What’s the cost of living in Wyoming?
Wondering about the cost of living in Wyoming? This article summarizes everything you need to know, from tax rates to healthcare costs.
When considering a move to a new state, understanding the cost of living is vital for effective budgeting and financial planning. If you’re planning a move to Wyoming, here are some current statistics related to the cost of living in the state that could help you make up your mind.
The average cost of living in Wyoming
Wyoming is home to over just over 570,000 million people.
According to 2021 data from the Bureau of Economic Analysis, the average cost of living in the state is $47,832.
While according to data gathered in 2022 from MERIC, the Missouri Economic Research, and Information Center, the state ranks 16th in a list of states with the lowest to the highest cost of living.
Housing costs in Wyoming
As of March 2023, the average home value in Wyoming is estimated to be around $325,091, according to the Zillow Home Value Index as of March 2023. This is 97% of the typical US price.
It’s important to note that housing prices can significantly differ across various regions within the state. Here are some examples of typical home prices based on Zillow's data:
| City | Average Home Value |
|---|---|
| Cheyenne | $352,603 |
| Casper | $270,751 |
| Laramie | $340,851 |
| Gillette | $303,148 |
| Rock Springs | $257,006 |
The average price of rental apartments nationwide is $1,702. However, Wyoming apartments vary depending on which city you live in. For example, the average two-bedroom apartment rent in Cheyenne, WY, is $1,075.
Utility costs in Wyoming
Utility costs play a significant role in Wyoming's overall cost of living. According to Forbes, the average monthly cost is around $399.
| Utility | Average cost in Wyoming |
|---|---|
| Energy bill | $96.82 |
| Monthly water bill | $53 |
| Internet | $45 |
| Natural gas | $43 |
| Phone bill | $114 |
| Streaming | $47.25 |
Grocery and food costs in Wyoming
When it comes to groceries and food costs, Wyoming generally aligns with prices found elsewhere in the United States.
According to Zippia, those in Cheyenne pay $345 on average each month.
According to 2021 data from the Bureau of Labor Statistics, the average spending on food at home is $5,259 annually, or about $438 per month for US households.
Transportation costs in Wyoming
Transportation costs, including gas prices and vehicle maintenance, impact Wyoming's overall cost of living.
According to MIT, a single adult with no children can expect to pay upwards of $5,300.
Gas prices in Wyoming are typically in and around the national average. Wyoming was around the national average at the time of writing. These prices fluctuate over time.
It is also worth noting that prices can vary across different regions within the state.
Healthcare costs in Wyoming
Understanding healthcare expenses is crucial when considering the cost of living.
The specific healthcare costs in Wyoming can vary depending on factors such as insurance coverage and individual circumstances. Therefore, it is advisable to research and consult with healthcare providers and insurance companies to obtain accurate cost estimates.
MIT estimates:
| Scenario | Annual healthcare expenditure |
|---|---|
| One adult, no children | $2,774 |
| One adult, one child | $7,235 |
| One adult, two children | $7,245 |
| Two adults (one working), no children | $6,793 |
| Two adults (one working), one child | $7,245 |
| Two adults (one working), two children | $7,170 |
| Two adults (two working), no children | $6,793 |
| Two adults (two working), one child | $7,245 |
| Two adults (two working), two children | $7,170 |
Childcare costs in Wyoming
Families in Wyoming currently pay around $9,092 per year for childcare for one child. This figure doubles for two children.
However, it's important to note that this figure can vary across the state.
Taxation in Wyoming
Wyoming has no state income tax.
Here's a comparison of income tax rates among some neighboring states:
| State | State Income Tax Rate Range |
|---|---|
| Wyoming | No state income tax |
| Colorado | 4.55% - 4.63% |
| Idaho | 1.125% - 6.925% |
| Montana | 1% - 6.9% |
| Nebraska | 2.46% - 6.84% |
In Wyoming, the state sales tax rate is 4%. However, it's important to note that sales tax rates can vary locally, as local jurisdictions may impose additional sales taxes. These local sales tax rates can range from 1% to 3%. Therefore, Wyoming's total sales tax rate can vary between 4% and 7%, depending on the specific location.
The bottom line
The amount of money needed to live comfortably in Wyoming can vary depending on location, lifestyle, family size, and personal preferences. However, as the most expensive state in the US, you may need more than you first think.
It's essential to consider these factors, along with personal circumstances and preferences, when evaluating the cost of living in Wyoming. In addition, consulting with a financial advisor can provide valuable insights and assistance in managing expenses and financial planning.
Whether you’re retirement planning or considering relocating to chase a new career, Unbiased can assist you with your move's financial ins and outs. Find the right advisor for your needs today.
Senior Content Writer
Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.