Buying a Home in West Virginia: What You Need to Know
If you're considering buying a home in West Virginia, understanding the true cost of homeownership is essential. Beyond your mortgage payment, West Virginia homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses West Virginia-specific data to give you accurate monthly payment estimates.
West Virginia Property Taxes
West Virginia has an effective property tax rate of 0.48%, ranking #45 out of 50 states (where #1 is the highest). On a median-priced home of $249,000, you'd pay approximately $1,195 per year in property taxes, or about $100/month.
West Virginia is among the states with the lowest property taxes in the nation. This can make homeownership more affordable here compared to high-tax states, though you should verify rates in your specific county.
West Virginia Homeowners Insurance
The average annual homeowners insurance premium in West Virginia is $1,047 for $300,000 in dwelling coverage, or about $87/month.
West Virginia enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
West Virginia Closing Costs
Closing costs in West Virginia average 1.14% of the home's purchase price. On a $249,000 home, that's approximately $2,839. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
West Virginia Housing Market
The median home price in West Virginia is $249,000. This is below the national median of approximately $410,000, making West Virginia one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More West Virginia Mortgage Tools
Use these additional calculators to plan your West Virginia home purchase: