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: Counties in Wyoming
Housing Market Overview
| Metric | Wyoming | US Average |
|---|---|---|
| Median Home Price | $235,717 | $242,182 |
| Price Trend (Annual %) | 6.3% | 8.2% |
| Median Gross Rent | $967 | $1,342 |
| Rent Trend (Annual %) | 2.7% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Wyoming is about 3% lower than in US. Rent is about 28% lower than the US 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 Wyoming, up about 6.3% and 2.7% a year respectively. Home prices are changing faster.
Median rent in Wyoming rose about 22.7% between 2015 and 2023, from $789 to $967. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Wyoming.
Buying the median-priced home in Wyoming costs roughly 20.3 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 Wyoming. The price-to-rent ratio in US is about 15.0.
| Metric | Wyoming | US Average |
|---|---|---|
| Median Home Price | $235,717 | $242,182 |
| Median Household Income | $74,833 | $78,145 |
| Price-to-Income Ratio | 3.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wyoming rose about 63.0%, while median household income rose about 43.9% between 2009 and 2023 — 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 | Wyoming | US Average |
|---|---|---|
| Homeownership Rate | 62.3% | 58.2% |
| Rental Rate | 24.3% | 31.3% |
| Vacancy Rate | 13.4% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 |
Wyoming has a homeownership rate of 62.3%, higher than the US average of 58.2%. Its housing vacancy rate is 13.4%, compared with 10.6% in US.
Housing Stock
| Metric | Wyoming | US Average |
|---|---|---|
| Average Household Size | 2.38 people | 2.54 people |
| Median Structure Built Year | 1979 | 1978 |
| Median Number of Rooms | 5.8 | 5.5 |
The typical housing unit in Wyoming was built around 1979. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wyoming.
What is the median home price in Wyoming?
The median home price in Wyoming is $235,717, lower than the US average of $242,182.
What is the average home price in 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 Wyoming?
The median gross rent in Wyoming is $967 per month, lower than the US average of $1,342.
What was the median gross rent in Wyoming in 2020?
In 2020, the median gross rent in Wyoming was $853 per month.
What is the price-to-rent ratio in Wyoming?
The price-to-rent ratio in Wyoming is about 20.3, meaning it would take roughly 20.3 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 Wyoming.
Are home prices or rent rising faster in Wyoming?
Both home prices and rent are rising in Wyoming, up about 6.3% and 2.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wyoming?
62.3% of households in Wyoming own their home, higher than the US average of 58.2%.
What is the vacancy rate in Wyoming?
The housing vacancy rate in Wyoming is 13.4%, higher than the US average of 10.6%.