Rent vs buy in Cheyenne, WY

In Cheyenne, Wyoming, the typical rent is $1,529 /mo and the typical home runs $388,958.

Rent

Renting comes out ahead by $37k over 7 years

With 20% down, at today's mortgage rate, and the typical rent and home value for Cheyenne's market. The break-even point is year 14.

An opinion is clearly labeled, with the math shown. These are estimates, not quotes. Change any number and the stamp changes with it.

Renting leads by: $37k
The break-even point: at year 14
What owning really costs: $3,318 per month

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In Cheyenne, is it cheaper to rent or to buy?

Counting the money you get back when you sell, renting costs $37,027 less over 7 years. For the first 13 years, renting costs less. In year 14, owning catches up.

Rent. Own. Net cost up to now, by year.

Average rent compared with mortgage payment in Cheyenne

Rent and the mortgage don't cover the full story, so here's every monthly cost for year 1 at Cheyenne's typical price.

Each month, year 1	Amount	What it is
Rent	$1,529	All of it, every month
Mortgage payment	$2,121	$1,869 of it is interest in year 1
Property tax	$188	0.58% of the value a year
Insurance	$142	Census median for the city
Upkeep	$324	1% of the value a year
Owning, cash out	$2,775	$251 of it builds equity
Lost return on the down payment	$632	What that cash would earn yearly at 8.3%
Buying costs, spread out	$162	3.5% of the price over 7 years
True cost of owning	$3,318	Cash paid out, minus the equity part, plus the two lines listed above

Cheyenne verdict, by the numbers

Typical home value: Zillow ZHVI, September 2026: $388,958
Typical rent: Zillow ZORI, September 2026: $1,529 per month
Down payment: a 20% payment prevents private mortgage insurance, which the engine doesn't include in its calculations.: 20%
The mortgage rate comes from Freddie Mac Primary Mortgage Market Survey, series FRED MORTGAGE30US.: 7.24%
Growth in home pricesFHFA house price index for Wyoming, 1995 to 2025: 4.7% each year
Rent growthCPI rent of primary residence, growth each year 2006 to 2026: 3.5% each year
Savings return: 60% S&P 500 with dividends, plus 40% 10-year Treasuries, rebalanced each year, 1928 to 2025: 8.3% each year
Property tax: Census ACS 2020-2024, Cheyenne: 0.58% of the property's value
Home insurance: Census ACS 2020-2024, Cheyenne: $142 /mo
Maintenance: Fannie Mae, low end of 1% to 4%: The yearly amount is 1% of the value
Buying costs, per Freddie Mac, the midpoint between 2% and 5%: 3.5% applied to the price
Selling costs: Agent commission plus closing costs: 6% of the price

What would change the result in Cheyenne?

Each line shows where Cheyenne's 7-year result changes while all other values stay the same.

Renting comes out ahead when

Home prices grow more slowly than 5.8% a year (our figure is 4.7%, from Wyoming's long-run trend).
The mortgage rate remains above 5.55%.
Monthly rent for a similar home is less than $1,930 (typical here: $1,529).
You move before the year 14 mark.

Buying comes out ahead under these conditions

Prices for homes rise by more than 5.8% each year.
You lock in a rate under 5.55% for the mortgage (today's is 7.24%).
For the same home, rent would cost more than $1,930 each month.
You remain there for 14 years or more.

Cheyenne compared with the other 812 cities

Measure	Cheyenne	Median city
Typical home value	$388,958	$422,451
Typical rent	$1,529 /mo	$1,837 /mo
Price-to-rent ratio	21.2 (#281 of 813)	18.5
Home prices, last 10 years	4.5% a year	6.2% a year
Rents, last 5 years	5% a year	4% a year
Property tax	0.58%	0.87%
Households that rent	33%	42%

Sources: Zillow ZHVI plus ZORI, Census ACS 2020-2024.

Wyoming's other cities

Rent. Casper, WY. Renting saves $11k.

Wyoming rent vs buy: the state's numbers