Cheat Lake, West Virginia Real Estate & Housing Market

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Cheat Lake Housing Information

Index	Cheat Lake	West Virginia	National
Median home price	$257,000	$107,400	$184,700
Median rent asked	$988	$658	$949
Avg. people per household	2.8	2.4	2.6
Owner occupied households	78.8%	72.5%	63.6%
Renter occupied households	21.2%	27.5%	36.4%

Above is a snapshot look at the real estate market in Cheat Lake, WV. In Cheat Lake, WV, the median house price is $257,000, making the price 139% higher than that the average for West Virginia. Therefore, the affordability of Cheat Lake, WV area real estate is less affordable than the real estate in other areas of West Virginia. In addition, Cheat Lake, WV has a median rent price of $988; this price is 50% higher than that the average rental price for West Virginia. 78.8% of residents in Cheat Lake, WV are homeowners, and the average amount of people who reside in each home is 2.8. Cheat Lake, WV has a wide array of real estate options available, ranging from cost-friendly condos to high-end luxury homes. We filter listings by number of bathrooms and bedrooms, price and area to simplify the search process for Cheat Lake, WV real estate for sale.

Cheat Lake Home Affordability

When looking for real estate in Cheat Lake, WV, nothing is more important than affordability. There are several methods to calculate the affordability of a home, but perhaps the best way is the home price to median household income ratio. In Cheat Lake, WV, the median price of a home is $257,000 and $93,137 is the median household income. This means that the home price to income ratio is 2.8x, a ratio that is 10% higher than the average in West Virginia. The median home price is divided by the median home income to calculate the home affordability ratio. Homes in Cheat Lake, WV will be more financially accessable if the ratio has a lower than average home price to home income. These are not the only aspects to look at when determining the affordability of a home. A home affordability calculator offers a much more exact overview of the true affordability of a property. Use the calculator below to better determine how much you can pay for real estate in Cheat Lake, WV.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Bruceton Mills, WV	50	$0	100%
Ronco, PA	125	$11,300	94%
Nemacolin, PA	664	$29,000	84%
Bobtown, PA	681	$51,200	72%
Albright, WV	363	$61,100	67%
Cheat Lake, WV	9,671	$257,000	39%

Cities with similar population

City, State	Population	Home Price	National Avg.
Alamosa, CO	9,671	$142,700	23%
Waggaman, LA	9,673	$109,200	41%
Brandon, SD	9,674	$183,000	1%
Forestdale, AL	9,679	$118,800	36%
Brandywine, MD	9,681	$330,900	79%
Cheat Lake, WV	9,671	$257,000	39%

Source: The Cheat Lake, WV housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).