A stake in the state

A stake in the state

The Inter-Mountain, Elkins, W.Va.: West Virginians can be justly proud that we have the highest rate of homeownership in the country. That says something about our independence, our sense of priorities and, in a way, our management of money.

About 78 percent of Mountain State residents own their own homes, according to the Census Bureau. That is the highest rate of any state in the nation (the lowest is New York, at 55 percent).

Ah, point out the naysayers, but West Virginia homes aren’t worth much. The median value of owner-occupied homes in our state is $96,000. That is far below the national median value of $194,300.

The statistics indeed do say much about our state. In comparison to many others, West Virginia is a poor state. But Mountain State residents should, in a way, be proud of the median-value statistic — because we suspect it is linked to another important number.

West Virginia ranked 47th in rate of foreclosures in 2007. Or, to reverse the rankings, we had the fourth-best record in terms of homeowners who found they could not make their mortgage payments.

West Virginia’s comparatively low home values and our very good record in avoiding foreclosures mean that while we Mountain State residents work hard to buy our own homes, we also try — much better than residents of nearly all other states — to live within our means.