The average effective property tax rate in Wyoming is 0.61%, but it can get as low as 0.49%. A salary of $39,500 in Billings, Montana should increase to $42,122 in Cheyenne, Wyoming (assumptions include Homeowner, . Housing costs are far below the national average in Wyoming, and homeownership rates are above the national average. When it comes to comparing the costs of travel in Montana vs Wyoming, these two neighboring states will vary in price. Wyoming, Montana, and Idaho is a tri-state region with cultural similarities in the Mountain West. With the exception of expensive resort towns (think: Jackson), real estate is also very affordable in Wyoming. Rock Springs Some products and services, such as gasoline and tobacco, carry their own tax rates in Wyoming. Adventurous Outdoor. She grew up surrounded by constant home improvement projects and owes most of what she knows to helping her dad renovate her childhood home. Each week, Yahoo Travel pits rival destinations against each other to determine once and for all which place is the best . Wyoming has 62 school districts, 363 schools, and 94,578 students enrolled. As a Montana resident, you'll pay more for food and health care. For rent, you'll pay $595 for a one-bedroom residence on average. Childcare costs $15,701 a year in Niobrara County . Compared to the United States average $1,558 monthly ownership costs, Wyoming housing costs are quite reasonable. 1516 Golden Blvd Bed 4 Bath 3 2336SqFt Sheridan College is more affordable for in-state and out of state residents, and tuition costs $4,170 and $10,110 per year, respectively. 6. 1. Montana vs. Idaho The Cost of Living will break down everything you need to know if you are thinking about moving to Montana or Idaho. You will find links to both official statistics and people's impressions. Knowing your state, city, and county tax rates can help you figure out and stick to a feasible living budget. The cost of living is about 9% higher throughout the state than the national average. Being a Los Angeles resident, Jessica spends a lot of her time looking for her next DIY project and sharing her love for home design. The cost of living in Scottsdale is 33% lower than in San Francisco, freeing up some of your income and potentially giving you a bit more breathing room. When you consider the fact that the median home price in Wyoming is around $273,000, it is more affordable to purchase a home here than in the state of Colorado. If you bring up a political conversation, then expect to get some pushback if there is someone around who holds a different opinion. Your utility costs when living in Montana are also much lower compared to most other states. Colorado is one of nine states in the country to have a flat income tax system. Car insurance premiums may cost you $176 per month, and up to $2,100 or more per year, depending on age. There are more than 500 miles of interstate highway to diverse when you are taking the east-to-west journey across the state. Coeur d'Alene households earn $41,065 on average. The median home value is around $168,300 with the average household income coming in at around $45,775. The vertical drop is 4,350 feet long, making it the fourth-longest in North America. But you might be struggling to figure out what kind of paint to use on garage walls. Montana is cheaper than Wyoming, with a cost of living index of 96.5 compared to Wyoming's index of 108.3. The group ranked all 50 states based on weather, cost of living, crime, quality of health care, state and . When you live here, then these wide-open spaces become a place where you can settle down and embrace nature in a way that is ideal to you. During the last year, home appreciation has grown in the city by about 12 percent. Despite the location in the mountains, the state cant endure some severe thunderstorms from the spring to the autumn. If you are in the middle of a road trip, then driving through Montana can seem like it takes forever. The western half of Montana contains numerous mountain ranges. With a lot wilderness and open spaces, all three have notable mountain resorts (Sun Valley, ID / Big Sky, MT / Jackson Hole, WY), National Parks (Yellowstone, Grand Teton, Glacier), not really any big cities, but Boise is the largest. Wyoming in number 1. Related Guide:What Is The Cost of Living In Wyoming vs. Colorado? If you currently live in a state with a sales tax and are sick of all the extra costs added to each purchase, you will immediately see the advantage Montana offers. Water bills can cost as much as $50 or more per month in Wyoming, but it depends on usage. Wyoming will become an expensive place to live when the tax burden is shifted from carbon based to property taxes and income taxes because of the low number of people that have to share the burden. Whether you decide to buy a vehicle or lease one, you are going to want to own something that can handle the difficult winters that are in the state. It is not unusual to hear a knock on your door when someone needs a helping hand out in the fields or has a problem to solve with their vehicle. The federal minimum wage is $7.25 per hour while Montana's state law sets the minimum wage rate at $9.95 per hour in 2023. Idaho's cost of living is lower than other parts of the country. Salary.com's Cost of Living Calculator lets you compare the cost of living and salary differentials of over 300+ US cities. Overview of Wyoming Area 97,810 SQ. Niobrara County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Wyoming as a whole. Our cost of living calculator assumes people spend around 19% of their income on miscellaneous expenses. Helena, Billings and Butte are just three of the state's popular cities. If you are thinking about moving to Montana or Idaho, this will help with your choice of states.Equipment used to produce videos: Sony ZV-1 Digital Camera https://amzn.to/3yDhSYSCanon EOS M50 https://amzn.to/3EBEdtzDJI Mini 3 Pro Drone https://amzn.to/3VnKYoFDJI Osmo Action 3 https://amzn.to/3yDe9ubDJI Mic - Wireless Microphone System https://amzn.to/3Cw4xT9Amazon 60-Inch Lightweight Tripod https://amzn.to/3RXRD6cApple iPhone 12 Pro https://amzn.to/3EGkWaqDisclosures: All opinions are my own. This means that whether youre a teacher, doctor, carpenter, rancher, or dog-walker, you dont have to pay any sort of income tax on your personal income including capital gains and income from interest. If you decide to rent a two-bedroom residence in the city, you can expect to pay $700 on average. Our Premium Cost of Living Calculator includes costs of restaurant meals, prepared food, dry cleaning and laundry, cosmetics, . You can enjoy a day of horseback riding for $74 per person and touring the Grand Teton safari costs $125. Outdoor recreation. For a rental, you'll pay $920 for a two-bedroom home and $1,630 for a four-bedroom residence. Call Today 406-855-1884 2023 Western Agri Financial 500 West Bench Rd. The state of Wyomings sales tax is tied for the second-lowest rate of any state that has a sales tax, at just 4%. Housing costs are lower in Worland than in Washakie County, where the median home value is $165,500. Over time, not having to pay a tax on each purchase will help you to achieve a lower, Montana is ranked number 33 out of all states in overall healthcare access and affordability. We are basically tied with North Dakota and Montana. For some, living here brings them the peace they need, while others discover exciting new opportunities to explore. . Additional sites managed by the National Park Service include Big Hole National Battlefield, the Lewis and Clark National Historic Trail, Nez Perce National Historic Park, and the Bighorn Canyon Recreational Area. This state is a perfect combination of old western traditions and modern amenities. You will want to ensure that you obtain all of the correct licenses before you head out into the open spaces, and then remember to store your firearms correctly when driving. For example, the property tax rate in Gilpin County is just 0.23%. Population estimates, July 1, 2019, (V2019), Population, percent change - April 1, 2010 (estimates base) to July 1, 2019, (V2019), Population estimates base, April 1, 2010, (V2019), American Indian and Alaska Native alone, percent, Native Hawaiian and Other Pacific Islander alone, percent, White alone, not Hispanic or Latino, percent, Owner-occupied housing unit rate, 2014-2018, Median value of owner-occupied housing units, 2014-2018, Median selected monthly owner costs -with a mortgage, 2014-2018, Median selected monthly owner costs -without a mortgage, 2014-2018, Housing units in multi-unit structures, percent, 2009-2013, Living in same house 1 year ago, percent of persons age 1 year+, 2014-2018, Language other than English spoken at home, percent of persons age 5 years+, 2014-2018, Households with a computer, percent, 2014-2018, Households with a broadband Internet subscription, percent, 2014-2018, High school graduate or higher, percent of persons age 25 years+, 2014-2018, Bachelor's degree or higher, percent of persons age 25 years+, 2014-2018, With a disability, under age 65 years, percent, 2014-2018, Persons without health insurance, under age 65 years, percent, In civilian labor force, total, percent of population age 16 years+, 2014-2018, In civilian labor force, female, percent of population age 16 years+, 2014-2018, Total accommodation and food services sales, 2012 ($1,000), Total health care and social assistance receipts/revenue, 2012 ($1,000), Total manufacturers shipments, 2012 ($1,000), Total merchant wholesaler sales, 2012 ($1,000), Mean travel time to work (minutes), workers age 16 years+, 2014-2018, Median household income (in 2018 dollars), 2014-2018, Per capita income in past 12 months (in 2018 dollars), 2014-2018, Total employment, percent change, 2016-2017, American Indian- and Alaska Native-owned firms, percent, 2007, Native Hawaiian- and Other Pacific Islander-owned firms, percent, 2007. A cost of living index above 100 means Montana, Montana is more expensive. It is 1,015 km wide and 410 km tall. The following table outlines some of the major cities in Wyoming and Colorado, along with their associated median home prices: With its booming economy and wealth of employment opportunities, Colorado has quickly become one of the fastest-growing states in the U.S. Montana has several nicknames, although none are official, incl.. More The federal minimum wage is $7.25 per hour while Montana's state law sets the minimum wage rate at $9.95 per hour in 2023. Rent prices range from $1,070 for a two-bedroom space to $1,890 for an apartment or home with four bedrooms. There is so much of this land that is empty, with the states population density the third-lowest in the country, behind Wyoming and Alaska. The average population per 1 square mile is 6.86. Casper is the most expensive place to live in. Using these numbers, we calculated the net change in annual disposable income that a move to the new city will have on your wallet and lifestyle. Here are 15 things to know before moving to Wyoming. These median figures can vary substantially throughout the region. With Wyomings transportation cost index of 77.6 and Colorados transportation cost index of 106.7, these expenses are quite a bit cheaper in Wyoming, which is evident in the table below. Portland The Lewis and Clark Expedition of 1804-1806 would mark the first time that European explorers would set foot in the land that would eventually be called Montana. Over time, not having to pay a tax on each purchase will help you to achieve a lower, Montana is ranked number 33 out of all states in overall healthcare access and affordability. If you currently live in a state with a sales tax and are sick of all the extra costs added to each purchase, you will immediately see the advantage Montana offers. Renters typically pay around $1,030 a month; however, this figure does tend to vary throughout the state. Most newcomers have settled in and around the capital, compounding the state's urbanization. This is especially so if you spent your working years on the East Coast or in the South. Montana is number 13 when considering corporate taxes. Follow along, and we will explore the costs of living in Wyoming, and why every penny is worth it. Home brewing is expanding throughout the state as well, with kits available at many retailers. US Census Bureau Home Page; US Bureau of Economic Analysis; US Bureau of Labor Statistics. 5. Montana is mountainous, while Wyoming is mostly plains. 1) In Montana, the average lift ticket cost is $46/day. There are also several private school options in Wyoming. They are currently 15 skin resorts in areas from which to choose, including the 5,800-acre Big Sky Ski Resort that gives you access to world-class runs at an affordable price. Once you have purchased and moved into your new home, there will be utility and maintenance costs as well as property taxes and home insurance that will contribute to your, Montana has no state or local sales taxes making it attractive for shoppers. The standard of living in a city refers to other factors as well. . Citizens who live in Tacoma pay $237,200 for a home on average. Butte The median home price in Montana is $232,100. The average cost is $2,095 for four-bedroom accommodations. In Seattle, the median rent for a two-bedroom apartment or home is $1,180. It is easier to eyeball how much your spending will cost in Wyoming due to consistent tax rates. Here are two important questions and the numbers to you will need to answer those questions: How much more or less will it cost to live in the new city? Wyoming has many cheap places to live, and the cheapest is Worland, where rent costs as little as $610 per month. There are only 1.07 million people living there being the 4th largest state by area. The delegates of the state typically vote Republican, but it is not unusual to have a Democrat representing Montana in the senate either. 1. - Compare Cities cost of living across 9 different categories - Personal salary calculations can optionally include Home ownership or rental, Child care, . Wyoming Cost of Living Index; Housing; Inflation Tables; Links to Other Sources of Business and Economic Data; Wyoming Labor Market Information; Wyoming Business Council; Guide to Regional Economic Data. The lack of state income tax makes Wyoming a dream for residents trying to make the most of their income. Living Wage Calculation for Wyoming. The state has a flat income tax rate of 4.83%, meaning regardless of your income, you only pay that rate. The University of Montana and Montana State University are both highly regarded public institutions of higher education that you can attend after establishing residency in the state. The advantages of living in Montana are many, but the high cost of buying a home is not one of them. Cost of Living in Virginia (Taxes, Housing & More), Cost of Living in Vermont (Taxes, Housing & More), Cost Of Living In Idaho (Taxes, Housing & More), $5,581 (Residents) $18,151 (Non-Residents), $4,170 (Residents) $10,110 (Non-Residents). Residents in Wyoming face a violent crime rate of 1 in 471, and a property crime rate of 1 in 56. Montana would become a territory in 1864, but the rapid influx of people quickly stopped as the boomtowns disappeared when the gold ran out. However, more affordable housing is still considered a major advantage to settling in Wyoming over Colorado. Montana is like many of the other Western states in the fact that it supports a large craft brewing industry. There are many commuters in Wyoming, and they spend an average of 17 minutes in the car for their commute. An amount below 100 means Montana is cheaper than the US average. One of the most expensive places to live in Wyoming is Jackson, and the median home value is $655,300. Housing is the biggest factor in the cost of living difference. In Wyoming, once you finish your federal tax return, your taxes are complete for the year. The best option for a retirement state between Wyoming and Colorado is Wyoming. According to reports, the city's median household salary is $51,240. Boise Unlike Wyoming, which charges its highest property taxes on the mineral industry, Montana does not levy a property tax on oil, gas or coal holdings. It comes in at number 44. You are going to have plenty of run-ins with wildlife after moving to Montana. Housing is one of the largest components of cost of living. It can can take 7.5 hours to drive from the southern tip (West Yellowstone) to the Northern border (Roosville BC). But the fact that the city has no sales tax and low transportation and utility costs helps make up for it. The Missoula metro area is the most expensive area in Montana. Casper 1. Only 26.7% of residents rent instead of own in Wyoming, and thats because houses are so inexpensive. Besides the down payment, which is usually 15-20% of the selling price, there will be closing costs. Sitemap, Copyright Working Holiday Pty Ltd ABN 24 615 642 825. These costs include expenses like gas prices, vehicle purchase prices, bus fares, monthly transit passes, and other public transportation fees. Living in same house 1 year ago, percent of persons age 1 year+, 2014-2018: 83.1%: There is zero state income tax in Wyoming, and that applies to retirement income as well. I could not care less about the top 10, but the real gem in this study is how Wyoming compares to our neighbors in Colorado and Montana. Helena In the category of salary, Tacoma's median household income is $50,440. After people stopped wearing the beaver hat and the animals were becoming scarce, this initial effort at settlement would eventually fail. 4. As the population increases here, so do the real estate prices, which have appreciated by 33% between 2005 and 2015. It comes in at number 44. Contact Today, residents of Wyoming can say that they live in one of the safest and most affordable states in America. When he is not writing about home improvement or taking on projects around the house, he likes to read and create art. Some links in the description are affiliate links, if you click on one of the product links, Ill receive a commission at no additional cost to you. Colorado, on the other hand, has one of the lowest income taxes in the country. Did you know that the state of Montana has more cows living with orders then it does people? Wyoming cost of living is 98.1. Rental costs are comparatively cheap in Montana compared to the United States. Alcohol sales are not subject to anything except for the 4%-6% sales tax rate throughout the state. There are currently more than 50 licensed breweries operating here, employing over 500 workers and making an economic impact of more than $60 million each year. No professional sports teams. If you are thinking about moving to Montana or Wyoming, this will help with your choice of states.If you would like information about homes and land for sale in Whitefish, Montana, Please contact us at any time!Equipment used to produce videos: Sony ZV-1 Digital Camera https://amzn.to/3yDhSYSCanon EOS M50 https://amzn.to/3EBEdtzDJI Mini 3 Pro Drone https://amzn.to/3VnKYoFDJI Osmo Action 3 https://amzn.to/3yDe9ubDJI Mic - Wireless Microphone System https://amzn.to/3Cw4xT9Amazon 60-Inch Lightweight Tripod https://amzn.to/3RXRD6cApple iPhone 12 Pro https://amzn.to/3EGkWaqDisclosures: All opinions are my own. The table below lays out average cost ranges for different moving services depending on the size of your home. The most significant difference occurs between the urban and rural voters here. Lets take a look at median home prices and the percentage of homes in that range. Like Bozeman, Missoula is affordable. It isnt the lowest cost in the country, but it is pretty close to it. How much more or less will pay for the same or similar job be in the new city? Whereas, in Colorado, youll find that most cities have median home prices significantly above the national average. Fashion trends operate the same way here in the state. The median price of a home in Wyoming is $272,700, which is about 6.5% less than the national average of 291,700. These tours range from $150 for a guided hike with lunch to $3,500 for a two-day guided tour of Yellowstone. As a Montana resident, you'll pay more for food and health care. Not only that, but Wyoming also boasts the lowest sales tax in the United States. In Boise, the average household income is $49,180. Median selected monthly owner costs -with a mortgage, 2014-2018: $1,428: $1,386: . Housing leads the way at 15.2% lower. 2) Each skier/boarder in Montana has 20 acres of in-bounds terrain all to themselves. Though, there is still much to love about Colorado, as it also has numerous outdoor recreational opportunities, in addition to beautiful landscapes, and a booming economy. Car insurance premiums cost as much as $1,338 per year, but location, age, and driving history play a role. Casper, Wyoming vs Billings, Montana Change Places . The state's cost of living is slightly higher than average. Hunting and fishing are significant components of tourism. Searching for Cost Of Living Montana Vs Wyoming information? Winter sports in Montana are always world-class. With Colorados median home price of close to $500,000 youd be looking at spending almost double the amount for a home in Colorado compared to Wyoming. Montana Despite its large amount of land mass, Montana's 1 million residents make the state one of the country's smallest by population.