Rent vs buy in Wyoming
At today's numbers over 7 years, renting wins in 2 of the 2 cities of 50,000+.
Wyoming cities: rent or buy
| City | Verdict | 7-year result | Break-even (up to 30 yrs) | Typical home | Rent /mo |
|---|
Sources: Zillow Home Value and Observed Rent indexes. The verdicts come from our rent vs buy method, which assumes 20% down over 7 years.
Our view of Wyoming
Wyoming counts just 2 cities of 50,000+, and renting puts you ahead in each one over 7 years. A typical home in Cheyenne costs $388,958, and rent runs $1,529 a month. If you live there, renting wins by $37k over 7 years. Buying doesn't break even for you until year 14. In Casper, a typical home is $310,650 and rent is $1,422 a month. If you don't buy, renting still gives you an $11k advantage over 7 years. There, you only break even on a home in year 9.
Statewide numbers show why renting saves you so much. A typical home here is worth $369k, and all renters pay a median of $992 a month. So you pay far less than the US median rent of $1,413 a month. Right now 28% of households rent, adding up to 68,699 renter households here, versus 35% across the US. Rent that low means you need to stay in a home longer before buying pays off.
How fast you catch up depends on yearly costs and price growth, if you buy. You pay 0.57% in property tax, a rate well under the US figure of 0.94%. Homeowners insurance costs you $1,403 a year, a bit above the US figure of $1,308 a year. Over the last 10 years, home prices rose 5.6% a year. Prices have risen 4.7% a year since 1995. Low rents win early on, even though steady growth and low taxes do help you as an owner.
Our take on Wyoming: rent, unless you remain in Casper past year 9 or in Cheyenne past year 14. If you might move within 7 years, save the money that comes from the low monthly rent and invest it.