A+
13%
Overall NAT. AVG.
5%
Goods & Services NAT. AVG.
31%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Fairmont West Virginia National
Cost of living8785100
Goods & Services9595100
Groceries9698100
Health care9297100
Housing6962100
Transportation9494100
Utilities9496100

An Overview of Cost of Living in Fairmont, WV

Knowing the cost of living in Fairmont allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Fairmont stands at 87, marking it 13% lower than the national average.

Is Fairmont Affordable?

Is Fairmont affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Fairmont, for instance, where the median home price falls 36.7% lower than the national average, and monthly rent rates are 17.2% lower than usual. Additionally, median income levels contribute to the equation, with Fairmont flaunting a median household income of $45,540, 17.7% lower than the national norm.

What Factors can Influence the Cost of Living in Fairmont?

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Urbanization: Urban areas with extensive amenities and job opportunities tend to have a higher cost of living due to increased demand for services and relocation, resulting in higher home prices and higher rents. Less densely populated rural areas, or areas with less demand tend to have fewer amenities and slower job growth, which results in a lower cost of living.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Fairmont, the housing index is 30.8% lower than the national average.

Where is the Data From?

The Fairmont cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Fairmont is 2% higher than the West Virginia average
  • The cost of living in Fairmont is 13% lower than the national average
  • Fairmont housing is 31% lower than the national average
  • West Virginia general sales tax is 18% higher than the national average
  • West Virginia state income tax is 16% higher than the national average

Most Affordable Places to Live in and Around Fairmont

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Compare Fairmont, WV Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$58,587$4,882$1,367$1,758
      Renters$26,888$2,241$627$807
      A good way to judge both the affordability of the housing and the cost of living in Fairmont is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Fairmont has a median income of about $58,587 for people who own homes. Based on that number, a maximum of $1,367 should be spent on expenses related to housing. Renters have a slightly different median income, which is $26,888. Based on this average, renters should spend no more than $627 on all rental costs if they want to maintain a non-impoverished standard of living.

      West Virginia Sales Tax

      State General Sales Tax With Max Surtax
      West Virginia 6% 7%

      West Virginia Income Tax

      State Income Tax (Low) Income Tax (High)
      West Virginia 3% 6.5%

      Goods & Services

      Item Fairmont National avg. Difference
      Haircut $29.44$24.2621.4%
      Beauty Salon $49.17$45.567.9%
      Toothpaste $3.80$3.702.6%
      Shampoo $1.15$1.2810.5%
      Movie $10.26$12.1315.4%
      Bowling $17.17$18.004.6%

      Groceries

      Item Fairmont National avg. Difference
      Ground Beef $5.63$5.843.5%
      Fried Chicken $1.35$1.5714.2%
      Milk $4.56$4.672.4%
      Potatoes $5.49$4.9311.3%
      Pizza $11.17$12.097.6%
      Beer $10.15$10.412.5%

      Health Care

      Item Fairmont National avg. Difference
      Optometrist $126.67$125.680.8%
      Doctor $137.65$135.781.4%
      Dentist $100.44$113.2911.3%
      Ibuprofen $10.20$10.654.3%
      Lipitor $375.63$468.6019.8%

      Housing

      Item Fairmont National avg. Difference
      Home Price $117,000.00$184,700.0036.7%
      Avg. Mortgage Payment $1,880.59$2,346.6919.9%
      Apartment Rent $786.00$949.0017.2%

      Transportation

      Item Fairmont National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $47.54$59.9220.7%

      Utilities

      Item Fairmont National avg. Difference
      All Electricity $178.61$193.997.9%
      Phone $185.45$192.253.5%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Spelter, WV233955.2%
      Gypsy, WV162955.2%
      Carolina, WV313955.2%
      Rachel, WV3127921.4%
      Despard, WV1,1697920.9%
      Fairmont, WV18,4438712.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Chowchilla, CA18,44311111.4%
      Sartell, MN18,4391066.3%
      Hybla Valley, VA18,43813232.1%
      Gautier, MS18,436918.6%
      Niles, OH18,4298416.4%
      Fairmont, WV18,4438712.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.