The median home price in Wyoming is $332,332, which has increased by 2.9% since the last year. The Wyoming housing market has witnessed a 12.57% year-over-year increase in the number of homes listed. There is a 4-month supply left. The tight inventory is expected to drive an increase in the median sale price.
As per our research, home prices are relatively higher in southern areas near Cheyenne, WY. On the other hand, as you move toward the northern areas of the Cowboy State, like Rawlins, you can find cheaper housing options.
4 Reasons to live in Wyoming 🌊
- Cheaper Houses: The median home sale price in Wyoming is ~$332K. But you can get houses between $191K and $274K in cities like Riverton, Torrington, and Casper.
- Tax Benefits: Wyoming has implemented programs supporting certain demographics like the CalEITC (Earned Income Tax Credit). This program aids low-income earners, potentially reducing their tax burden.
- Affordable Healthcare: Healthcare in cities that are mentioned in this blog is up to 5% lower than the state average. In some cities, the average healthcare is even cheaper than the national average.
- Cheaper Rentals: The rent prices of these cities are lower than the national average. You can save up to $200 per month in rent.
Cheapest Places to Live in Wyoming in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Rawlins | $149,473 | $191,807 | 10,344 | 2.2% | 12.3% |
| Torrington | $135,649 | $215,245 | 9,373 | 1.8% | 5.3% |
| Riverton | $153,731 | $241,080 | 45,551 | 4.0% | 5% |
| Rock Springs | $153,731 | $263,624 | 45,551 | 6.2% | 7.1% |
| Green River | $51,417 | $268,588 | 8,014 | 3.5% | 18.3% |
| Evanston | $41,203 | $273,317 | 7,161 | 4.3% | 22.4% |
| Casper | $101,351 | $274,583 | 2,321 | 4.6% | 5.4% |
7 Cheapest Places to Live in WY
The annual population growth of 3% since 2010 reflects people’s intention to move to Wyoming. If you’re considering shifting to the Cowboy State, here are some cities that offer affordable living options:
1. Rawlins
| 🟢 Cost of Living Compared to State Average | 12.9%⬇️ |
| 🏡 Median Home Price | $191,807 |
| 💲 Median Rent | $795 |
| 🌅 Known For | Carbon County Museum |
Rawlins is an affordable place to live in Wyoming. Its median house rent ranges from $375 – $1,795. The city also has transportation costs which are 34% cheaper than the national average.
Rawlins stands out as a budget-friendly city with beautiful gardens and parks. However, recently, the median household income saw a 7.2% growth. This indicates an increase in job opportunities and financial stability for the city’s residents.
» Homes for Sale in Rawlins, WY: Find your dream home in this city.
2. Torrington
| 🟢 Cost of Living Compared to State Average | 12.1%⬇️ |
| 🏡 Median Home Price | $215,245 |
| 💲 Median Rent | $895 |
| 🏞️ Known For | Great Gardens |
Torrington is one of the most budget-friendly rental destinations in Wyoming with an average home rent ranging from $750 – $2,000. It also offers affordable groceries, which is 1% lower than the national average.
Torrington, also known as an agricultural hub, stands out for having the largest concentration of Basque restaurants. Additionally, the city provides cultural attractions, boasting a vibrant scene with numerous galleries and museums.
» Homes for Sale in Torrington, WY: Browse thousands of property listings in Torrington.
3. Riverton
| 🟢 Cost of Living Compared to State Average | 7.6%⬇️ |
| 🏡 Median Home Price | $241,080 |
| 💲 Median Rent | $950 |
| 🏖️ Known For | Wind River Heritage Center |
With rental costs below the national average, Riverton stands as one of the most affordable cities to live in Wyoming. The house rent is between $526 – $1,650.
Riverton offers a range of activities. You can enjoy concerts at the Riverton Fox Theatre or take a stroll through the delightful downtown area.
» Homes for Sale in Riverton, WY: View all the properties for sale in this city.
4. Rock Springs
| 🟢 Cost of Living Compared to State Average | 6%⬇️ |
| 🏡 Median Home Price | $263,624 |
| 💲 Median Rent | $891 |
| 🏖️ Known For | Flaming Gorge National Recreation Area |
Rock Springs offers budget-friendly living with a median rent of $1,109 lower than the national median. Moreover, this city’s utility costs are 8.4% below the national average.
Rock Springs is the third-largest food distribution hub and engages in year-round crop harvesting of almonds, grapes, and peaches. Additionally, the city boasts of various art and entertainment events.
» Homes for Sale in Rock Springs, WY: Browse through thousands of affordable properties.
5. Green River
| 🟢 Cost of Living Compared to State Average | 6.0%⬇️ |
| 🏡 Median Home Price | $268,588 |
| 💲 Median Rent | $750 |
| 🎨 Known For | Expedition Island Park |
The house rent in Green River is between $631 – $2,200. The average housing price is 12.8% lower than the state average.
Green River’s affordable food, health, housing, and transportation facilities make the city one of the cheapest places to live in the US.
» Homes for Sale in Green River, WY: Browse through thousands of properties in this city.
6. Evanston
| 🟢 Cost of Living Compared to State Average | 10.3%⬇️ |
| 🏡 Median Home Price | $273,317 |
| 💲 Median Rent | $1,300 |
| 🏫 Known For | Bear River State Park |
The house rent in Evanston is between $631 – $2,200. With an average household income of $47,880, you can comfortably live in this city. A low cost of living and affordable housing has led to a population growth of 0.86% since 2020.
Evanston, Wyoming is a small city located in Uinta County. Known for its breathtaking mountain views and outdoor activities, Evanston is a popular destination for hikers, fishermen, hunters, and other outdoor enthusiasts.
» Homes for Sale in Evanston, WY: Find a home in one of the cheapest places to live in Wyoming.
7. Casper
| 🟢 Cost of Living Compared to State Average | 5.1%⬇️ |
| 🏡 Median Home Price | $274,583 |
| 💲 Median Rent | $1,025 |
| 🖼️ Known For | Hogadon Basin Ski Area |
Casper is one of the best places to live in Wyoming, with a slight year-over-year median home price increase of 4.3% in December 2023. The monthly cost of transportation is ~20.9% lower than the state average.
Casper aims to position itself as an attractive destination for technology businesses, job creation, and economic growth. It is home to big companies like Amazon, Intel, and Aerojet.
» Homes for Sale in Casper, WY: Get yourself a home in this city.
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The Bottom Line
The cost of living in Wyoming is 7% lower than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Wyoming, you can find affordable housing in cities like Fresno, Bakersfield, and Visalia.
Cities like Clovis and Sacramento have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
Find Homes for Sale in WY Under Your Specific Budget
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Research Methodology
We’ve created this list by considering the cost of living, median home price, and rental price range. We have also accounted for these cities’ population, median household income, poverty rate, and unemployment rate.
To compile this list of the cheapest areas to live in Wyoming, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, and Zillow.
FAQs
What is the cheapest place to live in Wyoming?
The cheapest place to live in Wyoming is Rawlins. It offers affordable healthcare, which is 6.9% lower than the national average.
» 7 Cheapest Places to Live in Wyoming: Find out the other cheapest places to live in Wyoming.
Is Wyoming the cheapest place to live in?
No, it is not. The median home value is $332,332. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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