Wyoming has a rich history, and its background earned the state its nickname, the Equality State. In the past, Wyoming was at the forefront of equality, and that’s one of many great things it can boast. Today, residents of Wyoming can say that they live in one of the safest and most affordable states in America.
The median home value in Wyoming is $140,200, and the homeownership rate is 73.3%. Housing costs are below the national average, and that applies to the $1,428 per month in ownership bills. Renting is a cheaper option, and 26.7% of Wyoming’s residents rent and pay an average of $843 per month.
Education, driving, grocery, and housing costs are all equal to or below the national average in Wyoming. There is no state income tax in Wyoming, and the other tax rates are low compared to other states in America. Follow along, and we will explore the costs of living in Wyoming, and why every penny is worth it.
Table of Contents
- Wyoming Housing Prices
- Property Tax Rate In Wyoming
- Rental Costs in Wyoming
- The Cost of Utilities in Wyoming
- Wyoming Tax Rates
- Food Costs in Wyoming
- Wyoming Education Cost
- Wyoming Transportation Cost
- Activity Costs in Wyoming
- Cheapest Place To Live In Wyoming: Worland
- Related Questions
- Summing It Up
Wyoming Housing Prices
Housing costs are far below the national average in Wyoming, and homeownership rates are above the national average. Wyoming offers reasonable prices on homes, and they appreciate very quickly. The median home value in Wyoming is $251,970, and the overwhelming majority of residents own their houses.
As the population increases here, so do the real estate prices, which have appreciated by 33% between 2005 and 2015. Only 26.7% of residents rent instead of own in Wyoming, and that’s because houses are so inexpensive.
You can expect to pay $1,428 per month on homeownership costs, on average, as a Wyoming resident. Roughly $1,000 of the ownership costs go straight to mortgage payments, and the rest is spent on bills and repairs. Compared to the United States average $1,558 monthly ownership costs, Wyoming housing costs are quite reasonable.
|Location||Median Home Value||Homeownership Rate|
One of the most expensive places to live in Wyoming is Jackson, and the median home value is $655,300. Due to high housing costs in Jackson, Wyoming, the homeownership rate is only 37.1%. Besides down payments and monthly ownership costs in Wyoming, homeowners have to budget for yearly property tax payments.
Let’s take a look at median home prices and the percentage of homes in that range.
|Median Home Prices in Wyoming|
|Home Prices||Percentage of Homes|
|$875,043 – $1,166,854||1.6%|
|$583,282 – $875,042||4.3%|
|$466,547 – $583,281||5.1%|
|$350,101 – $466,546||11.3%|
|$233,333 – $350,100||27.9%|
|$116,394 – $233,322||31.4%|
|$58,181 – $116,393||6.2%|
|$0 – $58,180||9.7%|
On the flip side, there are also cities in Wyoming that are more expensive. The median home price and median income also determine the most costly places to live.
If you decide to purchase a home in Wyoming, keep in mind the city you choose to live in. The state has several affordable cities. Median home price and median income determine the 10 most affordable cities in Wyoming.
|The 10 Most Affordable Cities in Wyoming|
|City||Median Home Price||Median Income|
Property Tax Rate In Wyoming
Property taxes are yet another expense of owning a home anywhere you live, and luckily, it’s inexpensive in Wyoming. The average effective property tax rate in Wyoming is 0.61%, but it can get as low as 0.49%. Average property tax payments vary widely based on both median home values and property tax rates in the county.
|Wyoming Counties||Property Tax Rate||Average Property Tax Payment|
|Hot Springs County||0.61%||$899|
There are property tax exemptions available for homeowners in Wyoming, but there are conditions. If your home is worth more than $237,000, then you cannot qualify for any exemptions at all. However, if it is below that amount and you’ve occupied the home for three years, you may receive property tax exemptions.
Exemptions for property taxes in Wyoming are not extremely high, and the average resident only saves $278 per year. If you’re over the age of 65, however, you can qualify for exemptions if the house is your principal property. Military veterans can also qualify for $3,000 in property tax exemptions if you’ve been a Wyoming resident for 3 years.
Rental Costs in Wyoming
In Wyoming, renting can sometimes be more economical than buying a home. Renting a house typically has fewer up-front costs and usually includes maintenance. This eliminates the responsibility and expense of owning a house and can leave you with more disposable income.
|Average Rent by Bedroom Size in Wyoming Compared to the United States|
|Bedroom Size||Wyoming Cost Per Month||United States Cost Per Month|
However, the rising popularity of the energy industry creates hot rental markets in certain areas. This creates difficulty finding a vacancy, and it also produces high rental prices.
|Median Rent Per Month by City in Wyoming|
|City||Median Rent Per Month|
|Star Valley Ranch||$1,225|
The Cost of Utilities in Wyoming
Utility bills are a factor in the cost of living whether you are a renter or a homeowner. Each city in Wyoming has different average utility bills, and energy consumption determines your total monthly cost. Average utility costs are determined based on basic utilities such as electric, gas, and water bills.
|Wyoming Cities||Average Monthly Utilities|
|Cheyenne||$148 Per Month|
|Jackson||$83 Per Month|
|Sinclair||$166 Per Month|
|Casper||$165 Per Month|
|Laramie||$125 Per Month|
You won’t find utility bills that are much cheaper than in Jackson, Wyoming, where the average is $83 per month. Even internet bills are low in Jackson, Wyoming, and often cost between $40 and $60 per month. Cable plans in Jackson, and the rest of Wyoming, cost between $25 and $60 per month depending on your provider.
The statewide average electrical bill in Wyoming is $85 per month, and that’s $22 less than the national average. Water bills can cost as much as $50 or more per month in Wyoming, but it depends on usage. Utilities are more costly for homeowners, and they can cost as much as $415 per month for family homes.
Wyoming Tax Rates
Tax rates are a factor in the cost of living that can sometimes creep up on you with unexpected costs. Knowing your state, city, and county tax rates can help you figure out and stick to a feasible living budget. Wyoming is no exception, and thankfully, tax rates are so low that the state has earned a reputation for it.
There is zero state income tax in Wyoming, and that applies to retirement income as well. Not only that, but Wyoming also boasts the lowest sales tax in the United States. Wyoming is known for having the lowest tax rates in the U.S., and that is reason enough to live there.
Sales Tax Rate Wyoming
The average sales tax rate in Wyoming is 4%, and that is generous by any state’s standards. Sales taxes are never higher than 6% in Wyoming, 61 out of 99 municipalities within the state. Some products and services, such as gasoline and tobacco, carry their own tax rates in Wyoming.
Anytime that you buy gas at the pump, remember that there’s a $0.23 per gallon gasoline tax rate in Wyoming. Tobacco sales come along with a $0.60 per package of cigarettes and other tobacco products in Wyoming. Alcohol sales are not subject to anything except for the 4%-6% sales tax rate throughout the state.
Sales taxes in Wyoming are the third-lowest in the country, besides the 5 states that have none. It is easier to eyeball how much your spending will cost in Wyoming due to consistent tax rates. Groceries and prescription drugs come with no sales tax in Wyoming, and that is a lifesaver.
Other Taxes in Wyoming
Wyoming residents pay taxes on other goods in addition to the 4% sales tax like gas, alcohol, and cigarettes. Groceries do not have an additional tax, including candy and soda.
|Additional Taxes in Wyoming|
|Gas||$0.24 per gallon|
|Beer||$0.02 per gallon|
|Wine||$0.28 per gallon|
|Spirits||$0.95 per gallon|
|Cigarettes||$0.60 per 20-pack|
Food Costs in Wyoming
On the cost of living index, Wyoming is 99.2 for grocery costs, the US average being 100. In general, your food budget should be 11% of your annual income, 6% for groceries, and 5% for dining out. The median income in Wyoming is $61,584, so your food budget should be about $6,800 per year.
In the table below, you can find sample costs based on the area you live in Wyoming. For this example, you can compare food costs for a more affordable city, Casper, and a more expensive city, Jackson.
|Dining Out Food Costs Comparison of Casper and Jackson, Wyoming|
|Items||Casper, Wyoming||Jackson, Wyoming|
|Inexpensive Restaurant Meal||$5.00||$9.50|
|Beer||$3.00 per pint||$4.00 per pint|
|Fast Food Meal Combo||$3.50||$8.90|
|Grocery Food Costs Comparison of Casper and Jackson, Wyoming|
|Items||Casper, Wyoming||Jackson, Wyoming|
|Milk||$1.99 per gallon||$2.58 per gallon|
|Loaf of Bread||$1.00||$2.83|
|Cheese||$2.22 per pound||$7.33 per pound|
Wyoming Education Cost
There is a total of 1,320 schools to choose from for parents in Wyoming. Wyoming has 62 school districts, 363 schools, and 94,578 students enrolled. The state spends an average of $20,380 per student, much higher than the national average of $12,201. This could be why Wyoming ranks first in the nation for high school education attainment, 92% of residents.
Luckily, you don’t have to spend a fortune to get your kids a great education in Wyoming. The public education system in Wyoming is well regarded, and it is the best schooling option to save money.
There are also several private school options in Wyoming. The average private school tuition in Wyoming is approximately $8,689 per year.
|Wyoming Education||Average Cost of Tuition|
|Average Private Tuition||$8,689 Per Year|
|Private Elementary Tuition||$3,644 Per Year|
|Private High School Tuition||$15,417 Per Year|
|University of Wyoming||$5,581 (Residents) $18,151 (Non-Residents)|
|Sheridan College||$4,170 (Residents) $10,110 (Non-Residents)|
|Average Private School Tuition Costs by Grade Level|
|Grade Level||Average Tuition Costs Per Year|
Some private schools can be more expensive than others. This typically depends upon which city you call home. Private schools in less expensive cities like Casper tend to be cheaper than private schools in more expensive cities like Jackson.
|Cost of Private School Tuition by School|
|School||Tuition Cost||Grade Level||City|
|Green River Christian Academy||$3,000||K – 6||Green River, WY|
|Martin Luther Grammar School||$3,200||K – 8||Sheridan, WY|
|Jackson Hole Christian Academy||$3,750||K – 12||Jackson, WY|
|Mount Hope Lutheran School||$4,050||NS – 8||Casper, WY|
|Trinity Lutheran School||$4,325||PK – 8||Riverton, WY|
|Jackson Hole Classical Academy||$17,400||K – 11||Jackson, WY|
|Jackson Hole Community School||$25,100||9 – 12||Jackson, WY|
There are also several prestigious colleges in Wyoming, such as the University of Wyoming and Sheridan College. Tuition only costs $5,581 per year for state residents at the University of Wyoming, and $18,151 for out of state students. Sheridan College is more affordable for in-state and out of state residents, and tuition costs $4,170 and $10,110 per year, respectively.
Wyoming Transportation Cost
Right now, there are over 421,000 licensed drivers in the state of Wyoming. Luckily, driving costs are quite low in Wyoming, and the average cost of gasoline is $2.76 per gallon. That is somewhat high, but the low $0.23 per gallon gasoline tax makes up for the price of the gas itself.
There are many commuters in Wyoming, and they spend an average of 17 minutes in the car for their commute. The average American driver consumes 656 gallons per year, and in Wyoming, that could cost as much as $1,810 per year. Gasoline costs are not the only expense of owning a car in Wyoming, and car insurance is a necessity.
Expect to pay $1,338 per year, on average, for car insurance premiums in Wyoming, but there are many factors. Car insurance premiums vary based on personal driving history, gender, and how many licensed drivers are in your city. The cost of car insurance is generally 6% less than the national average.
|Wyoming Drivers Age||Average Car Insurance Premiums|
|16-19 Years Old||$3,314-$5,573|
|20-40 Years Old||$1,329-$1,922|
|30-50 Years Old||$1,294-$1,329|
|50-60 Years Old||$1,155-$1,557|
|60-70 Years Old||$1,157-$1,352|
Activity Costs in Wyoming
Wyoming is a paradise for those who love the outdoors. There are opportunities for hiking, skiing, snowboarding, hunting, and more. If you plan your move to Wyoming around these activities, you should keep the costs in mind.
Hiking Costs in Wyoming
If you enjoy hiking, there are several one-day and two-day hiking tours that you can join with a guide. These tours range from $150 for a guided hike with lunch to $3,500 for a two-day guided tour of Yellowstone. Don’t forget your hiking gear, which can cost anywhere from $1,000 to $5,000.
Hunting Costs in Wyoming
Hunting is also an activity that locals and tourists enjoy. You can partake in guided rifle hunts, archery hunts, and wild turkey hunts, which can last two days to eight days.
|Guided Rifle Hunt Prices|
|Hunt Type||Hunt Length||Price Per Person|
|Combination Hunt||Four Days||$4,600 – $10,500|
|Elk Hunt||Four Days||$2,850 – $8,300|
|Moose Hunt||Eight Days||$8,900|
|Antelope Hunt||Three Days||$2,750|
|Deer Hunt||Three Days||$3,950 – $5,700|
If you prefer archery hunts to rifle hunts, these can be more challenging and more expensive.
|Guided Archery Hunt Prices|
|Hunt Type||Hunt Length||Price Per Person|
|Elk Hunt||Six Days||$5,900 – $8,300|
|Moose Hunt||Eight Days||$8,900|
|Deer Hunt||Five Days||$4,200 – $5,700|
|Antelope Hunt||Four Days||$2,750|
Cheapest Place To Live In Wyoming: Worland
- Median Home Value: $140,200
- Average Monthly Rent Cost: $610
- Cost of Gasoline: $2.23 Per Gallon
- Median Household Income: 5,024
- Population: 5,024
Worland, Wyoming is the definition of small-town living, and it doesn’t hurt that it is so cheap. The average cost of rent in Worland, WY is $610 per month, and it’s $400 less than monthly ownership costs. Housing costs are low across the board in Worland, and the median home value is $140,200, plus $1,079 in monthly ownership costs.
Washakie County is where Worland is located, and the property tax rate is low at 0.66% of assessed home value. Your average Worland, Wyoming homeowners spend $1,099 each year in property tax payments. Housing costs are lower in Worland than in Washakie County, where the median home value is $165,500.
You may spend up to $1,462 per year on gasoline in Worland if you use an average of 656 gallons per year. Car insurance premiums may cost you $176 per month, and up to $2,100 or more per year, depending on age. Worland is affordable, safe, comfortable, and charming, and it’s a great place to live.
Is Wyoming safe?
Wyoming is one of the safest states in America, but crime still occurs, and most of it is property crimes. Residents in Wyoming face a violent crime rate of 1 in 471, and a property crime rate of 1 in 56. The majority of violent crimes in Wyoming are physical assaults, and most of the property crimes are thefts and burglaries.
Is Wyoming a good place to retire?
Wyoming is often ranked as one of the best American states for retirees, and it is for many reasons. The low housing costs and relative infrequency of crime in the state make Wyoming ideal for retired residents. Not to mention, living in Wyoming comes along with the lowest tax rates in the United States, so your money goes further.
What are the healthcare costs in Wyoming?
Healthcare costs will always vary on the cost of care and population insured. The average price of health insurance in Wyoming is $6,854 per person or $27,414 for a family of four. This is $128 less than the national average for health insurance in the United States.
While the costs of health insurance coverage in Wyoming are lower, the frequency of doctor visits is higher. Wyoming residents with group insurance and individual insurance visit the doctor 25% more than the national average. On the other hand, Medicare Advantage enrollees see the doctor 40% less than the national average.
What is there to do in Wyoming?
There is plenty of things to do in Wyoming, and wildlife tours and horseback riding are among the most popular. You can enjoy a day of horseback riding for $74 per person and touring the Grand Teton safari costs $125. Educational fun is also available all over Wyoming, and one fine example is the $10 per person Cheyenne Frontier Days Museum.
What is the weather like in Wyoming year-round?
It is considered arid in Wyoming, but the spring and summer experience a lot fair amount of rain. Snow can fall in Wyoming between the months of October and May, and it can snow as much as 5” at once. July is the hottest that it gets in Wyoming, and temperatures can soar to 95 degrees Fahrenheit in some areas.
Summing It Up
Most of Wyoming’s costs of living are below the national average, and it’s one of the best states to live and retire. The lack of state income tax makes Wyoming a dream for residents trying to make the most of their income. Wyoming has many cheap places to live, and the cheapest is Worland, where rent costs as little as $610 per month.
Renters are in the minority in Wyoming, but there are still many of them, and they pay $843 on average. Driving is one of the most expensive costs in Wyoming, and residents can spend up to $1,810 per year. Car insurance premiums cost as much as $1,338 per year, but location, age, and driving history play a role.
Private school is not exorbitant in Wyoming and costs an average of $8,689 per year. Luckily, there is an excellent public school system in Wyoming, and you don’t have to spend a fortune for a great education. Living in Wyoming is worth every cost, and that is why it is considered one of the best states to live in.