Is It Cheaper to Rent or Own in Wyoming?
The decision to buy or rent a home may not always be an easy one. There are certain factors that have nothing to do with market trends. For example, do you want to put roots down? Do you have enough income? Are you ready for a long term investment? Anytime you are making life changing desitions about your money, contact your financial advisor.
According to a new report from Market Watch, it is cheaper to rent than own in Wyoming. 7 other states have a lower cost for renting than owning which is in drastic contradiction to the rest of the country.
Real estate is hyper local. What happens in one market is not the same just 200 miles away. The market in Cheyenne is different than Casper and different than Jackson.
GObankingrates.com broke down the numbers state by state. In Wyoming, the average rental cost $1,100 per month. The average monthly mortgage payment is $1,199 a month. If the average is true for your market, there is only a $99 difference per month. For a "forever home" and a long term investment, that may not be a deal-breaker. Your own finances and life plans may be more important than the market conditions, but they should not be ignored.
In the Cowboy State, the oil and coal industries are struggling which has an impact on the economy and the real estate market. It is very likely that there will be more homes coming into the market. More supply and less demand mean the price of homes might drop. How much and when is a debate onto itself.
The other seven states where it is cheaper to rent are Hawaii, Montana, Utah, Idaho, Colorado, Delaware, and Oregon.
If you are considering buying a home, talk to a professional about your specific situation.