Cheyenne, Wyoming Housing Market Prices
Cheyenne Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 22% above the Wyoming median$318,736
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Median rent 10% above the Wyoming median$1,090
Housing Market Overview
| Metric | Cheyenne | Wyoming Avg | US Average |
|---|---|---|---|
| Median Home Price | $318,736 | $262,084 | $248,835 |
| Price Trend (Annual %) | 8.8% | 6.9% | 7.5% |
| Median Gross Rent | $1,090 | $991 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 2.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cheyenne is about 22% higher than in Wyoming. Rent is about 10% higher than the Wyoming average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Cheyenne, up about 8.8% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Cheyenne rose about 38.3% between 2015 and 2024, from $788 to $1,090. Over the same span, rent in Wyoming rose about 25.7%.
Affordability
On average, housing unit costs 4.3 yearly household incomes in Cheyenne.
Buying the median-priced home in Cheyenne costs roughly 24.4 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cheyenne. The price-to-rent ratio in Wyoming is about 22.0.
| Metric | Cheyenne | Wyoming Avg | US Average |
|---|---|---|---|
| Median Home Price | $318,736 | $262,084 | $248,835 |
| Median Household Income | $73,926 | $76,390 | $80,455 |
| Price-to-Income Ratio | 4.3 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Cheyenne rose about 91.9%, while median household income rose about 51.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cheyenne | Wyoming Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.2% | 63.0% | 58.5% |
| Rental Rate | 33.1% | 24.8% | 31.2% |
| Vacancy Rate | 5.6% | 12.2% | 10.2% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Cheyenne has a homeownership rate of 61.2%, lower than the Wyoming average of 63.0%. Its housing vacancy rate is 5.6%, compared with 12.2% in Wyoming.
Housing Stock
| Metric | Cheyenne | Wyoming Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.18 people | 2.34 people | 2.53 people |
| Median Structure Built Year | 1970 | 1980 | 1978 |
| Median Number of Rooms | 6.0 | 5.8 | 5.5 |
The typical housing unit in Cheyenne was built around 1970. On average, 2.2 people live in a home with about 6.0 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cheyenne, Wyoming.
What is the median home price in Cheyenne, Wyoming?
The median home price in Cheyenne, Wyoming is $318,736, higher than the Wyoming average of $262,084.
What is the average home price in Cheyenne, Wyoming?
The typical home price in Cheyenne, Wyoming, reported as the median sale price, is $318,736. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cheyenne, Wyoming?
The median gross rent in Cheyenne, Wyoming is $1,090 per month, higher than the Wyoming average of $991.
What was the median gross rent in Cheyenne in 2020?
In 2020, the median gross rent in Cheyenne, Wyoming was $857 per month.
What is the price-to-rent ratio in Cheyenne, Wyoming?
The price-to-rent ratio in Cheyenne, Wyoming is about 24.4, meaning it would take roughly 24.4 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Cheyenne.
Are home prices or rent rising faster in Cheyenne, Wyoming?
Both home prices and rent are rising in Cheyenne, up about 8.8% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cheyenne, Wyoming?
61.2% of households in Cheyenne, Wyoming own their home, lower than the Wyoming average of 63.0%.
What is the vacancy rate in Cheyenne, Wyoming?
The housing vacancy rate in Cheyenne, Wyoming is 5.6%, lower than the Wyoming average of 12.2%.
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