Total monthly cost of ownership
Cost to Own a Home in Elkins, West Virginia
A $131,000 home here costs
$1,182per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $50,500 a year.
A standard mortgage calculator would have told you $714. The real number is $468 higher every month, 66% more than the payment most buyers budget for.
Compare Randolph County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Elkins against Randolph County and West Virginia
| Measure | Elkins | Randolph County |
|---|---|---|
| Median home value | $130,500 | $137,800 |
| Median property tax | $647 | $539 |
| Effective tax rate | 0.496% | 0.391% |
| Median gross rent | $897 | $807 |
| Population | 6,875 | 27,782 |
The weather behind that power bill
Elkins sits in Randolph County, which averages a high of 83.2°F in its hottest month and a low of 20.0°F in its coldest, with 47.21" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 617 cooling and 5,442 heating degree days, which is what sets the $168 electricity line above.
See the full climate breakdown for Randolph County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Randolph County
No other places of this size are published in Randolph County.
Full Randolph County cost breakdown · Every county in West Virginia
Talk to someone who works this market
These are Elkins averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Elkins every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elkins I already own here and may sell
Common questions
How much does it cost to own a home in Elkins?
A $131,000 home in Elkins, West Virginia costs approximately $1,182 per month with 20% down at 7.24%. That is $714 principal and interest, $54 property tax, $69 homeowners insurance, $236 utilities and $109 set aside for maintenance.
What is the property tax rate in Elkins?
Elkins has an effective property tax rate of 0.496%, based on a median home value of $130,500 and median real estate taxes of $647. That is higher than the Randolph County average of 0.391%.
What is the average home price in Elkins?
The median owner-occupied home value in Elkins, West Virginia is $130,500, against $137,800 across Randolph County.
Is it cheaper to rent or buy in Elkins?
Median gross rent in Elkins is $897 a month, against $1,182 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Elkins?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elkins, West Virginia at today's rate takes a household income of roughly $50,500 a year. That covers the full $1,182 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elkins, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for West Virginia.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.