Wyoming Land & Housing Prices Are Exploding
So you have the romantic idea of buying some land in Wyoming. Sounds wonderful.
Well, you might want to get a move on because Wyoming land real estate is being snatched up and the prices are soaring.
If the video below the gentleman explains that there are so many people coming to Wyoming looking for land, and maybe a business opportunity to open up tourist cabins and such things in mostly Western Wyoming that most properties have multiple bidders.
He suggests that if you want to buy you might want to move to Wyoming and get an apartment and take some time hunting for the best deals.
Speculators are everywhere in this hot Wyoming market.
Get it while you can.
It won't be long until most places are priced so high the average person won't be able to afford them.
The video, above, is produced by The Wyoming Project, on Youtube. "Everything News, Guns, and Finance with a Twist of Wyoming."
The Real Estate site Zillow shows the value of a typical single-family home in Wyoming is $279,449, lower than the national average.
But that is rapidly changing as folks from around the nation find this out.
Across Wyoming, the value of a single-family home increased by 6.4% over the one-year period from August 2020 to August 2021. That is still below the national average but that number is shooting up as buyers and speculators arrive in the state.
Housing prices are determined by supply and demand forces as well as what local residents are willing to pay — and that is influenced largely by what they can afford. As a result, areas with higher than average home values often also have higher-income residents. Wyoming is an exception, however. The typical household in the state earns $65,003 annually, in line with the national median household income of $65,712. (Wallst.com).
Even dying towns like Shoshoni have started to come back from the brink.
As the housing market boomed in places like Lander and Riverton, it pushed more residents to look for housing in Shoshoni.
The town’s mayor, Joel Highsmith, was the “driving force” in helping revive Shoshoni, Konija said. Now, a new plaza has reinvigorated the downtown area. The municipality hosted events, like a car show and concerts, in the summer of 2022. Businesses are courting Shoshoni and existing ones want to expand. (Wyofile).
Shoshoni’s housing shortage isn’t unique. Wyoming’s affordable housing dearth in super-pricey destinations like Jackson is well-known, but the state has been hit across the board. (Wyofile).