Cost of living in Wyoming: Affordable housing options. Low property taxes. Reasonable utility costs. No state income tax. Affordable healthcare services. Moderately priced groceries. Competitive transportation costs. Average childcare expenses. Cost-effective dining options. Annual inflation rates.
Affordable housing options
In Wyoming, affordable housing options include subsidized housing, rental assistance programs like the Housing Choice Voucher program, and specific programs for veterans, the elderly, and individuals with disabilities, all of which are funded by a mix of state, federal, and non-profit sources. These programs aim to provide not only affordable housing but also supportive services to enhance quality of life and community integration.
Low property taxes
Wyoming boasts one of the lowest property tax rates in the United States, making it an attractive location for property owners. The average property tax rate in Wyoming is approximately 0.61%, although this can vary by county, ranging from 0.389% to 1.000%. Taxes are typically calculated based on 9.5% of the property's assessed value. For a detailed understanding of how these calculations are made, visit this informative guide on the PayRent website.
Reasonable utility costs
Utility costs in Wyoming are relatively low, with average monthly utility expenses being 13% lower than the national average. This amounts to a total of approximately $373 per month for essential services such as electricity, gas, cable & internet, and water. For more details and a comprehensive analysis, refer to the Cost of Living Calculator, which provides valuable insights into the economic advantages of residing in the state.
No state income tax
Wyoming has no state income tax, making it one of nine states without individual income taxes, and it also boasts the second-lowest tax burden in the U.S., with an effective tax rate of 7.5%. This financial advantage is highlighted on the Cost of Living in Wyoming page, where the details of tax benefits and economic climate provide a comprehensive understanding of the financial appeal for residents and potential movers to the state.
Affordable healthcare services
In Wyoming, affordable healthcare services are available through programs like Wyoming Medicaid, Kid Care CHIP, and the Affordable Care Act (ACA) Marketplace plans. These programs offer various forms of health coverage, including free preventive care, low-cost co-pays, and financial assistance such as premium subsidies and cost-sharing reductions, particularly for low-income individuals and families. For more detailed information on the eligibility and advantages of these options, visit the Wyoming Medicaid website.
Moderately priced groceries
In Wyoming, the average monthly cost for groceries and non-restaurant food is approximately $335 per person, which is marginally higher than some neighboring states but still relatively affordable compared to national averages. For more detailed information on living expenses, you can visit the Cost of Living in Wyoming page, which provides comprehensive insights into how Wyoming compares to other states in terms of daily living costs.
Competitive transportation costs
Transportation costs in Wyoming are generally lower than the national average, with estimated annual expenses ranging from $5,316 for one adult to $15,073 for a family of two working adults and three children. Gas prices average $3.00 per gallon, slightly below the national average. For more detailed insights into the expenses involved and other aspects of living in this state, you can visit the Cost of Living in Wyoming page on SoFi's website.
Average childcare expenses
In Wyoming, the cost of child care is influenced by the type of care provided. For example, the average monthly cost for infant and toddler classroom care is $1,248, whereas care for preschoolers costs approximately $814 each month. Additionally, home-based family child care is more affordable, with an average cost of $664 per month. For more detailed insights on living expenses in the state, you can explore the Cost of Living in Wyoming report on SoFi's website.
Cost-effective dining options
In Wyoming, particularly in Jackson Hole, cost-effective dining options include restaurants like The Virginian, which offers hearty breakfasts for under $12, Bubba's Bar-B-Que Restaurant with affordable barbecue meals, and Cutty's Bar and Grill, known for its authentic Philly cheesesteaks and Jersey shore-style pizza at reasonable prices. For a comprehensive guide to these budget-friendly culinary spots, visit the Travel Awaits website to explore more about these hidden gems offering great food without breaking the bank.
Annual inflation rates
Wyoming's statewide inflation rate for the fourth quarter of 2023 was 3.8%, marking the lowest annual rate since the fourth quarter of 2020. Despite this decrease, inflation increased in various consumer categories, such as recreation and personal care, which rose by 5.3%. Other significant increases were observed in housing and medical expenses at 4.2% and 4.1%, respectively. The cost of food also climbed to 3.8%, while apparel and transportation costs grew by 3% and 2.2%. Teton County exemplifies the broader pattern of elevated living expenses, underscoring the impact of these trends. For more detailed insights, you can explore the full report on Buckrail's website.