Wyoming Cost Of Living Statistics


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Wyoming Cost Of Living Statistics 2023: Facts about Cost Of Living in Wyoming reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Wyoming Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Wyoming LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Wyoming Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Wyoming Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 13 Wyoming Cost Of Living Statistics on this page 🙂

Wyoming Cost Of Living “Latest” Statistics

  • Teton County had the highest cost of living in the fourth quarter of 2021, at 65% more than the national average.[1]
  • The Bureau of Economic Analysis estimates that Wyoming’s average annual cost of food and drinks outside of restaurants is $3,883, or about $324 a month.[2]
  • In comparison to the statewide increase of 4.2%, the cost of renting a two-bedroom apartment increased by 2.8%, while the cost of a single-wide mobile home increased by 12.9% in Wyoming.[3]
  • The greatest cost of living was found in Teton County, where it was 65% more than the state average.[4]
  • According to the AAA association of motorists, a gallon of regular-grade unleaded petrol cost approximately $4.11 on Wednesday both nationally and in Wyoming.[5]

Wyoming Cost Of Living “Be” Statistics

  • Between spring 2020 and spring 2021, there was a 7.7% inflation rate, according to the last Wyoming cost of living index study which was published in October.[1]
  • According to information from the U.S. Bureau of Labor Statistics, the national inflation rate from December 2020 to December 2021 was 7%.[1]

Wyoming Cost Of Living “Other” Statistics

  • According to MERIC statistics gathered in the latter half of 2021, Wyoming is also among the top 20 most inexpensive states in the country.[2]
  • The average monthly expenditure on housing and housing related expenditures is 34.9%, or around $1,784.[6]
  • In Wyoming, the fourth quarter of 2018 had an incredible 93% greater rate of inflation than the same three month period in 2021.[5]
  • Due to the need to transport most items to the island, groceries are 50% more expensive than the national average.[6]
  • With an effective tax rate of about 7%, Wyoming also has the second lowest tax burden of any U.S. state, according to the Tax Foundation.[2]
  • According to the most recent Bureau of Economic Analysis, Wyoming’s average personal consumption spending per person in 2020 was $42,016.[2]

Also Read

How Useful is Wyoming Cost of Living

On the surface, a low cost of living may seem like a great advantage. It means that your dollars can stretch further, potentially allowing for a higher standard of living compared to other places with higher costs. This can be especially enticing for retirees, young families, or individuals looking to live a more frugal lifestyle. However, the true utility of Wyoming’s cost of living goes beyond its numerical value.

One major factor to consider is the quality of amenities and services available in the state. While living costs may be lower in Wyoming, residents may find themselves with limited options for things like healthcare, education, entertainment, or dining. In some cases, they might have to travel longer distances to access these services, which could negate any savings gained from a lower cost of living. Ultimately, the value of a low cost of living is only realized if it translates into a better overall quality of life.

Another consideration is the job market in Wyoming. While the state may offer lower living costs, it may also have fewer job opportunities compared to more urbanized areas. This can be a significant drawback for individuals looking to advance their careers or secure stable employment. A low cost of living is only truly useful if it is accompanied by ample job prospects that can sustain a comfortable lifestyle.

It’s also important to acknowledge the trade-offs that come with a low cost of living. Wyoming’s rural nature and lower population density can result in a lack of diversity and cultural amenities that urban areas might offer. While the tranquility and natural beauty of the state may be appealing to some, others may find themselves craving the vibrant energy and opportunities that a more densely populated area provides. This balance between affordability and quality of life preferences is crucial in determining how useful Wyoming’s cost of living truly is.

In conclusion, the utility of Wyoming’s cost of living lies in its ability to afford residents a comfortable and fulfilling lifestyle. While the financial savings can be advantageous, they must be weighed against other factors such as access to amenities, job opportunities, and overall quality of life. Ultimately, the usefulness of Wyoming’s cost of living is a subjective evaluation that depends on an individual’s priorities and preferences.

Reference

  1. jhnewsandguide – https://www.jhnewsandguide.com/news/business/local/state-cost-of-living-grows-by-fastest-pace-in-40-years/article_4b87e463-4889-54b9-9df7-68ca1053d422.html
  2. sofi – https://www.sofi.com/cost-of-living-in-wyoming/
  3. oilcity – https://oilcity.news/community/2021/10/29/7-7-inflation-in-wyoming-slightly-outpaces-u-s-average-over-last-year/
  4. trib – https://trib.com/news/state-and-regional/inflation-in-wyoming-rises-7-7/article_f6e5ccad-7f12-5a89-86e5-d5468d3b4adc.html
  5. wyomingnews – https://www.wyomingnews.com/news/local_news/in-laramie-county-and-across-wyoming-your-money-doesnt-go-as-far-as-it-used/article_c269605a-ff07-5f99-b8ca-dbcb85f6a841.html
  6. worldpopulationreview – https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state

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