Wyoming is an exciting and adventurous state - the 10th largest yet the least populated state in the U.S. It has wide-open spaces and free-range living and is becoming increasingly more popular. Hence, Wyoming is the perfect place for retirees and outdoor types.
Moreover, Wyoming is widely known for its national parks, cowboys, ranchers, and rodeo clowns, naming it "The Cowboy State!"
The 411 on Wyoming
Population and weather
Wide open spaces are plentiful here - Wyoming is only populated with 569,013 inhabitants (2021). Their population is in part low because of its landscape like plains and valleys with rugged terrains. The cities in Wyoming are also far apart.
Wyoming has a continental type of climate. As a result, summers can be warm and moderately wet with an average high temperature from 75⸰F to 90⸰F in July. During cold winters, the average low temperatures are 0⸰F to 18⸰F – Wyoming's winter can be hard and extreme.
Locals usually recommend the months of June to October (mid-summer to autumn) as the best time to visit the state. Most visitors steer clear of the cold winters.
Business and economy
Although Wyoming is the least populated state in the U.S., it has grown as a place of business. The fastest-growing industries in Wyoming are mining and extraction, tourism, agriculture, manufacturing, and health care. Moreover, the most common jobs in Wyoming include:
- Personal care assistant
- Registered nurse practitioner
- Medical receptionist
- Front desk clerk
- Pre-school teacher
In addition, Wyoming has been dubbed as the fourth-best state to live in for tax day. Its GDP is approximately $38 Billion, and the median income is $30,883.
- Property tax: 0.61% (Mostly real estate tax and ranked as the 9th lowest in the country.)
- Sales tax: 4% (Local taxes.)
- Income tax: 0% (Wyoming has no income tax.)
Wyoming 101
Top 10 major cities
The state is divided by mountain ranges such as the Rocky Mountains. As a result, most of its cities are far from each other. Nonetheless, the state's wide-open spaces made it known as an Air Pollution Free State!
Populous cities in Wyoming include:- Gillette
- Laramie
- Rock Springs
- Sheridan
- Green River
- Evanston
- Riverton
- Jackson
Transportation
Residents are practically required to own a vehicle to enjoy the state. Also, for practicality reasons as hospitals, schools, and grocery stores often are a bit of a distance from one's home. Therefore, a personal car is a must.
Pros and Cons of living in Wyoming
Pros
- Low cost of living.
- No traffic.
- Low crime rate.
- Beautiful scenery all around.
Cons
- High workplace fatalities by cattle/moose.
- No big cities.
- Weather hazards. For example, wildfires and tornadoes.
The State's Real Estate Situation
Wyoming's housing market is currently somewhat competitive. Some homes get multiple offers, and average homes sell for about 1% below list price and go pending in around 41 days. Furthermore, Wyoming's hot homes can usually sell in for approximately 1% above list price and stay in the market for just five days.
Also, houses here are usually listed at $226K and at $110 per square foot. In terms of choosing between renting or buying a home in Wyoming, many suggest that it's better to rent in Wyoming because it's so affordable.
Due to the pandemic, there have been higher demands for livable spaces and family homes with outdoor amenities ever since people started attending work and school from home. The average mortgage is $1,200, and the average monthly rate is $1,000. As a result, the demand for affordable homes began to rise and elevated the market's competition. Lastly, the increasing demand for home buyers and sellers resulted in the need for experienced real estate agents.
The Bottom Line
Wyoming's low cost of living becomes its greatest asset for home buyers, sellers, and real estate agents. The pandemic has seen an opportunity to increase their demand for real estate, making it somewhat competitive. The Cowboy State is truly a place for people who want peaceful and low-maintenance living. Although the state does not have many urban features, it's the great outdoors that makes Wyoming so special!
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