Rent vs buy in Casper, WY
In Casper, Wyoming, the typical rent is $1,422 /mo and the typical home is $310,650.
Renting comes out ahead by $11k over 7 years
Using Casper's typical figures for rent and home value, plus today's mortgage rate and a 20% down payment. The two options even out in year 9.
An opinion, clearly marked, with the math shown. These figures are estimates, not quotes. Adjust a number and the stamp adjusts with it.
- Renting leads by
- $11k after 7 years
- Break-even point
- In year 9 when owning catches up
- Real cost of owning
- $2,654 a month year 1, against $1,422 rent
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The stamp starts from Casper's typical figures for rent and home value. Your own rent, price and years can turn it around.
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In Casper, is it cheaper to rent or buy?
Counting what you get back when you sell, renting costs $11,371 less over 7 years. For the first 8 years, renting costs less. In year 9, owning catches up.
Rent. Own. Net cost to date, year by year.
In Casper, average rent compared with the mortgage payment
Rent and the mortgage payment don't tell the whole story. Here are all the monthly costs for year 1, using Casper's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,422 | All of it, every month |
| Mortgage payment | $1,694 | $1,493 of it is interest in year 1 |
| Property tax | $163 | 0.63% of the value a year |
| Insurance | $105 | Census median for the city |
| Upkeep | $259 | 1% of the value a year |
| Owning, cash out | $2,221 | $201 of it builds equity |
| Lost return on the down payment | $505 | The yearly return on that cash, at 8.3% |
| Buying costs, spread out | $129 | 3.5% of the price over 7 years |
| True cost of owning | $2,654 | Cash out, minus equity, plus the two lines above |
The math behind the Casper verdict
- Typical home valueZillow ZHVI, September 2026
- $310,650
- Typical rentZillow ZORI, September 2026
- $1,422 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Wyoming, 1995 to 2025
- 4.7% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Casper
- 0.63% of value
- Home insuranceCensus ACS 2020-2024, Casper
- $105 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would change the verdict in Casper?
Each line shows the point where the 7-year verdict for Casper flips, with everything else staying as it is.
Renting wins if
- Home prices grow at less than 5.1% a year. We use Wyoming's long-run rate of 4.7%.
- The mortgage rate remains above 6.59%.
- A home like this one rents for under $1,540 a month (the typical rent here is $1,422).
- You move out before year 9.
Buying wins if
- Home prices grow at more than 5.1% a year.
- You lock in a mortgage rate under 6.59% (today's rate is 7.24%).
- You'd pay more than $1,540 a month to rent that same home.
- You stay for 9 years or more.
Casper compared with the other 812 cities
| Measure | Casper | Median city |
|---|---|---|
| Typical home value | $310,650 | $422,451 |
| Typical rent | $1,422 /mo | $1,837 /mo |
| Price-to-rent ratio | 18.2 (#425 of 813) | 18.5 |
| Home prices, last 10 years | 4.1% a year | 6.2% a year |
| Rents, last 5 years | 4.7% a year | 4% a year |
| Property tax | 0.63% | 0.87% |
| Households that rent | 30% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Wyoming cities
- Rent. Cheyenne, WY. Renting comes out ahead by $37k.