Morgantown, WV
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.63×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs West Virginia
- 2.54×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
21.1%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs West Virginia
- 21.1%=
- vs U.S.
- 23.3%-2.1
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.78%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs West Virginia
- 5.52%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.07%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs West Virginia
- 0.03%+0.04
- vs U.S.
- 0.03%+0.04
Benchmark
IRS net migration ÷ population
tight
Permit pipeline
0.12
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs West Virginia
- 0.43
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.8%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs West Virginia
- 4.4%-0.6
- vs U.S.
- 3.9%-0.1
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+38.9%
homeValues.yearOverYear
+5.7%
Median home value
$226,800
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $877 | $10,524 | 16.9% |
| 2 BR | $1,099 | $13,188 | 21.1% |
| 3 BR | $1,318 | $15,816 | 25.3% |
Labor market direction
Unemployment
3.8%
Median household income
$62,394
What's being built
Total TTM
17
+21.4% YoY
Single-family
17
2–4 unit
0
5+ unit
0
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Monongalia County | 105,988 | $254,200 | $62,704 | 17 | +21.4% |
| Preston County | 34,206 | $157,700 | $61,373 | 0 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Morgantown | 140,194 | $62,394 | 3.63× | 3.78% | +38.9% | 0.12 | 3.8% |
| Springfield, OH | 135,877 | $60,846 | — | — | +63.7% | — | 4.3% |
| Manhattan, KS | 133,834 | $64,096 | — | — | +35.6% | — | 3.2% |
| Battle Creek, MI | 134,011 | $60,385 | — | — | +58.4% | — | 5.1% |
| Dalton, GA | 143,096 | $65,715 | — | — | +64.7% | — | 3.5% |
| Wichita Falls, TX | 148,523 | $63,618 | — | — | +49.3% | — | 3.5% |
Where people are moving in from
Net migration
+97
+0.07% of population
| Origin county | Tax returns |
|---|---|
| Marion County, WV | 249 |
| Preston County, WV | 168 |
| Monongalia County, WV | 158 |
| Harrison County, WV | 133 |
| Allegheny County, PA | 99 |
| Fayette County, PA | 75 |
Who lives in Morgantown
- Median age
- 35
- Bachelor's+
- 39.5%
- Owner-occupancy
- 62.7%
- Vacancy rate
- 12.1%
- Rent burdened (30%+)
- 48.7%
- Median household income
- $62,394
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.