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 primary factors that contribute to Wyoming’s relatively low cost of living is housing. Housing prices in the state are often lower than the national average, making it more affordable for residents to purchase or rent a home. In addition, property taxes in Wyoming are among the lowest in the country, which can be a significant benefit for homeowners looking to reduce their overall expenses.

Beyond housing, other aspects of living in Wyoming can also prove to be more affordable than in other parts of the country. For example, groceries and utilities in the state are often cheaper than in many urban areas, helping residents save money on their monthly expenses. Additionally, Wyoming has no state income tax, which can result in significant savings for individuals and families when compared to high-tax states.

However, it’s essential to consider the full picture when assessing the usefulness of Wyoming’s cost of living. While certain expenses may be lower in the state, other costs may be proportionally higher. For example, healthcare costs in Wyoming can be higher than the national average, which could offset some of the savings residents might experience in other areas.

Furthermore, the availability of goods and services in Wyoming may be more limited than in more populous states. This could result in higher prices for certain items that must be shipped from afar or are not readily available locally. Additionally, the lack of competition in certain industries due to the state’s smaller population could result in higher prices for goods and services compared to states with more robust marketplaces.

Another consideration when evaluating Wyoming’s cost of living is the impact of wages and job opportunities. While the cost of living in the state may be lower, incomes in Wyoming are also typically lower than the national average. This discrepancy can make it challenging for residents to make ends meet, particularly if they are working in industries with lower wages or limited career advancement opportunities.

Overall, Wyoming’s cost of living can be a useful metric for individuals and families looking to evaluate affordability in the state. The lower cost of housing and taxes, coupled with lower prices for some goods and services, can make living in Wyoming more financially accessible for many residents. However, it’s essential to consider the full spectrum of expenses and income opportunities when determining whether Wyoming’s cost of living is truly advantageous for all residents.

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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