Wyoming’s cost of living is shaped by its wide-open spaces, small-town charm, and a resource-driven economy. Known for its rugged landscapes and outdoor lifestyle, Wyoming offers a lower cost of living than many other states, especially when it comes to renting and taxes. However, the state’s rural nature brings its own challenges, such as higher transportation costs in remote areas and limited access to competitive pricing for groceries and services. Whether you’re drawn to the bustling energy of Cheyenne or the gateway-to-nature appeal of Jackson, understanding Wyoming’s specific cost factors is essential for planning your move.
Housing costs: Median home prices and average rent in Wyoming
Housing costs in Wyoming offer a mix of affordability and challenges depending on whether you’re looking to buy or rent. The median home sale price in the state is $492,000, which is noticeably higher than the national median of $428,000. This premium reflects Wyoming’s appeal for outdoor lovers and its limited housing inventory in sought-after areas like Jackson and Teton County.
Renters in Wyoming, however, enjoy more competitive pricing. The average rental price in the state is $1,020 per month, significantly less than the national average of $1,645. Whether you’re drawn to the urban conveniences of Cheyenne or the quieter lifestyle in smaller towns, Wyoming provides affordable rental options compared to many other states, making it an attractive choice for renters.
Wyoming housing costs: Average rents and median home sale prices
| City in Wyoming | 1 Bed Avg. Rent | 2 Bed Avg. Rent | Median Home Sale Price |
| National Average | $1,495 | $1,725 | $428,000 |
| Cheyenne | $1,212 | $1,465 | $350,000 |
| Casper | $1,073 | $1,348 | $290,000 |
| Laramie | $675 | $1,200 | $405,000 |
| Gillette | $992 | $1,572 | $450,000 |
| Rock Springs | $655 | $759 | $279,000 |
Housing costs in popular cities in Wyoming
Cheyenne
As Wyoming’s capital, Cheyenne combines historic charm with modern conveniences. Housing costs here are moderate, with the median home sale price at $350,000, making it an appealing option for homebuyers. Renters can expect to pay around $1,212 for a one-bedroom apartment or $1,465 for a two-bedroom. The city’s downtown offers local dining, shopping, and events, while its proximity to outdoor activities like hiking and horseback riding.
Casper
Casper offers a lower cost of living, with a median home sale price of $290,000, making it one of the more affordable cities in Wyoming for homebuyers. Renters can find a one-bedroom apartment for an average of $1,073 or a two-bedroom for $1,348. Known as the “Oil City,” Casper has industrial roots with access to the great outdoors, including the nearby North Platte River and Casper Mountain.
Laramie
Home to the University of Wyoming, Laramie is a lively college town with a mix of youthful energy and Western heritage. Housing costs here are higher, with a median home sale price of $405,000, but renters can find deals with average rents of $675 for a one-bedroom and $1,200 for a two-bedroom. The town’s cultural scene, including art galleries, live music, and university events, makes it an exciting place to live.
Gillette
Gillette is Wyoming’s energy capital, thanks to its coal and natural gas industries, which drive its economy. Housing costs are higher here, with a median home sale price of $450,000. Renters can expect to pay $992 for a one-bedroom and $1,572 for a two-bedroom apartment. Despite the higher prices, Gillette offers a close-knit community vibe and plenty of recreational options, including parks, museums, and local events.
Utility costs in Wyoming are lower than the national average
Utility costs in Wyoming are notably lower than the national average, offering residents a financial break on monthly household expenses. The average monthly electric bill in the state is $98.78. When factoring in water, heating, internet, and other utilities, Wyoming households spend around $597 per month—a little less than the national average. This affordability can be attributed to Wyoming’s low population density and access to energy resources like coal and natural gas, which help keep energy costs down.
Energy bill comparisons: Wyoming cities vs. nationwide average
| Monthly Energy Bill | Monthly Phone Bill | Comparison to National Avg. | |
| National Average | $203.40 | $194.11 | |
| Cheyenne | $172.38 | $189.65 | -10% less |
| Casper | $181.50 | $188.19 | -8% less |
| Laramie | $172.38 | $189.65 | -10% less |
Data from Redfin’s Cost of Living Calculator, November 2024
Cost of groceries lean slightly lower than national averages
Grocery costs in Wyoming are marginally lower than the national average, making everyday essentials a bit more affordable for residents. On average, individuals in Wyoming spend about $346 per month on groceries, compared to the national average of $355. While prices for staples like milk, bread, and produce are generally consistent with national trends, local factors such as Wyoming’s smaller population and rural landscape may influence the availability and pricing of specialty items. Residents in more remote areas might encounter slightly higher costs due to transportation expenses, but overall, Wyoming offers a reasonable grocery budget compared to many other states.
Wyoming has lower than average transportation costs
Transportation costs in Wyoming are generally affordable, with gas prices averaging $3.00 per gallon, slightly below the national average of $3.06. However, residents in the western part of the state, including areas near Jackson and Yellowstone National Park, often encounter higher gas prices due to increased demand and logistical challenges.
Public transportation options in Wyoming are limited, reflecting the state’s rural nature. In cities like Cheyenne and Casper, local bus systems provide affordable transit, with one-way fares typically costing around $1.50 to $2. Monthly passes, when available, range from $30 to $50. While public transportation is accessible in urban areas, most Wyoming residents rely on personal vehicles for commuting and daily travel, making the relatively low gas prices a significant factor in the overall cost of living.
Healthcare costs vary throughout the region but remain high
Healthcare costs in Teton county are expensive, with residents spending an average of $7,000 per person annually on medical expenses. This is slightly lower than the national average but reflects the unique challenges of healthcare in a rural, sparsely populated state. This is evident in larger cities such as Casper, where a doctor visit can be around $165 compared to the national average of $143.
The state’s remote geography and limited number of healthcare providers contribute to these elevated costs, as access to specialized care often requires traveling long distances. Additionally, hospital expenses and emergency services are notably higher, partly due to operational challenges in rural areas.
Enjoy low taxes in Wyoming
Wyoming is one of the most tax-friendly states in the U.S., offering significant financial advantages to residents. The state has no personal income tax, making it especially appealing for individuals. Additionally, Wyoming has one of the lowest sales tax rates in the nation, at a base of 4%, with local jurisdictions able to add up to 2%, resulting in a maximum of 6%. Property taxes are also among the lowest nationwide, with an effective rate of just 0.57% of a home’s value, compared to the national average of 0.99%. These low taxes make Wyoming an good place to live, especially compared to neighboring states.
How much do I need to earn to live in Wyoming?
To live comfortably in Wyoming while adhering to the 30% rule—spending no more than 30% of your income on housing—you’d need to earn around $40,800 annually to cover the state’s average rent of $1,020 per month. However housing costs vary significantly by region. For those looking to buy, Wyoming’s median home sale price of $492,000 requires a higher income level to account for mortgage payments, taxes, and insurance. Combined with the state’s higher-than-average healthcare costs and transportation and grocery expenses, budgeting carefully is key to achieving financial stability in Wyoming.
Methodology
Average 1-bedroom and 2-bedroom rent sourced from Rent. Median home sale price, state average monthly rent, national rent prices, and cost of living data sourced from Redfin.
