There’s a the age old question everyone thinks about when they decide to move to a city in Wyoming:
Should I buy a place or rent?
Well, we aren’t here today to solve that problem for you exactly. We are just assuming you’ll do the right thing and a buy a place 😉
And while we are happy to tell you the best place to live in Wyoming, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Equality State.
To do that we are going to look at places in Wyoming that are growing faster than average, but where home prices are below average. In every day terms, the “deals”.
The best deal in Wyoming at the moment? That would be Rawlins according to our analysis.
Here’s a look at the top ten places to buy a home in Wyoming for 2019:
- Rawlins (Photos | Homes For Sale)
- Worland (Photos | Homes For Sale)
- Cheyenne (Photos | Homes For Sale)
- Powell (Photos | Homes For Sale)
- Riverton (Photos | Homes For Sale)
- Casper (Photos | Homes For Sale)
- Torrington (Photos | Homes For Sale)
- Cody (Photos | Homes For Sale)
- Douglas (Photos | Homes For Sale)
- Sheridan (Photos | Homes For Sale)
The methodology that wen’t into this can be a bit complicated, so we’ll break it down for you in as much detail as we can below.
For more Wyoming reading, check out:
- These Are The 10 Best Counties To Live In Wyoming
- 10 Best Places To Raise A Family In Wyoming
- These Are The 10 Best Places To Retire In Wyoming
How do you determine the best places to buy a home in Wyoming for 2019?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we’ve put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we’d approach finding an up-and-coming place to live in Wyoming. Put differently, the analysis will try to find places in Wyoming with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2013-2017 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It’s still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still “cheap” for Wyoming with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 188 cities and towns in Wyoming, only 17 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 17 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a “best place to buy” index with the place having the lowest index being the best.
Turns out that Rawlins is the best potential gem in the not-so-rough in the Equality State.
Read on for more on these places.
On July 5, 1867, General Grenville M. Dodge and his survey crew plotted the site now known as Cheyenne in Dakota Territory. This site was chosen as the point at which the Union Pacific Railroad crossed Crow Creek, a tributary of the South Platte River. The city was not named by Dodge, as his memoirs state, but rather by friends who accompanied him to the area Dodge called “Crow Creek Crossing”. It was named for the American Indian Cheyenne nation, one of the most famous and prominent Great Plains tribes closely allied with the Arapaho.
Powell was incorporated in 1909. Powell was named for John Wesley Powell, U.S. soldier, geologist and explorer. Powell post office was established January 23, 1908.
The city is an incorporated entity of the state of Wyoming. The community was named Riverton because of the four rivers that meet there. The town was built on land ceded from the Wind River Reservation in 1906, a situation that often makes it subject to jurisdictional claims by the nearby Eastern Shoshone and Northern Arapaho tribes.
The city was established east of the former site of Fort Caspar, which was built during the mid-19th century mass migration of land seekers along the Oregon, California and Mormon trails. The area was the location of several ferries that offered passage across the North Platte River in the early 1840s. In 1859, Louis Guinard built a bridge and trading post near the original ferry locations.
Situated on the historic Mormon Trail and near the Oregon and California trails along the banks of the North Platte River, Torrington was founded in 1900 by W.G. Curtis, and named by him for his home town of Torrington, Connecticut. Originally a watering and coaling station for the CB&Q Railroad, which began passenger service in 1900, the growing city soon became the main source of civilization for nearby farmers and ranchers. In 1905, the first bridge was constructed over the North Platte River, which it had previously been necessary to ford.
Douglas was platted in 1886 when the Wyoming Central Railway established a railway station; the settlement had been in existence since 1867 when Fort Fetterman was built and was first known as “Tent City” before it was officially named “Douglas”, after Senator Stephen A. Douglas. It served as a supply point, warehousing and retail, for surrounding cattle ranches, as well as servicing railway crews, cowboys and the troops of the U.S. Army stationed at Fort Fetterman.
The city was named after General Philip Sheridan, Union cavalry leader in the American Civil War. Travel book information describe Sheridan at the scene of many fierce battles between US Cavalry and the Sioux, Cheyenne and Crow Indian tribes.
There You Have It – The Best Places To Purchase A House In Wyoming for 2019
There’s our analysis of the best places to buy a house in Wyoming. And, to be clear, we aren’t necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 188 places in the state.
So if we’d could rent or buy in these cities, we’d definitely buy.
For more Wyoming reading, check out:
Detailed List Of The Best Places To Buy A Home In Wyoming