Total monthly cost of ownership
Cost to Own a Home in Morgantown, West Virginia
A $238,000 home here costs
$1,962per 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 $84,000 a year.
A standard mortgage calculator would have told you $1,298. The real number is $665 higher every month, 51% more than the payment most buyers budget for.
Compare Monongalia 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.
Morgantown against Monongalia County and West Virginia
| Measure | Morgantown | Monongalia County |
|---|---|---|
| Median home value | $238,200 | $254,200 |
| Median property tax | $1,267 | $1,232 |
| Effective tax rate | 0.532% | 0.485% |
| Median gross rent | $888 | $943 |
| Population | 30,273 | 106,520 |
The weather behind that power bill
Morgantown sits in Monongalia County, which averages a high of 84.4°F in its hottest month and a low of 24.0°F in its coldest, with 43.15" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 930 cooling and 4,964 heating degree days, which is what sets the $168 electricity line above.
See the full climate breakdown for Monongalia County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Monongalia County
Full Monongalia County cost breakdown · Every county in West Virginia
Talk to someone who works this market
These are Morgantown 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 Morgantown every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Morgantown I already own here and may sell
Common questions
How much does it cost to own a home in Morgantown?
A $238,000 home in Morgantown, West Virginia costs approximately $1,962 per month with 20% down at 7.24%. That is $1,298 principal and interest, $106 property tax, $125 homeowners insurance, $236 utilities and $198 set aside for maintenance.
What is the property tax rate in Morgantown?
Morgantown has an effective property tax rate of 0.532%, based on a median home value of $238,200 and median real estate taxes of $1,267. That is higher than the Monongalia County average of 0.485%.
What is the average home price in Morgantown?
The median owner-occupied home value in Morgantown, West Virginia is $238,200, against $254,200 across Monongalia County.
Is it cheaper to rent or buy in Morgantown?
Median gross rent in Morgantown is $888 a month, against $1,962 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 Morgantown?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Morgantown, West Virginia at today's rate takes a household income of roughly $84,000 a year. That covers the full $1,962 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Morgantown, 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.