Housing advantages
Over the past five years, the West Virginia Hardwood Alliance Zone (WVHAZ)—encompassing the counties of Fayette, Greenbrier, Pocahontas, Webster, Randolph, Upshur, Lewis, Barbour, Tucker, Grant, Preston, and Hardy—has presented a housing market that offers significant advantages compared to national averages, making it an attractive destination for businesses considering relocation.
AFFORDABLE HOUSING MARKET
West Virginia consistently ranks as one of the most affordable states for homeownership. As of March 2023, typical housing prices were around $190,037, approximately 44% less than the national average.
COMPETITIVE HOME VALUES
The state’s median home value stands at $166,629, reflecting a 6.4% increase over the past year.
This appreciation rate, while steady, remains below the national average, indicating a more stable and less volatile market.
HIGH HOMEOWNERSHIP RATES
West Virginia boasts a homeownership rate of 73.5%, which is higher than the U.S. average of 65.2%, contributing stability and economic resilience.
IMPLICATIONS FOR RELOCATING BUSINESSES
The combination of affordable housing, competitive home values, and high homeownership rates in the WVHAZ translates to a lower cost of living for employees. This affordability can enhance employee satisfaction and retention, providing businesses with a stable and content workforce.
The WVHAZ offers a housing market that is both affordable and stable compared to national averages. Businesses relocating to this region can leverage these housing advantages to attract and retain talent, ultimately contributing to their long-term success.