Everyday items like food and clothing, as well as some large purchases like appliances and vehicles, will be more affordable in Montana. In the past, Wyoming was at the forefront of equality, and thats one of many great things it can boast. Average Cost of Living in Wyoming: $42,016 per year Wyoming has the lowest average cost of living among all of the Rocky Mountain states, beating out neighbors like Utah, Colorado, Idaho, and Montana. 2023 Cost of Living Calculator: Casper, Wyoming vs Billings, Montana Change Places A salary of $650,000 in Casper, Wyoming could decrease to $640,401 in Billings, Montana (assumptions include Homeowner, no Child Care, and Taxes are not considered. Coeur d'Alene If you are the type of person who enjoys staying informed on the latest trends and experimenting with them, then living in Montana is going to require a significant adjustment. link to What Kind Of Paint For Garage Walls? Searching for Cost Of Living Montana Vs Wyoming information? You will want to have a temporary rental set up for your family if you are moving to Montana in the near future. The U.S. Energy Information Administration reports that the average bill for homeowners is less than $87. Below are the most relevant links to Cost Of Living Montana Vs Wyoming data. 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. There is also no estate tax. Besides down payments and monthly ownership costs in Wyoming, homeowners have to budget for yearly property tax payments. Montana has no sales tax, which is a huge long-term benefit. The average salary after taxes in Wyoming is $3456, which is enough to cover living expenses for 2 months. Boise's average price of rent is $650 for a one-bedroom home and $1,200 for a home with three bedrooms. Rental costs are comparatively cheap in Montana compared to the United States. Home > Facts > United States > State Comparisons. In the city, the median home price is $388,000. It would not take long after this expedition for fur trainers to begin setting up shop in the region, creating a thriving economy for them, but disease and decimation to the native populations. Pocatello's average rental price is $650. One of the most expensive places to live in Wyoming is Jackson, and the median home value is $655,300. Did you know that the state of Montana has more cows living with orders then it does people? The city's median rent price is $775. The cost of living in Wyoming is below the national average due to low housing, utility, and grocery costs. Montana is a renowned state for its natural beauty. Nick Durante is a professional writer with a primary focus on home improvement. Each week, Yahoo Travel pits rival destinations against each other to determine once and for all which place is the best . There is zero state income tax in Wyoming, and that applies to retirement income as well. The following table features a more comprehensive look at the average monthly rental prices you can expect in some of Colorados cities: There are some noteworthy differences between the taxes in Wyoming versus the taxes in Colorado, outlined in detail below. Wyoming is known for having the lowest tax rates in the U.S., and that is reason enough to live there. Those looking into the moving to the great state of Idaho should look into these popular cities, which include Boise, Coeur d'Alene and Pocatello. The median price of a home in Wyoming is $272,700, which is about 6.5% less than the national average of 291,700. 2) Each skier/boarder in Montana has 20 acres of in-bounds terrain all to themselves. This state is a perfect combination of old western traditions and modern amenities. 10. These tours range from $150 for a guided hike with lunch to $3,500 for a two-day guided tour of Yellowstone. The average amount that a single family with two adults and one child spends on food per year is $8,639. . Idaho's cost of living is lower than other parts of the country. Butte's median home price is $145,300. It comes in at number 44. 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. Oh yeah, and there's no state income tax. Tax rates are a factor in the cost of living that can sometimes creep up on you with unexpected costs. You are going to have plenty of run-ins with wildlife after moving to Montana. Housing costs are low across the board in Worland, and the median home value is $140,200, plus $1,079 in monthly ownership costs. On the flip side, Montana's severance taxes on mineral production are higher than Wyoming's, particularly when it comes to surface coal mining. Without a sales tax, the price of your purchase will be more straightforward. Coeur d'Alene's median home price is $491,000. The delegates of the state typically vote Republican, but it is not unusual to have a Democrat representing Montana in the senate either. Washakie County is where Worland is located, and the property tax rate is low at 0.66% of assessed home value. Picturesque cities like Portland, Salem and Astoria tend to encourage people to move to Oregon. The rural roads do not receive as much care as you think they would, and many of them are still gravel. Beer is a way of life in Montana. Astoria Montana Housing Costs. Pocatello The median price of a home in Wyoming is $272,700, which is about 6.5% less than the national average of 291,700. Niobrara County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Wyoming as a whole. There are many commuters in Wyoming, and they spend an average of 17 minutes in the car for their commute. The cost of car insurance is generally 6% less than the national average. Homes in the area sell for $447,000, which is about $100,000 higher than the median in Montana. However, the rising popularity of the energy industry creates hot rental markets in certain areas. Luckily, driving costs are quite low in Wyoming, and the average cost of gasoline is $2.76 per gallon. The cost of living in Wyoming is significantly higher. Childcare costs $16,384 a year in Phillips County for two children compared to the Montana average of $16,520. 8 Reasons to Move to Wyoming More than just stunning viewsthe cost of living, the jobs, the numerous ways to get outside and be healthy all make Wyoming a great place to live. There is a total of 1,320 schools to choose from for parents in Wyoming. See what you'll need to earn to keep your current standard of living. We broke down that 19% as follows: Side-by-side comparison between Wyoming and Montana using the main population, demographic, and social indicators from the United States Census Bureau. In sales tax, Montana beats out Wyoming ranking number 3 while Wyoming is number 6. 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. Living in same house 1 year ago, percent . There is a very real attitude here of encouraging the community to lift everyone up so that each household receives the same chances to succeed. Prices have increased by 12 percent during the last year. However, more affordable housing is still considered a major advantage to settling in Wyoming over Colorado. It is considered arid in Wyoming, but the spring and summer experience a lot fair amount of rain. Private school is not exorbitant in Wyoming and costs an average of $8,689 per year. Move Size Moving Company Moving Container Rental Truck; Studio / 1 Bedroom: $1,408 - $3,855: $848 - $1,674: $597 - $826: 2 - 3 bedrooms: $2,499 - $6,450: Expect to pay $1,338 per year, on average, for car insurance premiums in Wyoming, but there are many factors. link to What Kind Of Paint For Garage Walls? Montana is like many of the other Western states in the fact that it supports a large craft brewing industry. Sales taxes in Wyoming are the third-lowest in the country, besides the 5 states that have none. On the flip side, there are also cities in Wyoming that are more expensive. This typically depends upon which city you call home. Luckily, you dont have to spend a fortune to get your kids a great education in Wyoming. Car insurance premiums vary based on personal driving history, gender, and how many licensed drivers are in your city. Both are very popular in Montana, with gun ownership and an appreciate of the outdoors serving as strong cultural values almost to the point where it could be considered a religion. 11. In fact, between 2019 and 2020, rent for a one-bedroom apartment dropped in Wyoming. That beats the national average by almost $30 per month. New trends take forever to reach Montana compared to the rest of the country. A salary of $39,500 in Billings, Montana should increase to $42,122 in Cheyenne, Wyoming (assumptions include Homeowner, . Cost of living is used to determine how expensive one place is versus another. There's a new study that has declared that Wyoming is a better place to live than Colorado or Montana. Side-by-side comparison between Idaho and Wyoming using the main population, demographic, and social indicators from the United States Census Bureau. As more people find Wyoming appealing, the competition for homes is increasing exponentially. 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. If you can spend another $50 per month, then you can upgrade to a one-bedroom apartment. Regardless, both states have rates that are substantially lower than the national average of 1.07%. If you prefer archery hunts to rifle hunts, these can be more challenging and more expensive. Home brewing is expanding throughout the state as well, with kits available at many retailers. The lack of state income tax makes Wyoming a dream for residents trying to make the most of their income. 4. You dont need to become a doomsday prepper to manage this disadvantage, but it may be some time before you can find some help. Montana. The low housing costs and relative infrequency of crime in the state make Wyoming ideal for retired residents. Besides the down payment, which is usually 15-20% of the selling price, there will be closing costs. Most newcomers have settled in and around the capital, compounding the state's urbanization. Average utility costs are determined based on basic utilities such as electric, gas, and water bills. When the railroads finally crossed into Montana in the 1880s, enough people called the land their home that it could become a state. Meanwhile, the median home price in Colorado is $488,600 a staggering 79% higher than Wyoming. Miners, cattle ranches, and supportive industries would remain, running into conflicts with local tribes that required the intervention of the U.S. Army. Being a largely rural state, Wyoming usually has a housing supply that is on the low end. Wyoming is often ranked as one of the best American states for retirees, and it is for many reasons. The Northwest region of the United States consists of Washington, Oregon and Wyoming along with Idaho, Montana and Alaska. You wont find utility bills that are much cheaper than in Jackson, Wyoming, where the average is $83 per month. Montana requires you to be self-sufficient. It isn't as desolate, but the highway can be pretty empty at times. Wyoming residents pay taxes on other goods in addition to the 4% sales tax like gas, alcohol, and cigarettes. Affordable housing is almost nonexistent throughout much of the state. Our Premium Cost of Living Calculator includes costs of restaurant meals, prepared food, dry cleaning and laundry, cosmetics, . Colorado also has one of the lowest property tax rates in the country even lower than Wyoming. Housing costs three times the national average, with a typical single-family home averaging $730,511. The average total personal consumption cost in Montana is $42,310 annually and breaks down to: In terms of monthly expenses, that's $3,525, on average. You can get a decent education when you live in Montana. Census data reports that the median value of a home in Wyoming is $220,500. Housing leads the way at 15.2% lower. 6. A cost of living index above 100 means Wyoming, Wyoming is more expensive. Fortunately, one of the main financial advantages of living in Wyoming over Colorado is the lack of state income tax. There are also several private school options in Wyoming. Many of the political divides that we experience in the United States are evident when you start living in Montana. While there may be some cities in Wyoming that have higher home prices than other U.S. states, housing costs are still between 40 and 50 percent cheaper than Colorado. GDP $ 40 Billion College Educated 40.4% Population 578,759 Capital Cheyenne Median Income $ 33,296 Traders and trappers began to explore the land that now. The average cost is $2,095 for four-bedroom accommodations. You can expect to pay $635 to rent a two-bedroom residence. The state does maintain taxes on beer, liquor, wine and cigarettes, though. Tacoma Montana is the third largest state (behind Texas, and Alaska), and we have just over a million people (1.03 million) living in a state that is 380,832 km. Salem US Census Bureau Home Page; US Bureau of Economic Analysis; US Bureau of Labor Statistics. This could be why Wyoming ranks first in the nation for high school education attainment, 92% of residents. For a rental, you'll pay $920 for a two-bedroom home and $1,630 for a four-bedroom residence. Living in Wyoming is worth every cost, and that is why it is considered one of the best states to live in. Across the state, the . With a cost of living index of 193.3, the cost of living in Hawaii is nearly twice the national average. Cable plans in Jackson, and the rest of Wyoming, cost between $25 and $60 per month depending on your provider. There are plenty of real estate opportunities where your nearest neighbor will be several miles away. The average private school tuition in Wyoming is, link to How To Organize A Bathroom Closet. Because the winters can be difficult here, it is almost 100% necessary to own a four-wheel drive vehicle to support your needs. Its cost of living is 3.2% lower than the national average. The housing market is not very strong, and it really never will be. 5. That puts your housing costs at a much lower rate compared to what you will experience across the rest of the country. In Wyoming, the typical home is worth $213,300, $8,400 more than the national median home value of $204,900. On our website, we have collected a lot of different data on the cost of living. The only real divide is between the people who decide to participate in these activities, and those who do not. Wyoming is one of the safest states in America, but crime still occurs, and most of it is property crimes. According to the Wall Street Journal, the median home price in the U.S. is $363,300, making Wyoming's real estate market plenty reasonable. The group ranked all 50 states based on weather, cost of living, crime, quality of health care, state and . The average price of health insurance in Wyoming is $6,854 per person or $27,414 for a family of four. It averages 300 inches of snow every year, making it an excellent skiing destination. Though, counties in Wyoming also collect local sales taxes on top of that rate of up to 2%. You can also run into bears or rattlesnakes, so it is wise to be cautious as you move about even if youre living in the city. We store towels, medicine, toiletry supplies, first-aid gear, massage devices, facial steamers, spare Painting your garage is a great way to improve the look of the space and make the walls easier to clean. 6. People who call the state their home pay around $230,700 for a residence and pay an average $840 a month on rent. There is no state income tax in Wyoming, and the other tax rates are low compared to other states in America. Wyoming cost of living is 98.1. With the state being such a desirable state for transplants, many people have also been moving to Colorado. The states average rent prices range from $690 for a two-bedroom residence to $1,160 for four bedrooms. Montana is the 4th largest in area, the 8th least populous, and the 3rd least densely populated of the 50 U.S. states. Living Wage: $15.64 $31.83 $41.51 $55.25 $25.69 $30.79 $35.78 $40.19 $12.85 $18.01 $23.12 . When it comes to this area of the United States, one of the first things that comes to mind is its unique and beautifully diverse landscape. Montana real estate and Wyoming real estate have. Cost of living is another important consideration. Utilities and transportation costs are also below the U.S. average, but Wyoming's healthcare costs are above the national average. There might be big skies to go explore in Montana, but there are also some challenging weather events that you will need to manage. This could be why Wyoming ranks first in the nation for high school education attainment, 92% of residents. Montana is number 13 when considering corporate taxes. In the category of salary, Tacoma's median household income is $50,440. Driving is one of the most expensive costs in Wyoming, and residents can spend up to $1,810 per year. As the population increases here, so do the real estate prices, which have appreciated by 33% between 2005 and 2015. Note: You can also compare counties and cities. Helena, Billings and Butte are just three of the state's popular cities. Check out these leading cities and their demographics down below. Spokane's annual household income is $42,275. 1516 Golden Blvd Bed 4 Bath 3 2336SqFt Property taxes are yet another expense of owning a home anywhere you live, and luckily, its inexpensive in Wyoming. As a Montana resident, you'll pay more for food and health care. Wyoming is more secure than Colorado, whose security situation has gotten worse in 2021. Median listing home price: $899,900. Colorado, on the other hand, has a cost of living index of 121.1, so it is significantly more expensive than both Wyoming and the national average. Renting a house typically has fewer up-front costs and usually includes maintenance. 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. Casper is the most expensive place to live in. Read more from, If you want to buy a home in the beautiful state of Montana, you will find that it is one of the highest residential home markets in the country. 1. In Astoria, the median home value is $220,200. Looks like this move could have a negative net change in disposable income. Accommodation should be around $80 a night for a double room, in comparison with Wyoming averaging at . If you see a new trend happening in California or New York, there is an excellent chance that you will not get to experience whatever is hot right now for at least two years and that is assuming youll ever get to in the first place. Renters typically pay around $1,030 a month; however, this figure does tend to vary throughout the state. Your Get free, zero-commitment quotes from pro contractors near you. Montana real estate and Wyoming real estate have some similarities but there are some major differences that we cover in this video. However, housing is getting a bit pricey. 5. The cost of living index in Wyoming is 98.1, meaning it is about 2% more affordable to live in Wyoming than the national average (100). 3. Luckily, there is an excellent public school system in Wyoming, and you dont have to spend a fortune for a great education. The median home price in Seattle is $550,500. As for individual income tax Montana is 21 and Wyoming again takes the top spot. Spokane Source: Wikipedia (as of 04/11/2019). It can can take 7.5 hours to drive from the southern tip (West Yellowstone) to the Northern border (Roosville BC). Its predicted that home prices will continue to rise and the market wont start to slow down until the interest rates go up. Call Today 406-855-1884 2023 Western Agri Financial 500 West Bench Rd. Households in the city has typically vote toward Democrats, well those living in the rural areas tend to vote for Republicans. 4 season climate and lots of sunshine. The vertical drop is a staggering 4,350 feet, known to be the fourth-longest vertical drop in North America. 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. 4. When it comes to comparing the costs of travel in Montana vs Wyoming, these two neighboring states will vary in price. 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. 7. The Missoula metro area is the most expensive area in Montana. 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. However, Missoula still has a 5% lower cost of living than the national average. The city's household income averages $41,980. Partner The poverty wage for the same family is at $6.30, while the minimum wage is $7.25. The table below lays out average cost ranges for different moving services depending on the size of your home. Anytime that you buy gas at the pump, remember that theres a $0.23 per gallon gasoline tax rate in Wyoming. 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 city's median household income comes to $48,075. Taxi trip in downtown (approx. For a three-bedroom apartment or home in the city, the average cost of rent is $1,000. The cost of living in Wyoming is $1692, which is 1.19 times less expensive than the average in the United States. I was surprised to see that according to this data base, Nebraska is far cheaper. No professional sports teams. Exemptions for property taxes in Wyoming are not extremely high, and the average resident only saves $278 per year. For instance, in Washington and Oregon, everyday expenses are a little higher than they are in other regions; however, if you decide to live in Pocatello or Cheyenne, then you'll enjoy affordably priced goods and services. Montana tends to be greener and it has one larger city and multiple Universities. This rate is the 10th lowest in the country and Wyoming homeowners pay an average of $1,352 in property taxes annually. In Montana, a regular house costs $219,600 as compared to the national median home value of $204, 900. Thriving Technology and Business Climate. The most significant difference occurs between the urban and rural voters here. Military veterans can also qualify for $3,000 in property tax exemptions if youve been a Wyoming resident for 3 years. Knowing your state, city, and county tax rates can help you figure out and stick to a feasible living budget. The county in Wyoming with the lowest cost of living is Niobrara County. Lets take a look at median home prices and the percentage of homes in that range. Demands for a living wage that is fair to workers have resulted in numerous location-based changes to minimum wage levels. If you have a love affair with beer and like to try different varieties, then youll love living in this state. The median home price in Boise is $298,000. Living here gives you an opportunity to be active like no other state can, who is again perhaps the exception of Wyoming and Alaska. Helena If you want to buy a home in the beautiful state of Montana, you will find that it is one of the highest residential home markets in the country. The state spends an average of $20,380 per student, much higher than the national average of $12,201. Billings, Montana vs Cheyenne, Wyoming Change Places . The average population per 1 square mile is 6.86. So, if you like your space, and love exploring in the natural wilderness, Montana could be the perfect state for you.