FHA Loans in West Virginia

About This State and its People, Places, and Industries

West Virginia is a state in the Appalachian and Mid-Atlantic regions of the United States, bordered by Virginia to the southeast, Kentucky to the southwest, Ohio to the northwest, and Pennsylvania and Maryland to the northeast. The capital and largest city is Charleston.

West Virginia became a state following the Wheeling Conventions, breaking away from Virginia during the American Civil War. The new state was admitted to the Union on June 20, 1863, and was a key Civil War border state. West Virginia was the only state to form by seceding from a Confederate state, and was one of only two states formed during the American Civil War (the other one being Nevada, which separated from Utah Territory).

The Census Bureau considers West Virginia part of the South, as most of the state is south of the Mason-Dixon Line. The northern panhandle extends adjacent to Pennsylvania and Ohio with the West Virginia cities of Wheeling and Weirton being just across the border from the Pittsburgh metropolitan area, while Bluefield is less than 70 miles (110 km) from North Carolina and Harper's Ferry is considered to be a part of the Washington metropolitan area. The unique position of West Virginia means that it is often included in a wide variety of geographical regions, including the Upland South, the Southeastern United States and often the Northeastern United States. Notably, it is the only state which entirely lies within the area served by the Appalachian Regional Commission, which is a common definition of "Appalachia".[4] For these reasons, West Virginia is often considered simultaneously the northernmost Southeastern state, the southernmost Northeastern state, the westernmost Mid-Atlantic state and the easternmost Midwestern state.

The state is noted for its mountains and diverse topography, its historically significant logging and coal mining industries, and its political and labor history. It is one of the most densely karstic areas in the world, making it a choice area for recreational caving and scientific research. The karst lands contribute to much of the state's cool trout waters. It is also known for a wide range of outdoor recreational opportunities, including skiing, whitewater rafting, fishing, hiking, mountain biking and hunting.

The center of population of West Virginia is located in Braxton County, in the town of Gassaway.

As of 2005, West Virginia has an estimated population of 1,816,856, which is an increase of 4,308, or 0.2%, from the prior year and an increase of 8,506, or 0.5%, since the year 2000. This includes a natural decrease since the last census of 3,296 people (that is 108,292 births minus 111,588 deaths) and an increase from net migration of 14,209 people into the state. Immigration from outside the United States resulted in a net increase of 3,691 people, and migration within the country produced a net increase of 10,518 people.

Only 1.1% of the state's residents were foreign-born, placing West Virginia last among the 50 states in that statistic. It also has the lowest percentage of residents that speak a language other than English in the home (2.7%).
The five largest ancestry groups in West Virginia are: American (23.2%), German (17.2%), Irish (13.5%), English (12%), Italian (4.8%).

Large numbers of people of German ancestry are present in the northeastern counties of the state.
5.6% of West Virginia's population were reported as under 5, 22.3% under 18, and 15.3% were 65 or older. Females made up approximately 51.4% of the population.

There were 20,928 births in 2006. Of these, 19,757 (94.40% of the births, 95.19% of the population) were to Non-Hispanic Whites. There were 22 births to American Indians (0.11% of the births and 0.54% of the population), 177 births to Asians (0.85% of the births and 0.68% of the population), 219 births to Hispanics (1.05% of the births and 0.88% of the population) and 753 births to Blacks and others (3.60% of the births and 3.56% of the population).
The state's Northern Panhandle, and North-Central region feel an affinity for Pittsburgh, Pennsylvania. Also, those in the Eastern Panhandle feel a connection with the Washington, D.C. suburbs in Maryland and Virginia, and southern West Virginians often consider themselves Southerners. Finally, the towns and farms along the mid-Ohio River have an appearance and culture somewhat resembling the Midwest.

According to U.S. Census Bureau data, West Virginia is the third lowest in per capita income, ahead of only Arkansas and Mississippi. It also ranks last in median household income. The proportion of West Virginia's adult population with a bachelor's degree is the lowest in the U.S. at 17.3%.

West Virginia's GDP was $55.6B in 2006, which was a 0.6% increase from 2005. This makes growth rate for the state the 2nd lowest in the nation, ahead of only Michigan. However, by 2008, West Virginia was one of only four U.S. states to have a surplus state budget, indicating renewed economic growth.

As of January 2010, the state's unemployment rate is 9.3%.One of the major resources in West Virginia's economy is coal. According to the Energy Information Administration, West Virginia is a top coal-producer in the United States, second only to Wyoming. West Virginia also produces minimal oil and natural gas.

Nearly all of the electricity generated in West Virginia is from coal-fired power plants. West Virginia produces a surplus of electricity and leads the Nation in net interstate electricity exports. Farming is also practiced in West Virginia, but on a limited basis because of the mountainous terrain over much of the state.

West Virginia personal income tax is based on federal adjusted gross income (not taxable income), as modified by specific items in West Virginia law. Citizens are taxed within five income brackets, which range from 3.0 percent to 6.5 percent. The state's consumer sales tax is levied at 6 percent. Effective January 1, 2004, calculation of WV consumer sales tax has been converted to a calculated figure from the bracket system, and remains at 6 percent for most goods (food goods are now taxable at 3 percent). The computation of tax is carried out to the third decimal place and rounded up when the third decimal place is five (.005) or higher; and similarly rounded down if the third place is four (.004) or lower. By virtue of this method, sales totaling $0.08 and below would not have a sales tax associated with them.

West Virginia counties administer and collect property taxes, although property tax rates reflect levies for state government, county governments, county boards of education and municipalities. Counties may also impose a hotel occupancy tax on lodging places not located within the city limits of any municipality that levies such a tax. Municipalities may levy license and gross receipts taxes on businesses located within the city limits and a hotel occupancy tax on lodging places in the city. Although the Department of Tax and Revenue plays a major role in the administration of this tax, less than one-half of 1 percent of the property tax collected goes to state government.
The primary beneficiaries of the property tax are county boards of education. Property taxes are paid to the sheriff of each of the state's 55 counties. Each county and municipality can impose its own rates of property taxation within the limits set by the West Virginia Constitution. The West Virginia legislature sets the rate of tax of county boards of education. This rate is used by all county boards of education statewide. However, the total tax rate for county boards of education may differ from county to county because of excess levies. The Department of Tax and Revenue supervises and otherwise assists counties and municipalities in their work of assessment and tax rate determination. The total tax rate is a combination of the tax levies from four state taxing authorities: state, county, schools and municipal. This total tax rate varies for each of the four classes of property, which consists of personal, real and intangible properties. Property is assessed according to its use, location and value as of July 1. All property is reappraised every three years; annual adjustments are made to assessments for property with a change of value. West Virginia does not impose an inheritance tax. Because of the phase-out of the federal estate tax credit, West Virginia's estate tax is not imposed on estates of persons who died on or after January 1, 2005.

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