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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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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On this page, you’ll learn about the following:
Top West Virginia Cost Of Living Statistics 2023
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- 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
For many people, the cost of living is a major factor when considering where to live and work. And when it comes to affordability, West Virginia has a lot to offer. Housing prices in the state are significantly lower than the national average, making it easier for residents to find a comfortable and affordable place to live. Whether you’re looking to rent an apartment or buy a home, you can find options that fit within your budget in West Virginia.
In addition to affordable housing, West Virginia’s cost of living extends to other areas as well. Grocery prices, utilities, and healthcare costs are all relatively low compared to national averages, meaning residents can stretch their dollars further and enjoy a higher quality of life. This can be especially beneficial for young professionals, families, and retirees looking to make the most of their income.
Furthermore, West Virginia’s cost of living can also contribute to a better work-life balance. With lower expenses, residents may feel less financial pressure and be able to enjoy more leisure activities, spend time with family and friends, and pursue hobbies and interests without worrying about overspending. This can lead to a more fulfilling and satisfying lifestyle overall.
One key aspect of West Virginia’s cost of living that tends to be overlooked is the impact it can have on economic development. Affordable living costs can attract businesses and investors looking to set up operations in the state, creating job opportunities and stimulating economic growth. This can benefit not only the residents of West Virginia but also the state’s overall economy.
Of course, it’s important to note that the cost of living is just one factor to consider when evaluating where to live. While West Virginia may offer affordability, there are other aspects to take into account, such as job opportunities, education, healthcare services, and quality of life amenities. However, for individuals and families looking for a place that can provide a comfortable lifestyle without breaking the bank, West Virginia’s cost of living can be a significant draw.
In conclusion, West Virginia’s cost of living is a valuable asset that residents and potential newcomers should not overlook. With affordable housing, lower expenses, and the potential for a better work-life balance, the state offers a range of benefits that make it an attractive place to call home. By taking advantage of West Virginia’s cost of living, residents can enjoy a higher quality of life while also contributing to the state’s economic development.
Reference
- 247wallst – https://247wallst.com/state/cost-of-living-in-west-virginia/
- wv – https://dhhr.wv.gov/hpcd/data_reports/pages/fast-facts.aspx
- datausa – https://datausa.io/profile/geo/west-virginia