Charleston, WV has many of the advantages of a large city. At the same time, it maintains a small town's convenience and community atmosphere. The town serves as a crossroads for five routes. So, residents enjoy little traffic congestion and short travel from time to time. Yeager Regional Airport, two rail lines, and a complex inland waterway system are all here. The beautiful State Capitol, with its 23-karat gold dome design, is also in Charleston. The city is also home to Kanawha County's administration and historic courthouse.
Quick Facts
- Colonel George Clendenin's father was the inspiration behind the initial name Charles Town. In 1819, Charleston replaced Charles Town.
- Charleston has a poverty rate of 20.92% and an average household income of $75,087.
- The median rental cost has been $735 per month, with a median property value of $145,800.
- Charleston's population has declined by -13.18% since the last census. It is also currently falling at -1.41% per year.
- With a population of 44,628, it is West Virginia's largest city.
Charleston, WV in a Nutshell
Charleston is a tiny city in West Virginia that serves as the state capital. It is in Kanawha County in the Appalachian Mountains, at the junction of the Kanawha and Elk rivers. Over the last five years, the population of Charleston has been decreasing. Nonetheless, living in Charleston offers a suburban vibe. This lifestyle can be appealing to families looking for more room and a place to grow children. Nowadays, families prefer small cities over larger and denser populated towns. West Virginia's state capitol, government, and commercial center is also Charleston. Chemical and chemical-related industries grew due to hydrocarbon resources (coal, oil, and gas). There are also salt and brine deposits found in the city. And these resources stretch up the Kanawha Valley to the east.
Economy
Economic diversity in the area is due to its proximity to markets and transportation. Furthermore, the city established itself as the state's banking, retail, and government hub. Industries like arts, culture, and health care thrive because of natural resources. In recent years, the rise of health care and state banking has also exceeded other industries. Salt, natural gas, and coal were once key industries in Charleston's economy. But now, trade, government, health care, and education replaced the old industries.
Employment
The job market in Charleston has experienced many negative shifts. The United States and the rest of the globe have begun to transition away from coal energy. For decades, the state's mining industry was its most important source of revenue. Jobs associated with this natural resource have been decreasing due to a lack of demand. The state's unemployment rate is three percentage points higher than the national average. The state has few professional options and middle-class industries available. So, find work before relocating to the city.
Real Estate in Charleston, WV
Many elements determine whether a location is suitable for a particular lifestyle. Low crime, schools, and proximity to amenities are all "must-haves" for most individuals. But, before even considering these, many buyers want to know if the real estate is affordable. The median home price in Charleston is $145,800, higher than the state average in West Virginia. About home affordability, the home price to income ratio is 3.2. This data is also higher than the West Virginia average. Consider the long-term or short-term appreciation of a home when making decisions. An increase in property value can be a way to build tax-free equity and financial security. Unfortunately, home appreciation rates have been -5% over the last year. Moreover, it has been 2.1% over the previous five years.
Real Estate Trends
The Charleston real estate market in West Virginia continues to rise as the years' move. Thanks to increased buyer demand, pending sales reached their best level in years. The key to a meaningful market recovery is whether this growth is sustainable. According to market indicators, Charleston real estate appears to have changed. But, not all trends are positive. There is a drop in inventory and a decrease in new housing permits, which could impact the market.
Like other parts of the country, the Charleston, WV real estate market appears to be on the rise. But, Charleston's housing prices are well below the national average. There are 21,409 housing units in total and a median house value of $145,800. Charleston's most popular housing type is single-family detached homes. These account for 67.45% of the city's housing units. Large apartment complexes or high-rise apartments are about 16.04%. Duplexes and other small apartment buildings account for 12.47%. Row houses and other attached residences are also typical for about 3.17% in Charleston. Charleston's most common building sizes and types are three and four-bedroom buildings. These are usually in single-family detached homes. Owners and renters coexist in the city, with 57.74% owning and 42.26% renting.
Final Thoughts
What makes a great city to live in is subjective. Some people prefer a small town with a close-knit community, while others prefer a larger city. What matters is that a city provides what its citizens need and desire. A city with everything a person wants can be a fantastic place to live. Determining a city's attractiveness can be through a variety of things. One of the most crucial factors is cost. Housing should not take up too much of a person's earnings. Job availability is another essential consideration. A city's economy should be strong, with diverse work opportunities. Finally, people should feel comfortable living anywhere in the city. A town like Charleston that fits all these requirements is a fantastic place to call home.
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