From the boundless canyons of Yellowstone National Park to the cascading alpines of Grand Teton, there’s no denying that Wyoming is one of America’s most beautiful states.
The fact that it’s also America’s least-populated state, with fewer than six residents per square mile, means that it’s certainly not a bad pick if you’re looking to get away from crowds.
If you’re one of those lovers of open roads and sprawling views, Wyoming just might be the state for you. The lack of a state income tax also doesn’t hurt!
Let’s take an in-depth dive into the Wyoming cost of living.
What’s the Average Cost of Living in Wyoming?
Average Cost of Living in Wyoming: $47,832 per year
Wyoming has the lowest average cost of living among all of the Rocky Mountain states, beating out neighbors like Utah, Colorado, Idaho, and Montana. It also ranks among the top 20 most affordable states in the nation, according to MERIC data collected in 2022.
According to the latest data from the Bureau of Economic Analysis , average personal consumption expenditures totaled $47,832 per person in Wyoming in 2021.
Breaking down the expenses provides a snapshot of what the annual cost of living in Wyoming might look like.
Here’s a breakdown of the average annual expenditures by category.
Average Annual Per-Capita Cost in Wyoming
Housing and Utilities
Food and Beverages (non-restaurant)
Gas and Energy Goods
All Other Personal Expenditures
That translates to average monthly expenses of $3,986 per person.
Housing Costs in Wyoming
Average Housing Costs in Wyoming: $662 to $1,622 per month
Wyoming is sparsely populated with plenty of plains, mountains, and even desert in between. The state has just 274,371 housing units, according to 2021 data from the U.S. Census Bureau.
The typical home value in Wyoming was $316,886 as of February 2023, Zillow said, which falls beneath the national median sale price of $359,000, as noted by the National Association of Realtors®. However, there are outliers: Homes in the coveted Jackson Hole area can go for millions of dollars.
General costs of putting a roof over your head in Wyoming, according to the latest census data from 2021:
• Median monthly mortgage cost: $1,536
• Median studio rent: $662
• Median one-bedroom rent: $679
• Median two-bedroom rent: $843
• Median three-bedroom rent: $1,082
• Median four-bedroom rent: $1,324
• Median five-bedroom or more rent: $1,622
• Median gross rent: $889
As with any market, your costs will vary according to your location. Here are typical home values for Wyoming’s top cities, according to Zillow’s latest January 2023 data.
Typical Home Price
Utility Costs in Wyoming
Average Utility Costs in Wyoming: $373 per month
Utility costs make up a portion of your monthly expenses. Here’s a snapshot of these costs for the typical Wyomingite.
Average Wyoming Bill
Cable & Internet
Sources: U.S. Energy Information Administration, Electric Sales, Revenue, and Average Price, 2021; Inspirecleanenergy.com; DoxoInsights, U.S. Cable & Internet Market Size and Household Spending Report 2022; and Rentcafe.com, What Is the Average Water Bill?
Groceries & Food
Average Grocery & Food Costs in Wyoming: $335.17 per month
Compared with popular neighboring state Utah, Wyoming is not a cheap state when it comes to food costs. In aggregate, Wyoming cities actually ranked the second most expensive in the entire Rocky Mountain region, with only Colorado scoring higher on grocery expenses.
According to the Bureau of Economic Analysis, the average annual cost of food and beverages (non-restaurant) per capita in Wyoming is $4,022, which comes out to around $335 per month. These costs vary widely even within the state, as high-cost areas like Laramie and Jackson can skew data upward.
Average Transportation Costs in Wyoming: $5,316 to $15,073 per year
Cruising the open roads of Wyoming while listening to your favorite tunes is a thrill that can be enjoyed by anyone with a set of wheels; it will unfortunately still require you to keep one eye on the fuel gauge. Luckily, when compared with the rest of the nation, Wyoming actually has lower-than-average transportation costs.
Transportation costs in Wyoming will vary according to the size of your family. Here are estimated costs, according to MIT’s Living Wage Calculator for 2023.
Average Annual Transportation Cost
One adult, no children
Two working adults, no children
Two working adults, three children
Average Health Care Costs in Wyoming: $7,562 per person, per year
Annual health care costs in Wyoming usually hover around $7,500 per person, according to the Bureau of Economic Analysis 2021 Personal Consumption Expenditures report. Individual results will vary based on personal factors such as your age, medical needs, and health insurance coverage.
It’s a good idea to purchase sufficient health insurance to help manage costs in the event of emergencies. Go to healthcare.gov to find out more about affordable health insurance in Wyoming.
Average Child Care Costs in Wyoming: $664 to $1,248 per child, per month
Average child care costs in Wyoming will vary by location and the type of care sought. Interestingly enough, home-based family care comes in cheaper than classroom settings in Wyoming.
Wyoming is one of nine states that do not levy individual income taxes.
According to the Tax Foundation’s State and Local Tax Burdens for 2022 , Wyoming also has the second-lowest tax burden of any U.S. state, with an effective tax rate of just 7.5%. That is second only to Alaska, which has the lowest taxes in the country, with an effective tax rate of 4.6%.
What’s left after covering typical living costs like housing, utilities, and taxes? Hopefully enough money to cover some of Wyoming’s everyday pleasures. Here’s how much some popular activities and foods in the Cowboy State will set you back.
• Admission to Yellowstone National Park: $35 for a single vehicle for 7 days
• Admission to Grand Teton National Park: $35 for a single vehicle for 7 days
• Bison burger: ~$17 to $18
• A16-ounce ribeye steak: ~$35 to $42
Most of Wyoming’s wide-open prairies can be enjoyed at no cost and usually without crowds. As mentioned, Wyoming has the fewest residents of any state in the country, with just 5.9 people per square mile as per 2020 census data.
Almost half of all of Wyoming’s land is owned by the federal government for conservation and development. About 61% of the 30 million acres under federal control is owned and maintained by the U.S. Bureau of Land Management.
While you’re in Wyoming, if meat is your thing, try its famous bison burgers and steakhouses, as they’re a local staple.
How Much Money Do You Need to Live Comfortably in Wyoming?
If you’re still wondering “How much does it cost to live in Wyoming?,” MIT’s Living Wage Calculator gave the following statistics: The average single, childless individual working 40 hours a week for 52 weeks a year would need to make $15.64 an hour, or $32,531 a year, to warrant a “living wage” in Wyoming.
The Equality State ranked 16th on MERIC’s 2022 Cost of Living results, coming in as the most affordable state within the Rocky Mountain region, followed by Idaho at number 28.
U.S. News & World Report’s
Affordability Rankings actually place Wyoming at No. 33 in the United States, largely dragged down by its metric for housing affordability.
What City Has the Lowest Cost of Living in the Southeast?
The seat of Cascade County, Great Falls is the third-largest city by population in Montana and sits at the edge of the Rocky Mountains, with the great Missouri River running right through it. Of all the metropolitan areas tracked by the council, Great Falls has the lowest cost of living of all the Rocky Mountain states.
Just 112 miles south of Denver, Pueblo rose to prominence as a steel city in the late 1800s. With a population of over 112,000, Pueblo has the lowest cost of living of any city in Colorado as well as some of the most affordable homes in the region.
Located near Casper Mountain in east-central Wyoming, Casper is the second-largest city in the state, after Cheyenne. Formerly an oil-boom town, Casper has about 58,700 residents and is attractive, thanks to its supply of affordable housing. Casper has the lowest cost of living among Wyoming’s major cities.
SoFi Home Loans
If you’re interested in the Rocky Mountain region, why Wyoming? It isn’t crowded whatsoever, the scenery is stunning, and bison burgers abound. Plus, the Wyoming cost of living is the lowest in the region. Ready for house hunting?
Although there are many home loans on the market to choose from, SoFi offers a range of mortgage loans at competitive interest rates and with as little as 5% down.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp. or an affiliate, NMLS # 1121636. (www.nmlsconsumeraccess.org)
✝︎ To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.