Suppose real estate is the most significant investment a majority of people make in their lifetime. In that case, it’s best to understand the places in Wyoming with best potential return on investment.
After working in real estate adjacent roles for over a decade, I had the hypothesis that the best place to buy for a return on investment would be up-and-coming cities. Smaller cities where crime might be high now, but people still move to.
To test my hypothesis, we are going to look at places in Wyoming that are growing faster than average, but where home prices are below average, and crime rates are higher than average.
In everyday terms, these might be “deals”. The best deal in Wyoming at the moment according to Saturday Night Science? That would be Powell.
Table Of Contents: Top Ten | Methodology | Summary | Table
The 10 Best Places To Buy A Home In Wyoming For 2024
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
For more Wyoming reading:
- Best Counties To Live In Wyoming
- Best Places To Raise A Family In Wyoming
- Best Places To Retire In Wyoming
The 10 Best Cities To Buy A House In Wyoming For 2024
/10
Population: 6,460
Median Home Price: $392,071
Population Change: 1.2%
Home Price Change: 5.5%
More on Powell: Data | Crime | Cost Of Living | Real Estate
/10
Population: 6,356
Median Home Price: $293,909
Population Change: 0.4%
Home Price Change: 1.5%
More on Douglas: Data | Crime | Cost Of Living | Real Estate
/10
Population: 6,161
Median Home Price: $219,113
Population Change: -0.6%
Home Price Change: 4.4%
More on Torrington: Data | Crime | Cost Of Living | Real Estate
/10
Population: 7,561
Median Home Price: $367,249
Population Change: 0.1%
Home Price Change: 3.9%
More on Lander: Data | Crime | Cost Of Living | Real Estate
/10
Population: 8,287
Median Home Price: $201,063
Population Change: -1.1%
Home Price Change: -0.6%
More on Rawlins: Data | Crime | Cost Of Living | Real Estate
/10
Population: 10,081
Median Home Price: $469,664
Population Change: 0.3%
Home Price Change: 7.4%
More on Cody: Data | Crime | Cost Of Living | Real Estate
/10
Population: 10,748
Median Home Price: $2,066,686
Population Change: 0.2%
Home Price Change: 15.3%
More on Jackson: Data | Cost Of Living | Real Estate
/10
Population: 10,733
Median Home Price: $247,334
Population Change: 1.1%
Home Price Change: 5.3%
More on Riverton: Data | Crime | Cost Of Living | Real Estate
/10
Population: 11,801
Median Home Price: $278,947
Population Change: -0.0%
Home Price Change: 4.4%
More on Evanston: Data | Crime | Cost Of Living | Real Estate
/10
Population: 11,772
Median Home Price: $270,147
Population Change: -1.0%
Home Price Change: 3.5%
More on Green River: Data | Crime | Cost Of Living | Real Estate
Methodology: How do you determine the best places to buy a home in Wyoming for 2024?
We were in real estate for almost five years and have worked on this site for another 9. Suffice it to say we’ve put a lot of thought into finding an excellent place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in Wyoming. Put differently, the analysis will try to find places in Wyoming with undervalued homes relative to pent-up demand using Saturday Night Science.
To do that, we looked at the most recent American Community Survey Census data for 2018-2022 and compared it to the previous vintage. Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for Wyoming with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that, and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 0 cities and towns in Wyoming, only 16 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 16 for the above criteria, with 1 being the best. We averaged the rankings to create a “best place to buy” index, with the place having the lowest index being the best.
Turns out that Powell is the best potential gem in the not-so-rough in the Equality State.
Summary: The Best Places To Purchase A House In Wyoming for 2024
There’s our analysis of the best places to buy a house in Wyoming. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
The best cities to buy a house in Wyoming are Powell, Douglas, Torrington, Lander, Rawlins, Cody, Jackson, Riverton, Evanston, and Green River.
So if we’d could rent or buy in these cities, we’d definitely buy.
For more Wyoming reading, check out:
Best Places To Buy A Home In Wyoming
| Rank | City | Population | Median Home Price | Population Change | Home Price Increase |
|---|---|---|---|---|---|
| 1 | Powell | 6,460 | $392,071 | 1.2% | 5.5% |
| 2 | Douglas | 6,356 | $293,909 | 0.4% | 1.5% |
| 3 | Torrington | 6,161 | $219,113 | -0.6% | 4.4% |
| 4 | Lander | 7,561 | $367,249 | 0.1% | 3.9% |
| 5 | Rawlins | 8,287 | $201,063 | -1.1% | -0.6% |
| 6 | Cody | 10,081 | $469,664 | 0.3% | 7.4% |
| 7 | Jackson | 10,748 | $2,066,686 | 0.2% | 15.3% |
| 8 | Riverton | 10,733 | $247,334 | 1.1% | 5.3% |
| 9 | Evanston | 11,801 | $278,947 | -0.0% | 4.4% |
| 10 | Green River | 11,772 | $270,147 | -1.0% | 3.5% |
| 11 | Sheridan | 18,807 | $401,806 | 0.8% | 1.5% |
| 12 | Rock Springs | 23,361 | $264,064 | -0.6% | 4.5% |
| 13 | Gillette | 33,158 | $310,582 | 0.3% | 4.7% |
| 14 | Laramie | 31,735 | $352,868 | 0.7% | 3.0% |
| 15 | Casper | 58,631 | $277,346 | 0.1% | 4.9% |
| 16 | Cheyenne | 64,795 | $362,410 | 0.3% | 1.6% |
