The typical owner-occupied home in Morgantown is worth about $114,000, 45% below the Kentucky median of $205,600 and 66% below the national median of $332,700. Owners pay a median $383 a year in property taxes, about 0.34% of their home's value, lower than the Kentucky rate of 0.75%. The median household earns $37,604 a year, so the median home costs 3.0 times the median income (3.2 times for Kentucky). 31% of occupied homes here are lived in by their owners, and 39% of those owners still have a mortgage.
Morgantown at a glance
| Morgantown | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $114,000 | $205,600 | $332,700 |
| Median property tax paid per year | $383 | $1,544 | $3,119 |
| Property tax as a share of value | 0.34% | 0.75% | 0.94% |
| Median household income | $37,604 | $63,726 | $80,734 |
| Homes lived in by their owners | 31% | 68% | 65% |
| Owner homes with a mortgage | 39% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,063 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 14.4% | 18.8% | 21.0% |
| Median rent | $628 | $967 | $1,413 |
| Rent as a share of renters' income | 26.7% | 28.1% | 30.6% |
| Median year homes were built | 1976 | 1982 | 1980 |
| Vacant homes | 12.1% | 10.3% | 10.1% |
| Population | 2,479 | 4,534,824 | 334,922,499 |
What a typical home costs per month in Morgantown
At this week's average 30-year rate of 7.11%, buying the median Morgantown home of $114,000 with 20% down costs about $693 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $883, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $29,713 for the 20%-down payment. That payment is 22% of the median Morgantown household income of $37,604; at that income and 20% down, the 28% guideline points to a home of about $144,000.
The median rent here is $628 a month, so owning the median home costs about $65 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $22,800 |
|---|---|
| Loan amount | $91,200 |
| Principal and interest | $614 |
| Property taxes (0.34% a year) | $32 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| PMI | $0 |
| Total per month | $693 |
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| Down payment | $3,990 |
|---|---|
| Loan amount | $111,935 |
| Principal and interest | $753 |
| Property taxes (0.34% a year) | $32 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| FHA mortgage insurance | $50 |
| Total per month | $883 |
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Questions about home buying in Morgantown
What is the median home value in Morgantown?
About $114,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morgantown?
Homeowners pay a median $383 a year, which is about 0.34% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Morgantown?
For the median home with 20% down at 7.11%, the payment is about $693 a month. Keeping that under 28% of gross income takes about $29,713 a year.
More about Morgantown
- Mortgage Refinance in Morgantown
- Debt Relief in Morgantown
- Home Equity Loans in Morgantown
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data