Renting versus buying a home in Wyoming

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CHEYENNE, Wyo. (KGWN) Wyoming ranks number seven nationally on a list for the states with the highest percentage of owner-occupied homes. There are 295,796 housing units and 71% are owner-occupied with the other 29% being renter-occupied.

“Our market is very stable, I would argue one of the most stable in the state; largely because of the military base, government presence and the economic activity with two major interstates intersecting,” said Tyler Walton, Re/Max Capitol Properties Real Estate Agent.

Some residents choose to rent for a number of reasons whether they aren’t quite ready to take the jump yet into home ownership or their lease covers utilities.

The average cost of monthly rent is $175 cheaper than the average mortgage. Monthly rent in the Cowboy state is $1,025 and the average monthly mortgage is $1,200.

When looking to buy, people usually prioritize the number of bedrooms, the distance to shopping, and the school districts and proximity to schools.

“If they do charge a per pet, per month, non-refundable fee, that’s just more money you might be throwing away over the long term,” said Tyler Walton. “If you own your house, it’s yours!”

While there are pros and cons to both buying and renting, doing your research is important. If you would like more information about renting versus owning throughout the country, check out https://www.move.org/states-with-highest-lowest-owner-occupied-homes/