This article looks at the 15 best places to retire in West Virginia. If you wish to skip our detailed analysis of Home Equity and Retirement in West Virginia, please proceed to 5 Best Places to Retire in West Virginia.
Capitalizing on Home Equity
An important reason many Americans fail to accumulate any savings for their retirement is competing life priorities. Research from The Goldman Sachs Group, Inc. (NYSE: GS) has found that competing life priorities can reduce an average worker’s retirement savings by up to 37%. These life priorities can emerge in the shape of a range of different expenses and ailments, such as inflationary pressures, a high mortgage, or unforeseen medical expenses. The Goldman Sachs Group, Inc. (NYSE: GS) estimates that factors such as student loans can reduce retirement savings by 19%. As Americans struggle to divert any significant income towards their retirement nest eggs, their likelihood of securing a comfortable retirement becomes questionable.
However, one crucial factor that many potential retirees fail to capitalize on is their home equity. Home equity is the difference between the value of an individual’s home and their outstanding mortgage, which essentially represents what you own in a home. More importantly, however, home equity is recognized as an asset, against which homeowners can draw out loans to meet pressing financial needs.
According to Wells Fargo & Company (NYSE: WFC), homeowner equity surged to 69.6% in 2023 which is the highest it has been since the 1980s (except for Q2-2022). In a research note published in August 2023, Wells Fargo & Company (NYSE: WFC) economists revealed that appreciation in home prices could help fuel the next leg of consumer spending.
“Strong home price appreciation in the years following the pandemic may be an underappreciated tailwind for the household sector. The total value of the U.S. single-family market breached $40 trillion last year, and the mix between debt and equity has shifted over time with the portion held by homeowners in the form of equity trending higher since about 2012.”
-Economists Tim Quinlan & Shannon Seery, Wells Fargo & Company (NYSE: WFC)
Similarly, a 2023 survey by The Toronto-Dominion Bank (NYSE: TD) showed that 83% of respondents believed their home equity had increased within the prior year. Among those aware of their home equity, 57% estimated they have $100,000 or more in home equity, per The Toronto-Dominion Bank (NYSE: TD). There are several advantages to borrowing against home equity, the most vital of which is that home equity loans tend to have lower interest rates in comparison to uncollateralized loans. Similarly, a Home Equity Line of Credit, or HELOC, can be used to obtain a revolving credit line at cheaper interest rates in comparison to personal loans and credit cards.
Last year, Finance of America Companies Inc. (NYSE: FOA) announced the expanded launch of its HomeSafe Second Loan initiative. Under this program, Finance of America Companies Inc. (NYSE: FOA) offers homeowners aged 55 years or older access to their home equity without adding new monthly payments or changing the existing rate on their primary mortgage.
“Today’s market conditions are uniquely challenging, and innovative financing is needed to fill gaps between consumers and traditional loan products….. We’re proud to address that gap with HomeSafe Second and help retirees and pre-retirees access the wealth tied up in their equity without adding a new monthly mortgage payment to their cash obligations.”
-Kristen Sieffert, President, Finance of America Companies Inc. (NYSE: FOA)
The Toronto-Dominion Bank (NYSE: TD) reports that in its survey of homeowners who planned on renovating in the next two years, 38% planned on using either a HELOC or a Home Equity Loan to finance their renovation. Moreover, many of these homeowners are investing in these renovations with the intent of selling, optimistic that the renovations would help them appreciate their home values. This highlights that home equity isn’t just a powerful tool to combat what The Goldman Sachs Group, Inc. (NYSE: GS) describes as a “Financial Vortex of Competing Life Priorities” but can also be used to build up your retirement nest egg.
Thus, while retirement continues to be a concern for all generations, there are plenty of different strategies you can utilize to save for retirement. One common strategy for retirement is to relocate across state borders. The best states for retirement tend to be the ones that can provide you with the right combination of comfort and affordability. For those keen on a retirement in the South, there are plenty of cities in Mississippi, Georgia, and Florida that can be considered as the best places to retire in. In addition, the state of West Virginia features some of the best places to retire in the south as well.
Pros and Cons of Retiring in West Virginia
There are many reasons for retirees to consider spending their golden years in the Mountain State. With a cost of living 12.3% below the US average, West Virginia is one of the best states in the US to retire financially. According to Zillow Group, Inc. (NASDAQ: Z), based on listings posted on their platform, West Virginia has an average home price of $161,063. This is significantly lower than the current national average which, according to Zillow Group, Inc. (NASDAQ: Z), is $354,179. West Virginia is also considered to be quite tax-friendly. Property and sales tax burdens in the state are relatively low.
On the other hand, West Virginia is one of the states that still taxes social security. However, the state is in the process of phasing out its Social Security tax, having recently signed a bill that will exempt all retirees from Social Security taxes by tax year 2026. Currently, all single filers with income under $50,000 and couples earning under $100,000 are eligible for a Social Security tax exemption.
With these factors considered, if you are still contemplating whether West Virginia is a good retirement state, join us as we look at the best places to retire in West Virginia.
15 Best Places to Retire in West Virginia
Methodology
To develop our list of best places to retire in West Virginia, we initially picked out the most recommended best places to retire in West Virginia on the internet. We used 10+ sources including our list of 22 US Cities to Retire on $3,000 a Month, 20 Safest Places To Retire in the US, and 25 Best Places in the US to Retire on $5000 a Month to develop a shortlist. Further research was narrowed down to these places only. Among these best places to retire in West Virginia, we developed a scorecard using metrics such as livability scores, cost of living, median rent, and median home prices. Livability scores were sourced from Area Vibes while median rent and median home prices were obtained from Zillow Group, Inc. (NASDAQ: Z). By standardizing these metrics on a linear scale, each place was scored, based on which we sorted our list in descending order. The top 15 places were chosen as the best places to retire in West Virginia.
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Here are the best places to retire in West Virginia.
15. Oak Hill
Insider Monkey Score: 19.13
Livability Score: 61
Median Rent: $895
Average Home Price: $131,180
IM Cost of Living: 77
IM Air & Water Score: 74
Oak Hill is best known for being a gateway to the New River Gorge National Park, and is one of the best places to retire in West Virginia in terms of safety. It is home to the Plateau Medical Center, one of the region’s best hospitals.
14. Morgantown
Insider Monkey Score: 19.4
Livability Score: 83
Median Rent: $1,116
Average Home Price: $267,756
IM Cost of Living: 85.9
IM Air & Water Score: 53
Morgantown is home to West Virginia University, meaning that the city is bustling with a diverse and youthful spirit. There are plenty of scenic spots to observe along the Monongahela River. Moreover, unique festivals such as the West Virginia Wine, Jazz Festival and the Mountain Fest Motorcycle Rally are great ways to enrich your retirement.
13. Parkersburg
Insider Monkey Score: 19.7
Livability Score: 71
Median Rent: $950
Average Home Price: $135,687
IM Cost of Living: 76
IM Air & Water Score: 45
Not only is Parkersburg one of the largest cities in the state, but also one of the best places to retire in West Virginia. Residents can visit Fort Boreman, a historic archaeological site encompassing a Civil War fortification, or learn about the intriguing history of the oil and gas industry at the Oil & Gas Museum.
12. Fairmont
Insider Monkey Score: 19.73
Livability Score: 72
Median Rent: $900
Average Home Price: $162,649
IM Cost of Living: 79.8
IM Air & Water Score: 54
Known as “The Friendly City”, Fairmont is one of the best places to retire in West Virginia for a reclusive and tranquil life. There is an abundance of parks in the city, and connoisseurs will find themselves enthralled by the wines of the Mon Valley Vineyards.
11. Dunbar
Insider Monkey Score: 19.84
Livability Score: 70
Median Rent: $700
Average Home Price: $118,087
IM Cost of Living: 81.2
IM Air & Water Score: 49
Located along the Kanawha River, Dunbar is a peaceful city with plenty of affordable housing options. It is located just a few miles from Charleston, meaning residents have access to nonstop recreation in the form of concerts and baseball, whilst being able to enjoy the comforts of a small city retirement.
10. Moundsville
Insider Monkey Score: 19.85
Livability Score: 66
Median Rent: $675
Average Home Price: $122,124
IM Cost of Living: 78.6
IM Air & Water Score: 58
Moundsville is one of the best places to retire in West Virginia for seniors looking for adventure, entertainment, and affordability. The city has plenty of history and culture to explore, with the Grave Creek Mound and the West Virginia Penitentiary being some of the best places to do so.
9. Vienna
Insider Monkey Score: 20.28
Livability Score: 74
Median Rent: $800
Average Home Price: $179059
IM Cost of Living: 77
IM Air & Water Score: 46
Vienna is a small town that offers plenty of spaces to explore the great outdoors. It is located on the Ohio River, making it the perfect destination for retirees looking for waterfront homes. It is close to the McDonough Wildlife Refuge, a small yet magnificent destination for hikes and picnics.
8. Buckhannon
Insider Monkey Score: 21.1
Livability Score: 73
Median Rent: $684
Average Home Price: $155,562
IM Cost of Living: 77.8
IM Air & Water Score: 51
Located by the Allegheny Mountains, Buckhannon is one of the best places to retire in West Virginia for nature lovers. The Audra State Park offers over 350 acres of woodland where retirees can enjoy deep pools, dense forests, and some of the state’s best camping spots. The city itself is quite vibrant and considered to be one of the safest places in the state.
7. Summersville
Insider Monkey Score: 22.01
Livability Score: 63
Median Rent: $602
Average Home Price: $155,964
IM Cost of Living: 77
IM Air & Water Score: 92
Summersville is one of the most popular places to retire in West Virginia and features plenty of affordable retirement communities. It is home to the Summersville Regional Medical Center, allowing retirees to have immediate access to healthcare.
6. Weston
Insider Monkey Score: 22.08
Livability Score: 73
Median Rent: $825
Average Home Price: $129,837
IM Cost of Living: 75
IM Air & Water Score: 56
Weston is popular for offering a diverse range of attractions. The Mountaineer Military Museum and the Museum of American Glass are intriguing places for some intellectual stimulation. Retirees can also enjoy a trip to Lambert’s Vintage Winery. Just a few miles south of Weston lies the Stonewall Resort State Park, the perfect destination to enjoy swimming, fishing, kayaking, and boating.
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Disclosure: none. 15 Best Places to Retire in West Virginia is originally published on Insider Monkey.