Making a move to another state can be an exciting journey, filled with new possibilities. Wyoming is a beautiful state to explore and can be a great place to call home. No matter your reasons for moving, it’s important to plan to be sure you’re financially ready for your new venture.
Over the past decade, Wyoming has experienced steady growth in population, with more U.S. residents hanging their hat in the Cowboy State. Calculating common costs in Wyoming you hope to live in is important, to better determine how much house you can afford.
Anyone considering moving out of state should connect with a local real estate agent who understands the local housing market and can make recommendations on where to live and when to buy.
You can use the below guide to better understand typical homeownership and related expenses in Wyoming to better prepare for expenses in your new state.
Typical Home Prices in Wyoming in 2019
It’s important to look at the current state of the market in Wyoming and review any housing trends that might show where the market is heading. Understanding this information will help you better decide where and when to buy a home in the Cowboy State.
Wyoming Market Overview
The housing market in Wyoming is warm, meaning it slightly favors sellers over buyers, but still easy for buyers to find a good deal on homes.
Home values in Wyoming average $227,100, a 4.8% increase from 2018. Values are predicted to continue rising by 2% over 2019. The median listing price for homes is just about the average home value, at $251,500. Homes take a little over 2 months to sell, clocking in at an average of 78 days on Zillow.
To break this down, a typical one bedroom home in Wyoming costs $151,000, while two bedrooms costs $174,000. Three-bedroom homes cost approximately $238,000, while four bedrooms run up to $269,000.
When to Buy in Wyoming
Buying at the right time can help you find the home of your dreams for the lowest price. There are two considerations to keep in mind when deciding when to purchase a home: selection and pricing.
Selection is at its best in Wyoming during April, May, and June. April sees the highest number of listings, but as a result, buyer competition is increased and home prices go up. To find the lowest prices, you’ll want to search during late fall or winter, when there are fewer buyers searching and sellers are more willing to compromise.
How Much Are Wyoming Property Taxes?
When buying a home, you’ll also want to look into real estate taxes you’ll be responsible for. One tax that every homeowner is on the hook for is property tax, which is calculated based on the value of your home.
Wyoming has some of the lowest property tax rates in the country (the eighth lowest in the U.S.). Rates vary from county to county, but the average rate across the state is 0.61% This rate is applied to the assessed value of your home to determine your yearly property tax expense.
Homeowners in Cheyenne (Laramie County), for instance, have a property tax rate of 0.646%. A home with an assessed value of $250,000 in Cheyenne, would then have $1,615 in property taxes, per year. In Casper, (Natrona County), the tax rate is 0.619%, so the same valued home would have property taxes of $1,548, yearly.
You can talk to your real estate agent about tax rates in the county you’re searching for homes in, so you know what to expect come tax season.
Average Homeowners Insurance in Wyoming
Since many lenders require homeowners insurance, it’s important to look at how much you’ll spend per year. While having homeowners insurance isn’t required by law to own a house, some financing companies won’t back a loan unless the buyer agrees to enroll in homeowners insurance, to better protect their assets.
The cost of homeowners insurance varies from state to state, and even in Wyoming there are many factors that go into determining your policy’s price, such as insurance company, coverage amount, the home’s value, and where you live in the state.
Though there isn’t a statewide average for homeowners insurance, there is data on average prices in different cities in Wyoming. Cheyenne, for instance, has homeowners insurance policies that average $1,902 per year, ranging from $1,490 to $2,488 to insure a $300,000 home.
Casper only has an average cost of $1,492 per year, ranging from $919 to $2,191 for the same priced home.
It’s important to shop around for homeowners insurance to make sure you find a policy that will cover all of your needs for the lowest price.
Common Home Maintenance and Repair Costs in Wyoming
Homeownership comes with many responsibilities, one of which includes maintaining your home. Regular maintenance and repairs may be required throughout the year, some of which can be planned and scheduled, and others pop up without warning. No matter the condition of your Wyoming home, it’s important to plan for possible maintenance expenses and establishing a general repair budget.
Some examples of routine maintenance you should plan for are changing out HVAC air filters, replacing smoke alarm batteries, refilling water softeners, replacing burnt out light bulbs, maintaining your lawn, and removing snow in the wintertime. Paying for the tools to handle these tasks yourself or hiring a service to help should be considered when planning your maintenance budget.
Wyoming’s climate can get cold in the wintertime, meaning you might need to spend more money than average on snow removal and equipment, like rock salt, snow blowers, or snow shoveling services.
Since it’s hard to predict how often repairs will be needed, what types of repairs may arise, and if you must hire outside help, it’s best to set money aside for home repairs. It’s predicted that typical homeowners will spend 1% of their home’s value on maintenance and repairs each year. Therefore, if you own a home for $300,000 in Wyoming, plan on setting aside $3,000 a year for repairs (or $250 each month).
Other Costs of Living in Wyoming to Consider
Figuring out how much it will cost to live in Wyoming expands to more than just housing costs and insurance. Cost of living in the state can play a huge role in how much money you must make to live comfortably in your new home.
Wyoming’s cost of living is just barely over the average in the U.S., which makes it fairly affordable for most Americans. On average, housing costs and groceries are just over the U.S. average, while utilities and transportation costs are under. Healthcare costs, however, are well over the country’s average.
These costs fluctuate depending on where you live in the Cowboy State. In Cheyenne, for instance, the cost of living is higher than the state’s average, with housing costing 10% more than the state average and 16% higher than the country’s average. Groceries and healthcare are also more expensive, while utilities and transportation are less expensive.
In Casper, the same trend emerges, except that housing costs in this area are less than the U.S. average. A home in Casper typically costs between $202,000 and $205,000, while the U.S. average cost is $219,700.
When talking to your real estate agent about the specific city and neighborhood you want to move to, you can learn more about the specific cost-of-living averages, and any other state-level expenses you should be aware of.
Find a Top Wyoming Real Estate Agent
While doing your own research is key to your financial success when moving to a new state, an experienced real estate agent can help you better tackle this new life journey. A local agent will become an invaluable resource, providing advice, insight, and recommendations about the overall buying process, local housing market, and specific neighborhoods to review.
Buyer’s agents are free to any home buyer, but not all real estate agents offer the same level of service. Clever will match you with a top-rated agent near you to help you find the home of your dreams quickly, and for the best price.
Clever Partner Agents offer on-demand showings and home buyer rebates. These rebates gift buyers $1,000 at the time of closing (or up to 1% for homes over $500,000) to help with last minute moving or closing expenses.
Find out more about how to save money and find your new home in Wyoming by connecting to a Clever Partner Agent.