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

One of the key benefits of Wyoming’s cost of living is its affordability compared to many other states in the country. Housing costs, in particular, tend to be lower in Wyoming, allowing residents to stretch their dollars further when it comes to purchasing a home or renting an apartment. This can be a significant advantage, especially for young families or individuals just starting out in their careers who may be on a tighter budget.

Additionally, other expenses such as groceries, utilities, and healthcare may also be more manageable in Wyoming compared to other states with higher costs of living. This can help residents to better balance their budgets and allocate funds towards other important priorities, such as education, savings, or leisure activities.

Moreover, the lower cost of living in Wyoming can also attract businesses and entrepreneurs looking to establish or expand operations in the state. Lower overhead costs can translate into higher profit margins for businesses, making Wyoming an attractive destination for those looking to start a new venture or grow an existing business. This, in turn, can lead to job creation and economic growth within the state, benefiting residents and bolstering the overall economy.

In addition to affordability, Wyoming’s cost of living may also offer other advantages that are less tangible but equally important. For many people, living in a state with a lower cost of living can contribute to a sense of financial security and peace of mind. Knowing that their money can go further in Wyoming may alleviate stress and allow individuals to focus on other aspects of their lives, such as spending time with loved ones or pursuing personal interests.

Furthermore, the lower cost of living in Wyoming may also contribute to a higher quality of life for residents. With more affordable housing options and lower overall expenses, individuals and families may be able to enjoy a higher standard of living, including access to amenities, leisure activities, and cultural events that they might not be able to afford in other, more expensive states.

While Wyoming’s cost of living may offer numerous benefits, it is important to keep in mind that there are trade-offs associated with living in any state. Lower costs of living may be offset by other factors such as limited job opportunities, extreme weather conditions, or a lack of cultural diversity. Individuals considering a move to Wyoming should carefully weigh all of these factors and determine whether the state’s cost of living aligns with their personal and professional goals.

In conclusion, Wyoming’s cost of living can be a valuable tool for individuals and families looking to make informed decisions about where to live. Its affordability, potential for economic growth, and impact on overall quality of life make it a key consideration for those weighing their options. Ultimately, the usefulness of Wyoming’s cost of living will depend on each individual’s unique circumstances and priorities, and it is important to carefully evaluate all aspects of living in the state before making a decision.

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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