Are you thinking about moving to Cheyenne, Wyoming, and wonder what it costs to live here? In this episode of Wynot?, I’m going to share everything you need to know about the cost of living in Cheyenne. We’ll explore costs from housing to gas so you know exactly what to expect when you make Cheyenne your home.
Deciding On Your Housing Needs
One of the reasons a lot of people choose to live in Cheyenne is because of its affordable cost of living. As a mortgage advisor, the cost of living is something I share with my clients every single day. I’ll paint a picture of what you can expect if you choose to make Cheyenne your home, starting with the most obvious: housing costs.
One of the first things that you're going to need to decide is what kind of housing you need. Are you going to buy, or are you going to rent? Do you need an apartment or a single-family home? If you're like me, are you looking for a little bit more acreage for your family and animals?
The cost of your housing is going to vary depending on which one of those choices you make. If you want more information specifically tailored to your situation, feel free to message me and I'll get you in touch with one of the greatest realtors in Cheyenne. In the meantime, here are some general pointers on what you can expect.
Average Home Prices
The average three-bedroom single-family home in Cheyenne costs roughly $325,000. A two-bedroom in the same area would run roughly $285,000—making the median price for all houses in Cheyenne currently about $331,000. If you were looking to rent an apartment in the area, you can plan on spending anywhere from $800 on the very low end to above $2,000 on the higher end.
Additionally, there are actually million-dollar properties in Cheyenne. But we don't have million-dollar mansions; we call them million-dollar ranches. There are price points all over the board in Cheyenne; you can start out at that low $325,000 house or you can find your million-dollar ranch.
One of the reasons that people choose to live in Cheyenne is that you get some additional space with your home. Whether you're talking about some of those giant acreage raches or a house down in the city with a sizable backyard, you’ll have more space than you would in Denver. A good rule of thumb with pricing in Cheyenne is that, as you go north or west, you're going to see the prices go up a little bit versus if you lived in the south or the east.
That being said, the Southwest neighborhoods have experienced the highest depreciation rates in Cheyenne over the last 20 years.
All About Taxes
In addition to the housing costs being relatively low, the property taxes are also very low. Median property tax in Cheyenne costs about $1,300 a year, half of what you'd pay somewhere else. Since we're on a topic that nobody likes, let's go ahead and finish up with some state sales tax and income tax. Don’t worry, you’re going to like what I have to say next: Wyoming does not have any state income tax.
Let me repeat that: there is no state income tax in Wyoming. The national average is about 4.6%, so if you're at the median income level in Cheyenne of about $55,000 per individual, this would save you $2,500 per year in not paying state income tax. In addition, the state sales tax is one of the lowest sales taxes in the entire country at about 4%. The local sales tax in the city of Cheyenne is a little higher at about 6%. However, there's great news: a few things are excluded from that rate, including groceries and prescription drugs.
Gas, Transportation, And Hunting
Another consideration is your gas costs. In 2021, gas prices soared, with the current price at the pump topping out at about $3.60 a gallon. You’re going to pay for gas for your car at the pump or natural gas for your house, and that has to be a consideration in our area. Both of those costs are just slightly above the national average. If you're going to live in Cheyenne, you do need to consider gas because you're probably going to need a car.
Cheyenne does have a bus service, including a door-to-door service called the CTP. However, since things are a little more spread out than you might be used to, you're probably going to want to have a car. There are a couple of other logical costs that most people may not even think about related to transportation.
For example, it costs about $30 to register a car here in Wyoming. In California, they have to pay around $450. Another thing that you might be familiar with paying every year is your emissions testing. I always get a laugh out of this, but in Wyoming, you pay $0—because there is no emission testing. They've classified most of the emissions as having to do with either ATVs or snowmobiles, so you don't have to worry about it on your car.
Lastly, if you happen to be a hunter (which many Cheyenne residents area, you're going to pay the resident fee because you now live here. You only have to budget about $100 for hunting licenses to hunt deer, turkey, and other gamebirds. This pass will last for the whole year.
Affordable Living In Cheyenne
At the end of the day, you'll notice that everything in Cheyenne is just a little bit more affordable than what you may be used to somewhere else. When you live here, you're going to get a little more bang for your buck. So if you’re considering making the relocation to Cheyenne, one of the very first things you're going to want to do is have an analysis of the cost of living for your particular needs. Simply reach out to me and I'd be happy to provide that with you.
If you want more information about living in Cheyenne, make sure to subscribe to my channel so you never miss an episode of Wynot?, where we show you why people are choosing to live in Cheyenne, Wyoming. Stay tuned to see what I feature in the next episode!