West Virginia’s most expensive city is still cheaper than the average American metro area

The cost of living has skyrocketed in the United States in recent years – and rising prices weigh heavily on the minds and pocketbooks of American families. According to a recent survey by the US Census Bureau, more than 57% of US households had at least some difficulty affording regular expenses in the past week, and more than 93% of US adults reported price stress higher in the last week. two months.

The inflation rate started to rise in early 2021 and finally peaked in June 2022, when the price of goods and services was 9.1% higher than 12 months earlier, according to the price index consumption. While inflation has cooled over the past two years, the CPI remains above the Federal Reserve’s target rate of 2 percent.

Although no one has been spared from rising consumer prices, in relative terms the total cost of living varies considerably across the country. In West Virginia, for example, goods and services were about 10.8 percent less expensive, on average, than they were nationally in 2022 — the latest year of data available. Despite a lower cost of living, 63.1 percent of West Virginia households had trouble paying household expenses in the past week, and 95.2 percent of adults in the state reported stress from rising prices. (Here’s a look at the most expensive states to live in.)

In general, Americans living in large cities face a higher cost of living than those in smaller, rural communities. According to the Bureau of Economic Analysis, goods and services are about 11.4 percent more expensive in U.S. metropolitan areas than outside metropolitan areas.

According to this model, goods and services are only about 9.3 percent less expensive than the average in all seven West Virginia metro areas and 13.7 percent less expensive in non-metro areas. However, the overall cost of living can vary significantly from one West Virginia city to another. In the state’s least expensive metro area, consumer prices are about 12.8 percent lower than the national average. Meanwhile, in the state’s most expensive city, prices are only about 7.5 percent lower than average. (Here’s a look at the most affordable city in each state.)

Consumer prices tend to rise when the demand for goods and services exceeds the supply. Because the cost of living is closely related to consumer spending, it’s no coincidence that more affluent areas are typically more expensive places to live than lower-income communities. Not surprisingly, the median household income in some of the most expensive cities on this list is higher than the comparable statewide median income of $54,329.

This is the cost of living in every metro area in West Virginia, ranked.

Why it matters

Inflation, as measured by the Consumer Price Index, hit a multi-decade high in 2022, and as of July 2024, the CPI remains well above the Federal Reserve’s 2% target. Even though prices tend to be much higher in cities than in rural communities, the vast majority of Americans—80 percent according to the U.S. Census Bureau—live in an urban area. However, consumer prices can vary considerably from city to city, and some metro areas in West Virginia are more affordable for a wider range of incomes than others.

7. Parkersburg-Vienna, WV

• Total cost of living, 2022: 12.8% lower than the US average
• Median household income, 2022: $55,222 ($893 more than statewide average)
• Median home value, 2022: $140,300 ($14,800 less than statewide average)
• Population of the metropolitan area: 89,559

6. Beckley, WV

• Total cost of living, 2022: 11.7% lower than the US average
• Median household income, 2022: $52,633 ($1,696 less than statewide average)
• Median home value, 2022: $131,500 ($23,600 less than statewide average)
• Population of the metropolitan area: 112,369

5. Huntington-Ashland, WV-KY-OH

• Total cost of living, 2022: 11.5% lower than the US average
• Median household income, 2022: $56,806 ($2,477 more than statewide average)
• Median home value, 2022: $155,200 ($100 more than the statewide average)
• Population of the metropolitan area: 354,304

4. Charleston, WV

• Total cost of living, 2022: 11.4% lower than the US average
• Median household income, 2022: $53,157 ($1,172 less than statewide average)
• Median home value, 2022: $128,400 ($26,700 less than statewide average)
• Population of the metropolitan area: 250,554

3. Weirton-Steubenville, WV-OH

• Total cost of living, 2022: 10.9% lower than the US average
• Median household income, 2022: $58,076 ($3,747 more than statewide average)
• Median home value, 2022: $127,400 ($27,700 less than statewide average)
• Population of the metropolitan area: 114,066

2. Wheeling, WV-OH

• Total cost of living, 2022: 10.8% lower than the US average
• Median household income, 2022: $56,218 ($1,889 more than statewide average)
• Median home value, 2022: $139,800 ($15,300 less than statewide average)
• Population of the metropolitan area: 136,708

1. Morgantown, WV

• Total cost of living, 2022: 7.5% lower than the US average
• Median household income, 2022: $56,132 ($1,803 more than state average)
• Median home value, 2022: $218,800 ($63,700 more than the statewide average)
• Population of the metropolitan area: 141,041

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