Wyoming Average Income – Why It Matters

When working with Wyoming average income, the typical earnings a resident makes in a year, usually measured by median household earnings. Also known as Wyoming median income, it serves as a baseline for many economic decisions. The state’s cost of living, the amount needed to cover basic expenses like food, transportation, and utilities and its housing affordability index, a ratio that compares median home prices to median household income both hinge on that income figure.

If you’re curious about Wyoming average income, start with the core metric: median household income. This value reflects the middle point of all household earnings, meaning half earn more and half earn less. It differs from per‑capita income, which averages earnings across every individual, including children and retirees. In 2023, Wyoming’s median household income hovered around $68,000, while per‑capita income was roughly $38,000. Those numbers give a quick snapshot of the state’s economic health and help answer questions like “Can I afford a home here?” or “How does my paycheck stack up against local costs?”

Understanding the link between income and cost of living is key. Wyoming’s cost of living index is about 95 % of the national average, meaning everyday expenses are slightly cheaper than in many other states. However, housing prices in popular areas such as Jackson Hole can push the overall cost higher. The housing affordability index shows that in most of Wyoming, a family earning the median income can comfortably afford a home priced under $300,000. When income rises, the index improves, making it easier for residents to buy or rent without stretching their budget.

What does this mean for renters and buyers? The average income directly drives rent‑affordability calculations. Real estate experts often suggest that rent should not exceed 30 % of gross monthly income. For a household making $68,000 a year, that translates to about $1,700 per month in rent. Many listings in Cheyenne, Laramie, and Casper fall within that range, while high‑end markets may exceed it. Knowing the income benchmarks helps you filter listings, negotiate offers, and avoid overpaying. If you’re interested in commercial spaces, the same principle applies—average income influences the viability of office or retail leases, a topic covered in several of our articles.

Job market trends also shape the average income picture. Wyoming’s economy leans heavily on energy, mining, and tourism. When oil prices rise, average earnings can spike, lifting the median household income. Conversely, downturns in those sectors can pull the numbers down. Demographic shifts—like younger families moving in for outdoor lifestyle—add new income streams, while retirees may lower the overall median if they rely on fixed incomes. Tracking these trends helps you anticipate future changes in housing costs and plan long‑term investments.

Compared to the national median household income of about $70,000, Wyoming sits just a shade below, but its lower overall cost of living often means residents enjoy a comparable standard of living. That balance is why many people view Wyoming as a financially friendly place to live, especially if they work remotely and can earn a higher salary elsewhere while benefiting from cheaper local expenses. The interaction between income, cost of living, and housing affordability is a three‑way street that determines how far your paycheck stretches.

Below you’ll find a curated set of articles that dive deeper into related topics—rental licensing in Virginia, rent‑affordability calculators, commercial property ROI, and more. Each piece builds on the foundation of Wyoming’s income landscape, offering practical tips, real‑world examples, and step‑by‑step guides to help you make informed decisions about where to live, what to rent, and how to invest in property. Keep reading to see how these insights can directly apply to your own real‑estate journey.