Will Wyoming’s Housing Market Crash? Here’s What the Experts Say.
Inflation has homeowners everywhere biting their nails and praying to the housing gods for a miracle. Unfortunately, the news has reported since the summer of 2022 that a housing crash is likely this year. Should Wyoming homeowners be preparing for the bubble to burst?
Back in June of 2022, Yale professor Robert Shiller spoke with Yahoo Finance about his predictions for the real estate and housing market. He'd accurately guessed the crash of the 2008 housing bubble burst in 2007 and the tech bubble burst in the early 2000s.
Fortune magazine reports that Shiller "once again thinks the U.S. housing market is headed for trouble." But, will Wyoming remain immune to the burst?
According to Fortune Magazine's updated "Odds of Falling Home Prices..." article, the Cowboy State will fair better than most when the housing bubble inevitably bursts.
The Likelihood of a 2022-2023 Housing Bubble Crash in Wyoming
Fortune reached out to CoreLogic, a property data company, for an analysis of each state's chance of falling home prices. The company utilized the key metrics of "income growth projections, unemployment forecasts, consumer confidence, debt-to-income ratios, affordability, mortgage rates, and inventory levels" to make its assessment. CoreLogic noted in their results that "regionally, some markets are at high risk of falling prices."
But, according to their stats, Wyoming's chances of drastic housing market shifts and plummeting home values are low to very low. For example, in SE Wyoming, the chances of falling home prices sit at a 0 to 20% chance (very low), while Central Wyoming faces slightly worse odds of a housing market crash at 20 to 40% (low risk).
Interestingly, CoreLogic valued SE Wyoming's housing markets as overvalued, while Central Wyoming's value was normal. Generally, overvalued markets are more at risk of falling housing prices during a market crash. But, despite SE Wyoming's overvalued market, it faces a lower chance of falling house prices than Central Wyoming.
Overall, Wyoming looks to be in better shape to weather a housing market crash than most of the United States.
For more information on the CoreLogic study, click here.