West Virginia is the Most Afordable State, Study Says
This article was originally published on wowktv.com
CLARKSBURG, W.Va. (WBOY) — If you’re looking for an affordable state to live and buy a home, several recent studies say that West Virginia is your best option in the U.S.
A recent report by doxo used the 2024 Cost of Bill Index (COBI) found that West Virginia’s standard cost of living is 25% lower than the national average. However, that cost of living is based on the average national income, not West Virginia’s average income. Other states that were considered more affordable in the report were Mississippi, Arkansas, Oklahoma and Kentucky, which were all between 19 and 17% below the national average COBI.
All of the states with the lowest COBI are also among the states with the lowest average incomes, which the study didn’t account for.
That being said, a different study that assessed the affordability of buying a home in each state factoring in average annual income found that West Virginia is one of only four states where the median household income can afford a typical home. Study finds more interested in moving into West Virginia than out
The study by Clever found that on average in the U.S., a family needs to make almost $120,000 each year to afford a median-priced home—which costs $332,494. In West Virginia, a family only needs to make $47,405 per year to afford the average home, which is less than the state’s median income of $54,329. The study estimated that the median home in West Virginia sells for $175,432.
The only other states where homes were deemed affordable by the study were Ohio, Indiana and Iowa.