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
| Rank | City | InvestScore | Affordability | Property value appreciation |
|---|---|---|---|---|
| 1 | Torrington | 100 | 3.6 | 50.60% |
| 2 | Worland | 96 | 3.7 | 44.30% |
| 3 | Newcastle | 94.8 | 3.0 | 37.47% |
| 4 | Casper | 83.6 | 3.9 | 40.09% |
| 5 | Gillette | 81.2 | 3.5 | 30.91% |
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.
🔎 Key data about Torrington
| Data point | Value | Rank in state (of 100 markets) |
|---|---|---|
| Zip code | 82240 | N/A |
| InvestScore | 100 | Highest |
| 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 | 3.6 | 7th 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 |
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.
🔎 Key data about Worland
| Data point | Value | Rank in state (of 100 markets) |
|---|---|---|
| Zip code | 82401 | N/A |
| InvestScore | 96 | 2nd 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 | 3.7 | 9th 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 |
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.
🔎 Key data about Newcastle
| Data point | Value | Rank in state (of 100 markets) |
|---|---|---|
| Zip code | 82701 | N/A |
| InvestScore | 94.8 | 3rd 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 | 3.0 | 2nd 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 |
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.
🔎 Key data about Casper
| Data point | Value | Rank in state (of 100 markets) |
|---|---|---|
| Zip code | 82604 | N/A |
| InvestScore | 83.6 | 4th 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 | 3.9 | 10th 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 |
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.
🔎 Key data about Gillette
| Data point | Value | Rank in state (of 100 markets) |
|---|---|---|
| Zip code | 82716 | N/A |
| InvestScore | 81.2 | 5th 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 | 3.5 | 6th 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 |
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.
