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. What Is The Cost of Living In Wyoming vs. Colorado? 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: The state's cost of living is higher than the national average and you'll pay a little more for health care and transportation than residents in other states do. 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. The city's median rent price is $775. For example, the property tax rate in Gilpin County is just 0.23%. The public education system in Wyoming is well regarded, and it is the best schooling option to save money. In the category of salary, Tacoma's median household income is $50,440. See what you'll need to earn to keep your current standard of living. The state of Wyomings sales tax is tied for the second-lowest rate of any state that has a sales tax, at just 4%. Bathroom closets are often catch-alls for anything and everything remotely related to self-care. In general, your food budget should be 11% of your annual income, 6% for groceries, and 5% for dining out. The advantages of living in Montana are many, but the high cost of buying a home is not one of them. Montana requires you to be self-sufficient. You really cant wear something that is fancy and formal when going out to the truck means mucking through mud and who-knows-what else. Affordable housing is almost nonexistent throughout much of the state. It will also help to keep at least three days worth of supplies in your vehicle. Cable plans in Jackson, and the rest of Wyoming, cost between $25 and $60 per month depending on your provider. The average population per 1 square mile is 6.86. This state is a perfect combination of old western traditions and modern amenities. Besides the down payment, which is usually 15-20% of the selling price, there will be closing costs. Montana has no sales tax, which is a huge long-term benefit. Housing Costs. Each city in Wyoming has different average utility bills, and energy consumption determines your total monthly cost. Accommodation should be around $80 a night for a double room, in comparison with Wyoming averaging at . Wyoming is more secure than Colorado, whose security situation has gotten worse in 2021. The median income in Wyoming is $61,584, so your food budget should be about $6,800 per year. Just as diverse as their landscape, however, is its cost of living. A small park of Yellowstone is also in Montana. Net taxes for living in Montana are lower, largely because of the lack of state sales tax, which impacts everything you do, buying a car, buying a house, buying food, etc, but also because overall cost of living is 19% lower and total cost of living is 19% lower, housing prices are 40% lower, commutes are much shorter and less traffic laden, etc. You will discover that the people living in Montana are generally quite friendly. Groceries and prescription drugs come with no sales tax in Wyoming, and that is a lifesaver. Wyoming is a great state for retirement, especially if you're looking to pull off an early retirement. Montana's income tax system is progressive, with marginal income tax rates that range from 1.00% to 6.75%. 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. Your Get free, zero-commitment quotes from pro contractors near you. DOT No.076235Texas intrastate moves are hauled under the authority of Allied Van Lines, Inc., TxDMV No. An amount below 100 means Montana is cheaper than the US average. An amount below 100 means Wyoming is cheaper than the US average. Meanwhile, the median home price in Colorado is $488,600 - a staggering 79% higher than Wyoming. 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. 6. Housing costs are lower in Worland than in Washakie County, where the median home value is $165,500. MI. Living Wage Calculation for Wyoming. 4. 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. Montana is the state which is known for its natural beauty. The population density levels in Montana give you space. The county in Wyoming with the lowest cost of living is Niobrara County. (2022-11-23 salary.com) Montana is a tax . 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. Montana cost of living is 94.0. Only 26.7% of residents rent instead of own in Wyoming, and thats because houses are so inexpensive. 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. However, life in Wyoming can be a bit jarring. Gasoline costs are not the only expense of owning a car in Wyoming, and car insurance is a necessity. Related Guide:What Is The Cost of Living In Wyoming vs. Colorado? By the 1860s, gold fever had struck the region, with prospectors quickly coming into the area to find their fortune. Montana. Wyoming residents spend an average of $843 per month of rent, and the median home value is $140,200. Searching for Cost Of Living Montana Vs Wyoming information? A cost of living index above 100 means Wyoming, Wyoming is more expensive. 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. Washakie County is where Worland is located, and the property tax rate is low at 0.66% of assessed home value. Thriving Technology and Business Climate. This eliminates the responsibility and expense of owning a house and can leave you with more disposable income. Montana Is Full of Great Places to Live. See Listings $305,000 . Unless you decide to live in Helena and never want to leave, then you can forget about the idea of living in Montana without owning a vehicle. Population: 48,330. Besides down payments and monthly ownership costs in Wyoming, homeowners have to budget for yearly property tax payments. Worland, Wyoming is the definition of small-town living, and it doesnt hurt that it is so cheap. 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? October 22, 2014, 3:27 AM. 1516 Golden Blvd Bed 4 Bath 3 2336SqFt New trends take forever to reach Montana compared to the rest of the country. Housing Costs in Montana Average Housing Costs in Montana: $590 to $1,429 per month No matter where you live, housing will be a major recurring expense. Wyomings average effective property tax rate, or the annual taxes as a percentage of home value, is only 0.57%. Montana Housing Costs. 16 Pros and Cons of Living in Miami, Florida, 21 Pros and Cons of Living in New Zealand, 18 Major Advantages and Disadvantages of the Payback Period, 20 Advantages and Disadvantages of Leasing a Car, 19 Advantages and Disadvantages of Debt Financing, 24 Key Advantages and Disadvantages of a C Corporation, 16 Biggest Advantages and Disadvantages of Mediation, 18 Advantages and Disadvantages of a Gated Community, 17 Big Advantages and Disadvantages of Focus Groups, 17 Key Advantages and Disadvantages of Corporate Bonds, 19 Major Advantages and Disadvantages of Annuities, 17 Biggest Advantages and Disadvantages of Advertising. Partner The states average effective property tax rate is a mere 0.49% and some areas have rates that are even lower. However, inventory all across the state is now even lower and developers cant build homes fast enough to meet the high demand. No major metropolitan areas. Helena Colorado also has one of the lowest property tax rates in the country even lower than Wyoming. This rate is the 10th lowest in the country and Wyoming homeowners pay an average of $1,352 in property taxes annually. Wild West Smackdown: Montana Versus Wyoming. . It is not unusual for someone to chat with a stranger in a diner simply to pass the time. The state has several affordable cities. The average household salary totals $48,000. 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 has several nicknames, although none are official, including "Big Sky Country" and "The Treasure State", and slogans that include "Land of the Shining Mountains" and more recently "The Last Best Place". There's a new study that has declared that Wyoming is a better place to live than Colorado or Montana. 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. The city's household income averages $41,980. 1) In Montana, the average lift ticket cost is $46/day. Luckily, driving costs are quite low in Wyoming, and the average cost of gasoline is $2.76 per gallon. Each week, Yahoo Travel pits rival destinations against each other to determine once and for all which place is the best . Childcare costs $15,701 a year in Niobrara County . Driving is one of the most expensive costs in Wyoming, and residents can spend up to $1,810 per year. Many of the political divides that we experience in the United States are evident when you start living in Montana. 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. Housing is the biggest factor in the cost of living difference. She grew up surrounded by constant home improvement projects and owes most of what she knows to helping her dad renovate her childhood home. In Boise, the average household income is $49,180. In the city, the median home price is $172,000. For rent, you'll pay $595 for a one-bedroom residence on average. Miners, cattle ranches, and supportive industries would remain, running into conflicts with local tribes that required the intervention of the U.S. Army. Privacy policy Whereas, in Colorado, youll find that most cities have median home prices significantly above the national average. This could be why Wyoming ranks first in the nation for high school education attainment, 92% of residents. The state does maintain taxes on beer, liquor, wine and cigarettes, though. Regardless, both states have rates that are substantially lower than the national average of 1.07%. The median home price in Boise is $298,000. One of the most significant tourism industries in Montana comes during the winter time. With its abundant outdoor recreation, low crime rate, level of authenticity, and numerous tax benefits, many view Wyoming as a more advantageous place to live than Colorado. Citizens who live in Tacoma pay $237,200 for a home on average. These costs include expenses like gas prices, vehicle purchase prices, bus fares, monthly transit passes, and other public transportation fees. Our cost of living calculator assumes people spend around 19% of their income on miscellaneous expenses. There are plenty of real estate opportunities where your nearest neighbor will be several miles away. It gets an annual snowfall of 300 inches on average, which makes it a great skiing spot. Average property tax payments vary widely based on both median home values and property tax rates in the county. The rent in . Tuition only costs $5,581 per year for state residents at the University of Wyoming, and $18,151 for out of state students. Water bills can cost as much as $50 or more per month in Wyoming, but it depends on usage. Like Wyoming, Colorado is experiencing a supply and demand imbalance. Salem There are only 1.07 million people living there being the 4th largest state by area. During the COVID-19 pandemic, people flocked to the state at record rates and apartment-dwellers desired more square footage. (Real estate information provided by: Trulia.com and Bestplaces.net), Allied Van Lines, Inc. MC 15735 U.S. 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. 412K views 2 years ago #MontanaRealEstate 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. As such, it is commonly one of the main factors people use to decide where they want to settle down.