Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Hot Springs County | Wyoming Avg | US Average |
|---|---|---|---|
| Median Home Price | $5,000 | $235,717 | $242,182 |
| Price Trend (Annual %) | 18.1% | 6.3% | 8.2% |
| Median Gross Rent | $976 | $967 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 2.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hot Springs County is about 98% lower than in Wyoming. Rent is about 1% higher than the Wyoming average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Hot Springs County, up about 18.1% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Hot Springs County rose about 46.0% between 2015 and 2023, from $668 to $976. Over the same span, rent in Wyoming rose about 22.7%.
Affordability
On average, housing unit costs 0.1 yearly household incomes in Hot Springs County.
Buying the median-priced home in Hot Springs County costs roughly 0.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Hot Springs County. The price-to-rent ratio in Wyoming is about 20.3.
| Metric | Hot Springs County | Wyoming Avg | US Average |
|---|---|---|---|
| Median Home Price | $5,000 | $235,717 | $242,182 |
| Median Household Income | $67,220 | $74,833 | $78,145 |
| Price-to-Income Ratio | 0.1 | 3.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hot Springs County fell about 79.7%, while median household income rose about 48.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Hot Springs County | Wyoming Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.6% | 62.3% | 58.2% |
| Rental Rate | 22.9% | 24.3% | 31.3% |
| Vacancy Rate | 16.5% | 13.4% | 10.6% |
| Median Tenure (years) | 13.0 | 14.0 | 15.0 |
| Median Year Moved In | 2013 | 2012 | 2011 |
Hot Springs County has a homeownership rate of 60.6%, lower than the Wyoming average of 62.3%. Its housing vacancy rate is 16.5%, compared with 13.4% in Wyoming.
Housing Stock
| Metric | Hot Springs County | Wyoming Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.16 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1970 | 1979 | 1978 |
| Median Number of Rooms | 5.8 | 5.8 | 5.5 |
The typical housing unit in Hot Springs County was built around 1970. On average, 2.2 people live in a home with about 5.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hot Springs County, Wyoming.
What is the median home price in Hot Springs County, Wyoming?
The median home price in Hot Springs County, Wyoming is $5,000, lower than the Wyoming average of $235,717.
What is the average home price in Hot Springs County, Wyoming?
The typical home price in %s, reported as the median sale price, is %s. 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 Hot Springs County, Wyoming?
The median gross rent in Hot Springs County, Wyoming is $976 per month, higher than the Wyoming average of $967.
What was the median gross rent in Hot Springs County in 2020?
In 2020, the median gross rent in Hot Springs County, Wyoming was $739 per month.
What is the price-to-rent ratio in Hot Springs County, Wyoming?
The price-to-rent ratio in Hot Springs County, Wyoming is about 0.4, meaning it would take roughly 0.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Hot Springs County.
Are home prices or rent rising faster in Hot Springs County, Wyoming?
Both home prices and rent are rising in Hot Springs County, up about 18.1% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hot Springs County, Wyoming?
60.6% of households in Hot Springs County, Wyoming own their home, lower than the Wyoming average of 62.3%.
What is the vacancy rate in Hot Springs County, Wyoming?
The housing vacancy rate in Hot Springs County, Wyoming is 16.5%, higher than the Wyoming average of 13.4%.