Buying a first home in Wyoming continues to be an appealing idea for many, thanks to the state’s open landscapes, rural charm, and slower pace of life, SFGate reports.
However, recent shifts in the housing market have complicated the picture for first-time buyers, particularly in high-demand areas near tourist attractions like Yellowstone National Park.
Wyoming’s average starter home price now sits at approximately $319,640—above the national average and notably higher than many states in the Midwest and South. At a 7% mortgage rate and with a 10% down payment, a household would need to earn around $76,557 annually to comfortably afford a home at that price point. This is more than double the required income in states like Arkansas or West Virginia, and higher than the national benchmark of $70,000.
Over the past five years, starter home prices in Wyoming have surged by 81%, while monthly mortgage payments have climbed by 155%. Factors driving the increase include limited inventory, strong demand, and relatively little large-scale residential construction.
Despite statewide increases, several communities still offer more accessible options for buyers earning around $75,000 annually—though none are near Yellowstone. Affordable markets include:
Cheyenne: The state capital offers a median starter home price of about $280,000.
Casper: Homes in this centrally located city average around $260,000.
Rock Springs: Among the state’s more affordable markets, starter homes often list for under $250,000.
These areas also tend to offer a lower cost of living and access to local amenities, making them realistic options for first-time homeowners.
In contrast, some Wyoming towns remain out of reach for many buyers, particularly those influenced by tourism and second-home investment. For example:
Jackson: Known for its proximity to national parks and ski resorts, starter home prices often exceed $800,000.
Wilson and Teton Village: Few homes in these areas list for under $1 million.
Laramie: While home to the University of Wyoming, limited housing supply and student demand keep prices near or above $350,000.
In such markets, even buyers with strong incomes may find themselves priced out or facing stiff competition from investors and out-of-state buyers.
Wyoming received a “C-“ grade on Realtor.com®’s affordability and homebuilding index. The state accounts for just 0.1% of national housing permits, despite comprising 0.2% of the US population. This lag in new development suggests that inventory shortages may persist, placing upward pressure on prices.
Additionally, new construction in the state comes with a nearly 20% premium compared to existing homes, further narrowing options for budget-conscious buyers.
Still, purchasing a starter home in Wyoming could be a wise investment for those planning to stay long-term. Programs such as FHA and USDA-backed loans offer more accessible financing, and some counties provide limited down payment assistance—particularly for rural buyers and public sector workers.
While Wyoming continues to offer opportunities for homeownership, affordability depends heavily on location. For those not tied to popular mountain towns, earning $75,000 a year may be enough to buy a home. However, in resort communities near Yellowstone, that same salary may fall far short of what’s needed to get a foot in the door.
