Cost of Living in Wyoming
Wyoming's cost of living runs real, current, and genuinely favorable outside Jackson Hole specifically -- a real, disclosed median household income of $76,176 (approximately 6% below the national figure) offset by a constitutionally absolute lack of income tax, an effective property tax rate roughly 38% below the national average, and homeowners insurance running approximately 28% below the national average -- against a genuinely dramatic, honestly disclosed exception in Jackson Hole's extreme luxury market.
Thinking about moving to Wyoming?
We can connect you with a local real estate professional who knows the area -- no pressure, just a starting point.
Learn moreModestly below-average income, paired with the nation's lightest overall tax structure
Wyoming's real, current median household income ran approximately $76,176 (2020-2024 five-year American Community Survey, up 1.8% from the prior period's $74,815), genuinely modestly BELOW the roughly $80,734 national median figure that same source cites -- approximately 6% lower, a real, disclosed, comparatively minor gap this record does not overstate. That modestly below-average income sits alongside a real, constitutionally absolute lack of state income tax and the Tax Foundation's own #1-nationally 2026 State Tax Competitiveness Index ranking for Wyoming -- a real, quantifiable, everyday-cost advantage this record credits directly. See the income-taxes topic for the full disclosure.
Statewide housing runs genuinely affordable -- except Jackson Hole, an extreme, entirely separate market
Wyoming's statewide typical home value ran approximately $338,888 (Zillow) to $367,664 (a separate average-value citation, May 2026), both well below the roughly $371,774-$408,776 national figures this dataset has cited elsewhere -- genuinely affordable outside one specific region. Jackson Hole (Teton County), by real, disclosed contrast, ran a record $2.995 million median sale price in H1 2026 -- nearly 9 times the statewide typical-value figure, with no homes listed below $1 million as of this pass's research. This record does not apply a single statewide affordability tag given how dramatically Jackson Hole diverges; see the housing-market topic for the full regional breakdown.
Property tax, sales tax, and homeowners insurance all run below the national average
Wyoming's statewide effective property tax rate runs approximately 0.53% (Tax Foundation), roughly 38% below the roughly 0.91%-0.92% national average this dataset has cited elsewhere -- among the lowest rates in the country. The combined sales tax rate runs approximately 5.36%-5.39%, genuinely below the roughly 7% national average outside Jackson Hole specifically (where Teton County's full local-option ceiling produces a real, disclosed combined 7% rate). Homeowners insurance runs a real, disclosed $1,805-$2,396/year statewide, framed by one source as approximately 28% below the national average. See the property-taxes, sales-tax, and homeowners-insurance topics for the full disclosure.
A real, structural dependence on mineral revenue underlies this favorable picture
Wyoming's genuinely favorable overall cost-of-living and tax picture depends substantially on mineral-extraction severance-tax revenue -- coal (Wyoming produces on the order of 40% of all US coal), oil and gas, plus smaller trona, bentonite, and uranium revenue -- a real, structural fiscal-sustainability tension this record discloses honestly rather than presenting the state's low-tax picture as costless. A prospective mover should understand that Wyoming's light tax burden is tied directly to volatile global commodity markets rather than a broad-based, diversified tax structure. See the moving topic for the fuller economic picture.
Key takeaways
- Wyoming's median household income ($76,176) runs modestly (approximately 6%) below the national figure, but a constitutionally absolute lack of income tax and the nation's #1 tax-competitiveness ranking help offset that gap.
- Statewide housing outside Jackson Hole ($338,888-$367,664 typical/average value) runs genuinely affordable relative to national figures, but Jackson Hole itself ($2.995 million H1 2026 median sale price) is an extreme, entirely separate market this record does not blend into the statewide figure.
- Property tax (~0.53%), sales tax (~5.36%-5.39% outside Jackson Hole), and homeowners insurance (~28% below national average) all run genuinely favorable statewide.
- Wyoming's favorable tax and cost picture depends substantially on volatile coal, oil, and gas severance-tax revenue -- a real, disclosed structural tension, not a costless advantage.
Want to know what your budget buys in Wyoming?
Tell us a bit about what you're looking for and we'll connect you with someone local who can walk you through real numbers.
Get local guidanceRead the full Wyoming overview for the complete picture, or explore individual cities and towns we've researched.
Planning a move to Wyoming?
Tell us what you're looking for and we'll connect you with a local expert who can help you make it happen.
Talk to a local expert