This article was written with the assistance of A.I. technology, and has been edited and fact-checked by Melly Alazraki.
The interest rate on a 30-year fixed rate mortgage has been above 6% for several months, the highest it has been in nearly a decade and a half. With historically high borrowing costs, many homebuyers are seeking more affordable markets. In some parts of the country, a relatively modest housing budget can get the buyer a lot more house than in others.
According to the Federal Reserve Bank of St. Louis, the median list price per square foot in West Virginia was just $125 as of March 2023. Based on this figure, $200,000 could buy a 1,600 square foot home, the largest when comparing similar budgets in each of the 50 states.
Notably, as has largely been the case nationwide, homes are getting more expensive also in West Virginia. The approximate size of a $200,000 home in the state therefore is now 13.6% smaller than it was a year ago.
West Virginia also has the lowest median home value of any state in the U.S., at $143,200 in 2021, according to the Census Bureau’s American Community Survey. And as is the case in other parts of the country with relatively low housing costs, incomes tend to be lower than average in West Virginia. The state’s median household income of $51,248 is the second lowest of any state.
Click here to see how much home you can buy for $200k in each state.
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