Cost of Living in Cheat Lake, WV

With a cost of living index of 94, Cheat Lake, WV is slightly more affordable than average. Living here is 6% cheaper than the national average and 21% above the West Virginia state average of 73. Cheat Lake is a smaller community of 10,485 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Cheat Lake's cost of living. The median monthly rent is $1,113 (16% below the US median of $1,319), and the median home value sits at $345,500 (13% above the national median of $304,900). At current prices, the median home costs roughly 3.1x the median household income — a moderately affordable ratio by today's standards.

The median household income in Cheat Lake is $111,379, which is 48% higher than the national median of $75,149. Residents spend roughly 12% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Cheat Lake. The area sees an average annual temperature of 53.8°F, with summers averaging 72°F and winters around 34°F. Annual rainfall totals 43.2 inches spread over roughly 155 days.

Everyday prices in the Morgantown, WV (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.