What is the cost of living in Wyoming?
The cost of living in Wyoming is 4.8% lower than the US average. According to MIT, the required living wage for a family of four with two working parents in Wyoming is $85,468 vs the national average for a family of four with two working parents of $89,744. The median income of a Wyoming household is $65,304.
The average home price in Wyoming is $228,000, which is lower than the US average home price of $229,800. Median rent in Wyoming is $853/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 3.5 to 1. That means it takes roughly 3.5 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Wyoming has a low cost of living compared to America as a whole.
People Also Ask About Wyoming
Is Wyoming a dangerous state?
No, Wyoming is not a dangerous state as it ranks as the #10 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Wyoming ranks 43rd most dangerous in the United States -- 36.66% better than US average violent crime rate. The property crime rate in the Equality State ranks 35th most dangerous in the United States -- 17.59% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Cheyenne, WY a dangerous city?
Yes, Cheyenne is a dangerous city. Cheyenne ranks as the #236 most dangerous out of 1433 major cities over 30,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Cheyenne might be considered dangerous you still need to be aware of where you are.
Compared to other big cities, the violent crime rate in Cheyenne ranks 74highest in America -- 25.49% better than US average violent crime rate. The property crime rate in the ranks 175th highest in the United States -- 68.06% worse than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Wyoming has the lowest cost of living?
The county in Wyoming with the lowest cost of living is Niobrara County. The average living wage in Niobrara County is $82,423 according to MIT data. Niobrara County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Wyoming as a whole. Childcare costs $15,701 a year in Niobrara County for two children compared to the Wyoming average of $16,758. Housing costs, defined as a blend of the average rent and average mortgage payment, are $8,808 per year in Niobrara County compared to $10,423 on average in Wyoming.
What is the cheapest housing market in Wyoming?
The cheapest housing market in Wyoming is Lusk. The average home value in Lusk is $105,700, the lowest in the state. The average home value in Wyoming is $228,000, almost 2.2 times higher than Lusk.