is about 18.0, meaning it would take roughly 18.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Roane County.
Are home prices or rent rising faster in Roane County, West Virginia?
Both home prices and rent are rising in Roane County, up about 72.4% and 2.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Roane County, West Virginia?
59.6% of households in Roane County, West Virginia own their home, lower than the West Virginia average of 62.4%.
What is the vacancy rate in Roane County, West Virginia?
The housing vacancy rate in Roane County, West Virginia is 22.7%, higher than the West Virginia average of 16.1%.