Mortgage payment estimates, closing cost breakdowns, and homebuying data for Fairmont, West Virginia.
Median Home Price
$135K
Population
19K
Avg Monthly Rent
$780
Property Tax Rate
0.58% *
* Property tax shown is the West Virginia state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Fairmont.
Fairmont vs West Virginia Median
The median home price in Fairmont is $135,000, which is 13% below the West Virginia state median of $155,000.
Mortgage Calculator — Fairmont, WV
Pre-filled with Fairmont median home price and West Virginia tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $135K home using West Virginia's 0.58% tax rate and $1,400/yr insurance.
5% Down
$1,067/mo
Down: $6,750
Loan: $128K
P&I: $811
Tax: $65
Insurance: $117
PMI: $75
10% Down
$1,021/mo
Down: $13,500
Loan: $122K
P&I: $768
Tax: $65
Insurance: $117
PMI: $71
20% Down (No PMI)
$865/mo
Down: $27,000
Loan: $108K
P&I: $683
Tax: $65
Insurance: $117
Income needed (28% rule): $37K/year with 20% down, $44K/year with 10% down.
Rent vs Buy in Fairmont
Rent
$780/mo
vs
Buy (10% down)
$1,021/mo
Price-to-rent ratio: 14.4 — With a ratio under 15, buying in Fairmont is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $241 more than renting, but you build equity with every payment.
The median home price in Fairmont is $135,000, 13% below the West Virginia state median of $155,000. With a population of 18,766, Fairmont is a smaller market where home prices tend to be more accessible than in many parts of West Virginia.
Property taxes in West Virginia average 0.58% annually. This low property tax rate is a significant advantage for Fairmont buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in West Virginia runs approximately $1,400 per year. This is within the normal range nationally.
Average rent in Fairmont is $780/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Fairmont over the long term.
Fairmont offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with West Virginia's WVHDF Homeownership Program program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Fairmont.