West Virginia Cost Of Living Statistics


Steve Goldstein
Steve Goldstein
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West Virginia Cost Of Living Statistics 2023: Facts about Cost Of Living in West Virginia reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on West Virginia Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a West Virginia LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will West Virginia Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top West Virginia Cost Of Living Statistics 2023

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West Virginia Cost Of Living “Latest” Statistics

  • West Virginia has the lowest renter rate of any state, with 27.1% of occupied residences in the state being leased for less than the national average of 36.2%.[1]
  • More than 1 in 10 individuals in West Virginia had diabetes, making the state the second highest in the country.[2]
  • The Morgantown metro region is the most costly in the state, where the cost of goods and services is 2.1% more expensive than the average for the whole state while being 10.1% less expensive than the national average.[1]
  • West Virginia’s proportion of people who were born abroad in 2018 was 16.4%, which indicates that the rate has been rising.[3]
  • Private insurance covers over half of West Virginia people (45.1%), followed by Medicare (24.3%) and Medicaid (15.9%).[2]
  • In the previous year, 14.6% of West Virginia residents could not afford necessary medical care.[2]
  • The rate of uninsured persons in West Virginia aged 18-64 was at an all-time low of 9.3%, compared to 14.1% overall.[2]
  • In West Virginia in 2021, 11.2% of the population had significant housing difficulties.[3]

West Virginia Cost Of Living “Latest” Statistics

  • Employment in West Virginia fell by 0.00182% between 2019 and 2020, from 714k to 714k workers.[3]
  • Agriculture, Forestry, Fishing & Hunting, & Mining ($63,909), Transportation & Warehousing, & Utilities ($53,639), and Public Administration ($51,714) have the highest median incomes for males in 2020 in West Virginia.[3]
  • Public Administration ($39,566), Manufacturing ($38,554), and Wholesale Trade ($35,656) have the highest median wages for women in 2020 in West Virginia.[3]
  • West Virginia has 145 million people employed as of May 2021, representing an 8.45% increase in employment over May 2020.[3]
  • The median household income in West Virginia increased to $48,037 in 2020, up from $46,711 the previous year.[3]
  • In 2020, 82% of West Virginia employees traveled alone to work, followed by 8.64% who carpooled and 4.57% who worked from home.[3]

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How Useful is West Virginia Cost of Living

On the surface, the low cost of living in West Virginia is indeed appealing. Housing prices are significantly lower than the national average, making it easier for individuals to own a home or rent an apartment without breaking the bank. Additionally, everyday expenses such as groceries, utilities, and transportation tend to be more affordable in the state compared to other regions in the country. This can be particularly advantageous for lower-income households or retirees living on a fixed income.

Moreover, the lower cost of living in West Virginia can also spur economic development and attract businesses looking to cut down on expenses. For companies seeking to reduce operational costs and increase profitability, the relatively affordable cost of living in the state can be a strong incentive to set up shop in West Virginia. This, in turn, can create job opportunities for residents and boost the local economy.

However, it is important to consider the broader implications of the West Virginia cost of living beyond just the immediate financial benefits. While low living costs can be advantageous in the short term, they can also be indicative of underlying issues within the state. For example, low wages and limited job opportunities often go hand in hand with a low cost of living. This can result in a cycle of poverty and limited upward mobility for many residents in West Virginia.

Additionally, the low cost of living in the state may not always translate to a high quality of life for its residents. In areas where costs are lower, essential services such as healthcare, education, and infrastructure may also be lacking or subpar. This can impact the overall well-being of individuals and families living in West Virginia, despite the financial savings they may experience.

Furthermore, the argument that the low cost of living in West Virginia is a major draw for outsiders to move to the state also raises questions about the cultural and social impact of influxes of new residents. Will the unique identity and traditions of West Virginia be preserved and respected as more individuals flock to the state for its affordable living costs? Will the infrastructure and resources be able to support a sudden increase in population without compromising the quality of life for current residents?

In conclusion, while the West Virginia cost of living may offer certain advantages, it is essential to consider the broader implications and long-term effects of a low cost of living. It is imperative that policymakers, businesses, and residents alike work together to address the underlying issues that contribute to the affordability of living in the state, while also striving to improve overall quality of life for all individuals in West Virginia.

Reference

  1. 247wallst – https://247wallst.com/state/cost-of-living-in-west-virginia/
  2. wv – https://dhhr.wv.gov/hpcd/data_reports/pages/fast-facts.aspx
  3. datausa – https://datausa.io/profile/geo/west-virginia

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