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City · 10,902 residents · Monongalia County, West Virginia

Cheat Lake , West Virginia

In Cheat Lake, a typical home is worth $367,600 and typical rent is $1,124 a month. Compared with all of Monongalia County, typical household income is 79% higher, the typical home value is 37% higher, and the share of households that own their home is 25 points higher.

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  • Typical home value

    $367,600

    37% above the county

    126% above West Virginia

    • Cheat Lake
    • Monongalia
    • West Virginia

  • Typical rent

    $1,124a month

    14% above the county

    29% above West Virginia

    • Cheat Lake
    • Monongalia
    • West Virginia

  • Typical household income

    $117,014a year

    79% above the county

    96% above West Virginia

    • Cheat Lake
    • Monongalia
    • West Virginia

  • Households that own their home

    83%

    25 points above the county

    8 points above West Virginia

    • Cheat Lake
    • Monongalia
    • West Virginia

Source: U.S. Census Bureau, Average 2020–2024

Cheat Lake is in Monongalia County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Monongalia County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Cheat Lake apart

What this place has that others do not, from public data, most unusual first.

  1. Cheat Lake has the highest typical household income of the 31 cities in West Virginia with more than 5,000 people: $117,014.

  2. Nearby, in Clarksburg, the typical home value is $129,900: 65% less than in Cheat Lake ($367,600).

  3. 83% of households in Cheat Lake own their home, against 58% in Monongalia County.

  4. Cheat Lake has the 2nd highest typical home value of the 31 cities in West Virginia with more than 5,000 people ($367,600).

  5. Nearby, in Clarksburg, the typical rent is $790: 30% less than in Cheat Lake ($1,124).

  6. Cheat Lake has the 3rd highest typical rent of the 31 cities in West Virginia with more than 5,000 people ($1,124).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Cheat Lake

What homes there are in Cheat Lake, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses, standing on their own, make up 70% of homes here, against 50% in Monongalia County.

Year built

The typical home in Cheat Lake was built in 1994, 6 years after the typical one in Monongalia County.

Homes in Cheat Lake are bigger: 79% have 3 bedrooms or more; in Monongalia County, 57%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

By price, most homes in Cheat Lake sit under the FHA limit for Monongalia County ($541,287): about 72%.

Monthly rent with utilities

With a mortgage

$2,136 a month

Monongalia County: $1,557 a month

Without a mortgage

$462 a month

Monongalia County: $430 a month

Owners with a mortgage

65%

Monongalia County: 56%

Owning costs more in Cheat Lake: with a mortgage, the typical cost is $2,136 a month; in Monongalia County, $1,557. Without one, $462.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Cheat Lake rose 23%; in Monongalia County, it rose 31%.

Since 2015–2019, the typical rent in Cheat Lake did not change clearly, according to the Census.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureCheat LakeMonongalia CountyWest VirginiaUnited States
Rental vacancy Unreliable estimate8.3%6.7%5.5%
Homeowner vacancy Unreliable estimate1.6%1.2%0.9%
More than one person per room Unreliable estimate0.6%1.3%3.4%
People per household 2.462.262.372.53
Drive alone 79%71%78%69%
Carpool 6%8%9%9%
Public transit Unreliable estimate1%1%3%
Walk or bike Unreliable estimate5%3%3%
Work from home 14%13%9%15%
Other means Unreliable estimate1%1%2%
Typical commute Unreliable estimate10 to 19 minutes20 to 29 minutes20 to 29 minutes

Households in Cheat Lake are bigger: 2.46 people on average; in Monongalia County, 2.26.

To get to work, 79% of workers in Cheat Lake drive alone; in Monongalia County, 71%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Cheat Lake?

A typical home is tight for the typical income

We start with a typical home in Cheat Lake, worth $367,600, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 30% of the typical household income in Cheat Lake, which is $117,014 a year. For that payment to be 28% of income, a household would need to earn about $124,363 a year.

The calculator's FHA and conventional loan limits are those of all of Monongalia County.

Your numbers

Local data
$

Starts at the typical home value in Cheat Lake. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $12,866 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,902

at 7.18% · 30 years

Loan amount
$360,942
Total interest
$519,311
Paid off in
November 2056

Includes $6,208 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,730 a month

  • Tight

    $2,730 to $3,510 a month

    Your payment · 30%

  • Hard

    more than $3,510 a month

Compared with the typical household income in Cheat Lake ($117,014 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,902
Principal & interest$2,445
Property tax$141
Home insurance$153
FHA mortgage insurance (MIP)$163

You need at least $12,866 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Cheat Lake and Monongalia County

Cheat Lake is in Monongalia County, West Virginia. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Cheat Lake's own numbers

Typical home value
$367,600
Typical monthly rent
$1,124
Typical yearly household income
$117,014
Households that own their home
83%
Effective property tax rate
0.46%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Monongalia County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,143
Price change over 5 years (FHFA)
+31%
Homes in a high flood-risk zone
1.8%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Monongalia County.

Everything about Monongalia County

Buying

Buying a home in Cheat Lake

A typical home in Cheat Lake is worth $367,600: 37% above the county and 126% above West Virginia. With the typical household income in Cheat Lake ($117,014 a year), a typical home costs 3.1 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Cheat Lake 3.1 years
  • Monongalia 4.1 years
  • West Virginia 2.7 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Monongalia County

According to FHFA’s house price index, home prices in Monongalia County rose 45% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Monongalia County.

Period County West Virginia U.S.
Last year (2025) +1.8% +4.1% +2.9%
5 years (2020–2025) +31% +40% +47%
10 years (2015–2025) +45% +54% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Cheat Lake next to Monongalia County, West Virginia and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Cheat Lake $367,600
  • Monongalia $267,700
  • West Virginia $162,600
  • United States $332,700
Typical monthly rent
  • Cheat Lake $1,124
  • Monongalia $987
  • West Virginia $872
  • United States $1,413
Typical yearly household income
  • Cheat Lake $117,014
  • Monongalia $65,346
  • West Virginia $59,608
  • United States $80,734
See the full table
Cheat Lake next to Monongalia County and West Virginia
Measure Cheat Lake Monongalia County West Virginia U.S.
Typical home value $367,600 $267,700 $162,600 $332,700
Typical monthly rent $1,124 $987 $872 $1,413
Typical yearly household income $117,014 $65,346 $59,608 $80,734
Households that own their home 83% 58% 75% 65%
Typical yearly property tax $1,674 $1,248 $865 $3,119
Effective property tax rate 0.46% 0.47% 0.53% 0.94%
Renters with high rent for their income 51% 54% 49% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Monongalia County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Cheat Lake

For a typical $367,600 home in Cheat Lake, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Cheat Lake's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,902a month

    Least cash to close
    Down payment
    $12,866
    Cash to close
    $23,894
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $163

  • Conventional, 5% down $2,834a month

    Down payment
    $18,380
    Cash to close
    $29,408
    Rate
    7.18%
    Mortgage insurance
    PMI · $175

  • Conventional, 20% down, no PMI $2,286a month

    Down payment
    $73,520
    Cash to close
    $84,548
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,626a month

    Down payment
    $55,140
    Cash to close
    $66,168
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Cheat Lake and for Monongalia County.

Property tax

Effective rate in Cheat Lake

0.46%of the home’s value each year

$1,674 a year for the typical owner in Cheat Lake.

  • Cheat Lake 0.46%
  • Monongalia 0.47%
  • West Virginia 0.53%

What West Virginia publishes $20,000 homestead exemption for owners 65 or older or disabled (West Virginia Legislature (West Virginia Code))

Exemptions and deadlines in West Virginia

Flood risk in Monongalia County

FEMA does not publish these numbers by city: they are for all of Monongalia County.

Homes in the high-risk zone
1.8%
617
Of those, with NFIP insurance
11%
County West Virginia U.S.
Homes in the high-risk zone 1.8% 8.1% 3.5%
Of those, with NFIP insurance 11% 10% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Cheat Lake

Typical rent in Cheat Lake is $1,124 a month: 14% above the county. In Cheat Lake, 51% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Monongalia County, by unit size. To pay the 2-bedroom one ($1,143 a month) without spending more than 30% of your income, you would need to earn $21.98 an hour working full time.

HUD fair market rent for all of Monongalia County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $876 $16.85 $35,040
1 bedroom $902 $17.35 $36,080
2 bedrooms $1,143 $21.98 $45,720
3 bedrooms $1,404 $27.00 $56,160
4 bedrooms $1,704 $32.77 $68,160

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Cheat Lake

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Cheat Lake is in ZIP code 26508.

For 2 bedrooms it is $1,220: $77 more than the fair market rent for Monongalia County ($1,143).

  • 26508 $1,220$1,500

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Cheat Lake when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in Cheat Lake

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Monongalia County. The nearest ones are below; many serve by phone or online.

A man listens closely, seated at a meeting table.

HUD counseling is free or low-cost

Assistance programs in Cheat Lake

No down payment, repair or rent-help program on our list is for Cheat Lake or Monongalia County. The ones below are statewide in West Virginia: they work in Cheat Lake the same as in the rest of the state.

Which programs do I qualify for? All programs in West Virginia

  • Low Down Home Loan

    Statewide in West Virginia

    West Virginia state fund loan of up to $12,000 for the down payment and closing costs, over 15 years at 2% interest, only with the Homeownership Program mortgage. Offered by West Virginia Housing Development Fund (WVHDF).

    Repayable

    See the program Official page

Housing counselors near Cheat Lake

The HUD-approved agencies closest to the center of Cheat Lake, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • The Fairmont-Morgantown Housing Authority

    103 12th St, Fairmont · 21 miles away

    • Mortgage delinquency and default
    • Home improvement and repairs
    • and 5 more
    (304) 363-0860

  • Homeownership Center, Inc.

    2276 Randolph Ave, Elkins · 47 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    (304) 636-9115

  • Change, Inc

    3158 West St, Weirton · 65 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 3 more
    (304) 797-7733

All counseling agencies in West Virginia

Help in Spanish near Cheat Lake

None of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Cheat Lake

HUD lists no housing authority with an office in Monongalia County. One in a neighboring county or the state’s may serve the area.

All housing agencies in West Virginia Source: HUD

Cities

Other cities in Monongalia County

These cities are also in Monongalia County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Monongalia County Housing in West Virginia

Nearby cities

The cities closest to Cheat Lake, with the typical home value.

Neighboring counties

If Monongalia County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Cheat Lake.

All guides
A smiling girl holds up a small mushroom she found on a forest outing.

Questions

Housing questions about Cheat Lake

Short answers with the numbers for Cheat Lake and all of Monongalia County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Cheat Lake?

The typical home value in Cheat Lake is $367,600, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Monongalia County it is $267,700.

How much does it cost to rent in Cheat Lake?

Typical rent in Cheat Lake is $1,124 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Monongalia County is $1,143.

What is the FHA loan limit in Cheat Lake?

Cheat Lake uses the FHA limit for all of Monongalia County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Cheat Lake?

The typical homeowner in Cheat Lake pays $1,674 a year, according to the U.S. Census Bureau. That is 0.46% of the home’s value; in Monongalia County, the rate is 0.47%.

Where can I find free help to buy or rent in Cheat Lake?

We found no HUD-approved counseling agencies with an office in Monongalia County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).