Buying a Home in Wyoming: What You Need to Know
If you're considering buying a home in Wyoming, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Wyoming homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Wyoming-specific data to give you accurate monthly payment estimates.
Wyoming Property Taxes
Wyoming has an effective property tax rate of 0.55%, ranking #38 out of 50 states (where #1 is the highest). On a median-priced home of $484,000, you'd pay approximately $2,662 per year in property taxes, or about $222/month.
Wyoming's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Wyoming Homeowners Insurance
The average annual homeowners insurance premium in Wyoming is $1,306 for $300,000 in dwelling coverage, or about $109/month.
Wyoming enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Wyoming Closing Costs
Closing costs in Wyoming average 0.76% of the home's purchase price. On a $484,000 home, that's approximately $3,678. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Wyoming Housing Market
The median home price in Wyoming is $484,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Wyoming Mortgage Tools
Use these additional calculators to plan your Wyoming home purchase: