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 | Sheridan County | Wyoming Avg | US Average |
|---|---|---|---|
| Median Home Price | $625,000 | $235,717 | $242,182 |
| Price Trend (Annual %) | 22.5% | 6.3% | 8.2% |
| Median Gross Rent | $950 | $967 | $1,342 |
| Rent Trend (Annual %) | 3.3% | 2.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sheridan County is about 165% higher than in Wyoming. Rent is about 2% lower 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 Sheridan County, up about 22.5% and 3.3% a year respectively. Home prices are changing faster.
Median rent in Sheridan County rose about 30.0% between 2015 and 2023, from $730 to $950. Over the same span, rent in Wyoming rose about 22.7%.
Affordability
On average, housing unit costs 8.8 yearly household incomes in Sheridan County.
Buying the median-priced home in Sheridan County costs roughly 54.8 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 Sheridan County. The price-to-rent ratio in Wyoming is about 20.3.
| Metric | Sheridan County | Wyoming Avg | US Average |
|---|---|---|---|
| Median Home Price | $625,000 | $235,717 | $242,182 |
| Median Household Income | $70,852 | $74,833 | $78,145 |
| Price-to-Income Ratio | 8.8 | 3.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sheridan County rose about 138.1%, while median household income rose about 55.1% 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 | Sheridan County | Wyoming Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.0% | 62.3% | 58.2% |
| Rental Rate | 26.7% | 24.3% | 31.3% |
| Vacancy Rate | 11.3% | 13.4% | 10.6% |
| Median Tenure (years) | 14.0 | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2012 | 2011 |
Sheridan County has a homeownership rate of 62.0%, about the same as the Wyoming average of 62.3%. Its housing vacancy rate is 11.3%, compared with 13.4% in Wyoming.
Housing Stock
| Metric | Sheridan County | Wyoming Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1979 | 1979 | 1978 |
| Median Number of Rooms | 5.6 | 5.8 | 5.5 |
The typical housing unit in Sheridan County was built around 1979. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sheridan County, Wyoming.
What is the median home price in Sheridan County, Wyoming?
The median home price in Sheridan County, Wyoming is $625,000, higher than the Wyoming average of $235,717.
What is the average home price in Sheridan 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 Sheridan County, Wyoming?
The median gross rent in Sheridan County, Wyoming is $950 per month, lower than the Wyoming average of $967.
What was the median gross rent in Sheridan County in 2020?
In 2020, the median gross rent in Sheridan County, Wyoming was $858 per month.
What is the price-to-rent ratio in Sheridan County, Wyoming?
The price-to-rent ratio in Sheridan County, Wyoming is about 54.8, meaning it would take roughly 54.8 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 Sheridan County.
Are home prices or rent rising faster in Sheridan County, Wyoming?
Both home prices and rent are rising in Sheridan County, up about 22.5% and 3.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Sheridan County, Wyoming?
62.0% of households in Sheridan County, Wyoming own their home, about the same as the Wyoming average.
What is the vacancy rate in Sheridan County, Wyoming?
The housing vacancy rate in Sheridan County, Wyoming is 11.3%, lower than the Wyoming average of 13.4%.