CALCMONEY // HOME AFFORDABILITY // WV // MORGANTOWN
How much house can you afford in Morgantown? Based on local median home prices, current WV mortgage rates, and Morgantown property tax data.
$245,000
$1,506/mo
$64,529/yr
$216,234
Monthly housing costs of $1,506 represent 31.2% of Morgantown's median gross monthly income ($4,833/mo). At 31.2%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $245,000 |
| Down Payment (20%) | $49,000 |
| Loan Amount | $196,000 |
| Monthly PI Payment | $1,297 |
| Monthly Property Tax | $106 |
| Monthly Insurance Est. | $102 |
| Total Monthly PITI | $1,506 |
| Housing Cost % of Income | 31.2% |
| Required Income (28% rule) | $64,529/yr |
| Max Affordable Home | $216,234 |
$8,575
$1,941/mo
Morgantown Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $245,000 | Morgantown city median |
| Down Payment (20%) | $49,000 | Conventional loan |
| Monthly PITI | $1,506 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $64,529 | Annual gross |
| Max Affordable Home | $216,234 | Based on median income |
| FHA Down (3.5%) | $8,575 | Minimum FHA |
| Housing Cost % of Income | 31.2% | Median income: $58,000/yr |
| Property Tax Rate | 0.52% | $1,274/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Morgantown is $245,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $196,000, generating a monthly P&I payment of $1,297. Adding property taxes ($106/mo) and homeowners insurance ($102/mo) brings total monthly PITI to $1,506.
Morgantown's property tax rate of 0.52% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Morgantown median home, that is $106/month, or $1,274 per year.
West Virginia levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Morgantown should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Morgantown's median income of $58,000/year can afford up to $1,353/month in total housing costs. Based on Morgantown's mortgage rate of 6.95% and property tax rate of 0.52%, that translates to a maximum affordable home price of approximately $216,234 with 20% down on a 30-year loan.
To afford the median Morgantown home priced at $245,000, you need an annual gross income of approximately $64,529. Total monthly housing costs (principal and interest of $1,297, property taxes of $106, and insurance of $102) come to $1,506/month, which equals 28% of the required income.
At the median home price of $245,000 and median household income of $58,000, the total monthly housing cost of $1,506 represents 31.2% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Morgantown home of $245,000 is $49,000. An FHA loan requires just 3.5% down — $8,575 — but adds mortgage insurance of roughly $167/month, bringing total FHA payments to $1,941/month.
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