Considering a move to Wyoming? Know the cost of living to help you prepare!
Let’s face it, the cost of living anywhere today is getting higher and higher, even in the Western states. Many cities are seeing a boom in large companies relocating to places like Denver or Omaha, which can drive the average cost of living up across the board.
But there are still great states and cities to call home in the West, especially in Wyoming. Let Points West Community Bank show you how affordable and livable Wyoming can be, with financial products and services to help new residents bank locally.
How Affordable is Wyoming?
Compared to the rest of the country, Wyoming is very affordable to live in. It is about 6% overall lower than the U.S. average, and also lower in neighboring states like Utah, Colorado, and Idaho. With the average individual salary in state around $80k, you can really stretch your dollar.
Let’s break down some key numbers against national averages:
- Housing (buying and renting) – 18% lower
- Average monthly rent – $1,217
- Monthly Utilities – 10% lower
- Average combined energy (gas/electric) – $172.82
- Food/Groceries – 1-2% lower
- Example – dozen eggs is $2.90, which is 2% lower than national average
- Healthcare – 1-2% lower
- Example – doctor visit is an average $140, which is 2% lower than national average
- Transportation – 10% lower
- Average price per gallon – $3.00
- Average cost per month of total transportation (gas/public transport/tolls) – $352, which is 10% lower than national average
Of course, location in Wyoming is key. In the capital city of Cheyenne, it is about 5% higher while Casper is 8% lower. But knowing that across the board Wyoming is 6% cheaper to live in, it makes a compelling case to move there no matter which city you choose.
What are the Average Home Costs in Wyoming’s Major Cities?
As we mentioned earlier, on average the cost of living is 6% lower than other states with variables based on location. Average home cost range is around the mid $300s according to Zillow and have calculated average home costs for each major city. Here are the details:
And the most expensive city in Wyoming is
- Jackson Hole – $7.4m
Compared to other states across the U.S., buying a home in Wyoming is very affordable, and Points West Community Bank can help you find the right mortgage.
How High are Wyoming’s Local and State Taxes?
Just like every living expense in Wyoming, the local and state taxes are cheaper. For starters, there is no state income tax! You get to keep more of your hard earned income. As for other taxes, it’s still lower than national averages. Because the state relies heavily on mineral revenues to support services and operations, Wyoming consistently ranks as the lowest tax burden state in the country.
Other taxes you should know about are:
- Sales tax is 4%, but some counties add their own local sales tax which can sometimes raise it to 6%, making the state average 5.5%.
- Wyoming has the 12th lowest property tax in the country at 0.58%, averaging $1,567 per year
- Other taxes like gas are 24 cents per gallon, and car sales tax is 4% keeping in line with general state taxes.
Job and Career Outlooks
While there are some main industries that drive the economy for the state, jobs and careers in Tourism and Hospitality are popular in Wyoming due to the many outdoor and adventure towns across the state.
But for the sake of numbers, let’s take a look at the top industries and top companies with headquarters in Wyoming for more context.
Top Industries
- Oil Drilling, Gas Extraction, Refinement and Processing – $25+b combined
- Hospitals – $2.3b
- Commercial Banking – $2b
Top Companies
- Walmart – 5k employees
- University of Wyoming – 3k employees
- Home Depot – 1k employees
- Kroger – 1k employees
While the top industries and companies could be viewed as somewhat narrow, there is one industry that is a key economic driver in the state-Tourism.
The tourism industry is the largest private employer in the state, supporting over 33,000 jobs and is responsible for 7.6% of total employment in Wyoming. And when you look at the Top Companies list and total up employees, it falls about 23k short of tourism jobs.
And then there is the economic impact:
- $4.9b in revenue from visitors
- $278m in tax revenue
- 24% job market growth over the next five years
If you are currently in the tourism industry in Colorado, Utah, or Idaho or are curious about starting a career, check out Hospitality Careers from Travel Wyoming.
Education and Lifestyle
Does Wyoming have Good Schools for Kids?
You bet! You might be surprised as some of accolades and awards the school systems in Wyoming receives. It’s a great place to raise kids and give them a great education. This is because the state has very high expectations for students with dedicated educators, and an inclusive environment where all students can thrive.
Ignite Wyoming recently shared some awards about the stellar school system:
- 5th in the nation ranked by the National Assessment of Educational Progress, consistently holding the spot since 2015
- 1st in ACT testing where all students are required to participate
As you can see, you can raise a family for less in Wyoming and ensure they get a top-notch education.
What are the best cities in Wyoming to live in?
Good question. In addition to low cost of living, taxes, and a great school system, Wyoming has cities and towns for everyone! The folks over at Livability.com has curated articles and resources on the most popular places to live in Wyoming.
- Cheyenne – unique charm, cultural events and lively arts community, and diverse dining makes Cheyenne a great place for everyone.
- Cody – Near Yellowstone National Park, large arts community, and the birthplace of “Buffalo Bill” Cody makes his namesake town truly unique.
- Sheridan – small town vibes, historic downtown, and the backdrop of Bighorn National Forest makes this town the perfect place to truly get away from big city living.
Plus, with super low pollution, sprawling outdoors, and opportunities for everyone, Wyoming is more inviting than you probably imagined.
Sounds Great, I Just Need to Find a Local Bank to Help Me Get Settled!
You’re in luck! Points West Community Bank has been helping residents in East Wyoming reach their financial goals since the early 1900s. And if you currently live in Colorado or Nebraska, we have locations throughout both states in addition to Wyoming, so you can become a new customer and not have to worry about finding a new bank.
Points West Community Bank has all of your financial product needs:
- Personal Checking – choose from simple checking to power Money Market accounts
- Personal Savings – from basic savings, Certificates of Deposit, to IRAs we have all your saving products
- Business Banking – start your new business or open a new location in Wyoming and use our range of services to run your business
- Mortgage Lending – we can help finance your new home in Wyoming with competitive rates
- Investment Services – our award-winning financial services will help you plan for the future
Start Building Your Life in Wyoming with Points West!
Contact us, visit us at one of our locations, or give us a call at 833-226-7474. A Points West Community Bank representative will help you get ready for your new life in Wyoming!