Top 5 Residential Real Estate Investment Markets in Wyoming

Trent Seigfried's Photo
By Trent Seigfried Updated May 24, 2024
's Photo
Edited by Michael Yessis

SHARE

Torrington is home to the best residential real estate investment market in Wyoming.

The 82240 zip code in Torrington presents the greatest opportunity for investors among the 100 individual real estate markets in Wyoming we evaluated. We looked at property values, population trends, and six other metrics for each market. We used that data to calculate each market's InvestScore.

Top 5 Wyoming residential real estate markets

RankCity InvestScore Affordability Property value appreciation
1Torrington1003.650.60%
2Worland963.744.30%
3Newcastle94.83.037.47%
4Casper83.63.940.09%
5Gillette81.23.530.91%
Show more

Looking to buy or sell in Wyoming?

Considering investing in Torrington, the hottest investment market in Wyoming (or another top market)? Own a property in Worland, Newcastle, or another part of Wyoming and are looking to sell? Let us match you with a top real estate agent in your city!

1. Torrington

We've identified the 82240 zip code in Torrington as Wyoming's best real estate investment market. Here's why.

πŸ”Ž Key data about Torrington

Data pointValueRank in state (of 100 markets)
Zip code82240N/A
InvestScore 100Highest
Typical property value $225,399[1]2nd lowest
Five-year appreciation 50.60%[2]5th highest
Household income $63,319[3]18th highest
Affordability ratio 3.67th most affordable
Five-year population growth -5.9%[4]22nd highest
Unemployment rate 3%[5]7th lowest
Property taxes $1,364[6]6th lowest
Educational attainment 24.5%[7]16th highest
Show more

Torrington (zip code 82240) is the best residential real estate investment market in Wyoming. It has the 5th highest property value appreciation among markets we evaluated, with a 50.60% appreciation of the typical property over the last five years.

Torrington is the 7th most affordable market among the 100 Wyoming markets we evaluated, with an affordability ratio of 3.6.

2. Worland

The 82401 zip code in Worland is Wyoming's second-best residential real estate investment market.

πŸ”Ž Key data about Worland

Data pointValueRank in state (of 100 markets)
Zip code82401N/A
InvestScore 962nd highest
Typical property value $234,052[8]3rd lowest
Five-year appreciation 44.30%[9]7th highest
Household income $62,807[10]19th highest
Affordability ratio 3.79th most affordable
Five-year population growth -10.0%[11]24th highest
Unemployment rate 1.9%[12]2nd lowest
Property taxes $1,301[13]4th lowest
Educational attainment 21.2%[14]19th highest
Show more

The 82401 zip code in Worland features a typical property value of $234,052, the 3rd lowest in the state.

Property values have appreciated 44.30% over the past five years, the 7th highest increase among evaluated markets in the state. Worland homes have an affordability ratio of 3.7, the 9th most affordable in the state.

3. Newcastle

The 82701 zip code in Newcastle comes in at No. 3 in our ranking of residential real estate investment markets in Wyoming.

πŸ”Ž Key data about Newcastle

Data pointValueRank in state (of 100 markets)
Zip code82701N/A
InvestScore 94.83rd highest
Typical property value $236,813[15]4th lowest
Five-year appreciation 37.47%[16]16th highest
Household income $77,885[17]7th highest
Affordability ratio 3.02nd most affordable
Five-year population growth -1.8%[18]15th highest
Unemployment rate 3.5%[19]13rd lowest
Property taxes $1,335[20]5th lowest
Educational attainment 18.5%[21]22nd highest
Show more

With a typical property value of $236,813, Newcastle's 82701 zip code features the 4th lowest property values in the state.

Newcastle homes have an affordability ratio of 3.0, the 2nd most affordable among the markets we evaluated.

4. Casper

The 82604 zip code in Casper ranks No. 4 among Wyoming's residential real estate investment markets.

πŸ”Ž Key data about Casper

Data pointValueRank in state (of 100 markets)
Zip code82604N/A
InvestScore 83.64th highest
Typical property value $288,224[22]11th lowest
Five-year appreciation 40.09%[23]12th highest
Household income $74,111[24]12th highest
Affordability ratio 3.910th most affordable
Five-year population growth 0.2%[25]11th highest
Unemployment rate 3.4%[26]11st lowest
Property taxes $1,545[27]14th lowest
Educational attainment 26%[28]13th highest
Show more

Property values in Casper's 82604 zip code have seen the 12th highest increase among evaluated markets in the state, with an appreciation of 40.09% over the past five years.

Casper's affordability ratio of 3.9 makes it the 10th most affordable among the 100 markets we evaluated.

5. Gillette

The 82716 zip code in Gillette rounds out our top five residential real estate investment markets in Wyoming.

πŸ”Ž Key data about Gillette

Data pointValueRank in state (of 100 markets)
Zip code82716N/A
InvestScore 81.25th highest
Typical property value $269,946[29]7th lowest
Five-year appreciation 30.91%[30]20th highest
Household income $76,679[31]20th highest
Affordability ratio 3.56th most affordable
Five-year population growth -0.5%[32]12th highest
Unemployment rate 4.1%[33]18th lowest
Property taxes $1,286[34]3rd lowest
Educational attainment 13.6%[35]25th highest
Show more

Property values in Gillette's 82716 zip code rose 30.91% over the last five years, ranking the city 20th highest among evaluated markets in Wyoming.

Gillette homes have an affordability ratio of 3.5, the 6th most affordable among the markets we evaluated.

How we rank residential real estate markets in Wyoming

We evaluated 100 markets on eight metrics, and then assigned an InvestScore based on their weighted and combined rankings. Each market corresponds to a specific zip code in Wyoming.

What is InvestScore?

InvestScore is a score on a scale of 0 (worst in state) to 100 (best in state) that estimates the residential real estate investment potential of a given market. It takes into account a suite of key data points for each city.

  • Typical property value: This measures the typical home value in this zip code, according to the Zillow Home Value Index. It reflects the typical value for homes in the 35th to 65th percentile range, including all homes, with the numbers smoothed and seasonally adjusted. We prefer lower property values, which indicate both more room for growth and a greater ease of purchase. We assign a weight of 20% to typical property values.
  • Property value appreciation: This measures how much property values have increased in the area over the past five years, according to the Zillow Home Value Index. We prefer a higher appreciation, as it indicates better returns on housing. However, past performance isn't indicative of future results. We assign a weight of 20% to property value appreciation.
  • Median household income: This is the inflation-adjusted median household income in the zip code, according to U.S. Census American Community Survey data. We prefer a higher household income, as it indicates local residents have more income to spend on housing. We assign a weight of 10% to median household income. We assign a weight of 10% to median household income.
  • Affordability ratio: This is the ratio of the typical home value to the median household income in the area. A lower ratio is better because it means more households can afford a home, which indicates higher demand. We assign a weight of 15% to the affordability ratio.
  • Population growth: This is how much the area's population has grown over the past five years, according to U.S. Census estimates. Higher is better, as it indicates residents are moving into the area at a rapid clip. We assign a weight of 10% to population growth.
  • Unemployment rate: This is the unemployment rate in the area, according to U.S. Census data. We prefer a lower rate, as it indicates the availability of steady employment in the area, meaning residents will find it much easier to afford homes. We assign a weight of 15% to unemployment rate.
  • Property tax: This is the median real estate property tax paid in the area, according to U.S. Census estimates. We assign a weight of 10% to property tax.
  • Educational attainment: This is the percentage of residents in the area that have obtained a bachelor's degree or better, according to U.S. Census estimates. We prefer a higher rate because it indicates  local residents who have higher earning potential and thus should be able to afford homes. We assign a weight of 15% to educational attainment.

Disclaimer: The information contained in this article isn't intended as, and shall not be understood or constituted as, financial advice. The information in this article isn't a substitute for financial advice from an investment professional or real estate agent who is aware of the facts and circumstances of your financial situation or the specifics of any individual property.

Article Sources

[1] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[2] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[7] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[8] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[9] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[14] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[15] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[16] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[21] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[22] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[23] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[28] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.
[29] Zillow – "Zillow Home Value Index". Updated March 31, 2024.
[30] Zillow – "Zillow Home Value Index, difference over last five years". Updated March 31, 2024.
[35] U.S. Census – "U.S. Census Table S1501 - Educational Attainment 2018-2022". Updated 2018-2022.

Authors & Editorial History

Our experts continually research, evaluate, and monitor real estate companies and industry trends. We update our articles when new information becomes available.

Better real estate agents at a better rate

Enter your zip code to see if Clever has a partner agent in your area
If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. We offer this because we're confident you're going to love working with a Clever Partner Agent.