montana vs wyoming cost of living

This rate is the 10th lowest in the country and Wyoming homeowners pay an average of $1,352 in property taxes annually. A small park of Yellowstone is also in Montana. Renting a house typically has fewer up-front costs and usually includes maintenance. Whereas, in Colorado, youll find that most cities have median home prices significantly above the national average. 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. Sales taxes are never higher than 6% in Wyoming, 61 out of 99 municipalities within the state. Worland, Wyoming is the definition of small-town living, and it doesnt hurt that it is so cheap. The pros and cons of living in Montana show us that this option is not for everyone. There are over 28,000 farms and ranches currently operational. In the city, the median home price is $172,000. It isnt the lowest cost in the country, but it is pretty close to it. Many of the political divides that we experience in the United States are evident when you start living in Montana. Median home prices are ultimately based on the specific city and county that you live in in a particular state, and this is certainly true for both Wyoming and Colorado. Luckily, you dont have to spend a fortune to get your kids a great education in Wyoming. Even the people who do not work in the outdoors will still source some of their food from the hunting and fishing activities which are allowed in the state. Rock Springs Regardless, even with the higher median home prices, it is still cheaper to purchase a home in Wyoming than Colorado. Sitemap, Copyright Working Holiday Pty Ltd ABN 24 615 642 825. Privacy policy 5. Rental costs are comparatively cheap in Montana compared to the United States. In Boise, the average household income is $49,180. Taxi trip in downtown (approx. Then everyone takes the chance to get some camping, hiking, and hunting in whenever possible. Home brewing is expanding throughout the state as well, with kits available at many retailers. Property taxes are yet another expense of owning a home anywhere you live, and luckily, its inexpensive in Wyoming. A cost of living index above 100 means Wyoming, Wyoming is more expensive. Many residents are working outside as part of their employment as well, whether they are farmers, ranchers, or oil industry professionals. Spokane's annual household income is $42,275. Healthcare costs make up a significant part of the, Energy is one of the costs that contribute to the. The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. When you consider the fact that the median home price in Wyoming is around $273,000, it is more affordable to purchase a home here than in the state of Colorado. In Wyoming, renting can sometimes be more economical than buying a home. Side-by-side comparison between Idaho and Wyoming using the main population, demographic, and social indicators from the United States Census Bureau. link to How To Organize A Bathroom Closet. As for individual income tax Montana is 21 and Wyoming again takes the top spot. The state's cost of living is slightly higher than average. Exemptions for property taxes in Wyoming are not extremely high, and the average resident only saves $278 per year. Montana is like many of the other Western states in the fact that it supports a large craft brewing industry. Most of Wyomings costs of living are below the national average, and its one of the best states to live and retire. There are opportunities for hiking, skiing, snowboarding, hunting, and more. There are more than 500 miles of interstate highway to diverse when you are taking the east-to-west journey across the state. Housing is the biggest factor in the cost of living difference. That is somewhat high, but the low $0.23 per gallon gasoline tax makes up for the price of the gas itself. Affordable housing is almost nonexistent throughout much of the state. If youre over the age of 65, however, you can qualify for exemptions if the house is your principal property. Our cost of living calculator assumes people spend around 19% of their income on miscellaneous expenses. For some, living here brings them the peace they need, while others discover exciting new opportunities to explore. Whether you decide to move to Wyoming or Colorado, transportation costs are another important consideration involved in determining the overall cost of living in either state. The average cost is $2,095 for four-bedroom accommodations. The average American driver consumes 656 gallons per year, and in Wyoming, that could cost as much as $1,810 per year. The median home price in Montana is $232,100. 9. Let's take a quick look at the cost-of-living breakdown in Montana. It will also help to keep at least three days worth of supplies in your vehicle. In the rural areas of Montana, it is not our usual to run into issues like a power outage after a storm that can leave the lights off for several days at a time. You will find several different creatures here that are not always present elsewhere, such as the sandhill crane. The average household salary totals $48,000. Copyright 2009-2022, Allied Van Lines, Inc. All Rights Reserved.Site Map | Privacy Policy, Moving Timeline for Corporate Relocations, The Best Places to Live in Colorado: A Movers Guide, 7 Reasons to Consider Moving to Auckland, New Zealand, 6 Things You Should Know About Living in Ann Arbor. In fact, politics is one of the main reasons why so many people are moving to Wyoming. While Wyoming is home to Yellowstone National Park (home to over half of the world's geysers and America's premier biodiversity hotspot), Montana is home to the snowcapped rugged peaks of Glacier National Park. Roberts/Red Lodge, MT 59070 Website Design by Media Works, LLC For rent, the states residents pay around $700 a month on average. link to What Kind Of Paint For Garage Walls? 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. Montana real estate and Idaho real estate have some similarities but there are some major differences that we cover in this video. A salary of $39,500 in Billings, Montana should increase to $42,122 in Cheyenne, Wyoming (assumptions include Homeowner, . An amount below 100 means Montana is cheaper than the US average. Click here to customize .) 11. Its cost of living is 3.2% lower than the national average. The following table features a more comprehensive look at the average monthly rental prices you can expect in some of Colorados cities: There are some noteworthy differences between the taxes in Wyoming versus the taxes in Colorado, outlined in detail below. Everyday items like food and clothing, as well as some large purchases like appliances and vehicles, will be more affordable in Montana. In general, your food budget should be 11% of your annual income, 6% for groceries, and 5% for dining out. 2023 Cost of Living Calculator: Casper, Wyoming vs Billings, Montana Change Places A salary of $650,000 in Casper, Wyoming could decrease to $640,401 in Billings, Montana (assumptions include Homeowner, no Child Care, and Taxes are not considered. Wyoming will become an expensive place to live when the tax burden is shifted from carbon based to property taxes and income taxes because of the low number of people that have to share the burden. There is no state income tax in Wyoming, and the other tax rates are low compared to other states in America. Wyoming is one of the safest states in America, but crime still occurs, and most of it is property crimes. Salem The median price of a home in Wyoming is $272,700, which is about 6.5% less than the national average of 291,700. You can expect to pay $1,428 per month on homeownership costs, on average, as a Wyoming resident. If you own a home in your former location the sale of that home needs to be completed as well. 709 Apricot St Bed 3 Bath 2 . Like Bozeman, Missoula is affordable. People who call the state their home pay around $230,700 for a residence and pay an average $840 a month on rent. If you currently live in a state with a sales tax and are sick of all the extra costs added to each purchase, you will immediately see the advantage Montana offers. Population estimates, July 1, 2019, (V2019), Population, percent change - April 1, 2010 (estimates base) to July 1, 2019, (V2019), Population estimates base, April 1, 2010, (V2019), American Indian and Alaska Native alone, percent, Native Hawaiian and Other Pacific Islander alone, percent, White alone, not Hispanic or Latino, percent, Owner-occupied housing unit rate, 2014-2018, Median value of owner-occupied housing units, 2014-2018, Median selected monthly owner costs -with a mortgage, 2014-2018, Median selected monthly owner costs -without a mortgage, 2014-2018, Housing units in multi-unit structures, percent, 2009-2013, Living in same house 1 year ago, percent of persons age 1 year+, 2014-2018, Language other than English spoken at home, percent of persons age 5 years+, 2014-2018, Households with a computer, percent, 2014-2018, Households with a broadband Internet subscription, percent, 2014-2018, High school graduate or higher, percent of persons age 25 years+, 2014-2018, Bachelor's degree or higher, percent of persons age 25 years+, 2014-2018, With a disability, under age 65 years, percent, 2014-2018, Persons without health insurance, under age 65 years, percent, In civilian labor force, total, percent of population age 16 years+, 2014-2018, In civilian labor force, female, percent of population age 16 years+, 2014-2018, Total accommodation and food services sales, 2012 ($1,000), Total health care and social assistance receipts/revenue, 2012 ($1,000), Total manufacturers shipments, 2012 ($1,000), Total merchant wholesaler sales, 2012 ($1,000), Mean travel time to work (minutes), workers age 16 years+, 2014-2018, Median household income (in 2018 dollars), 2014-2018, Per capita income in past 12 months (in 2018 dollars), 2014-2018, Total employment, percent change, 2016-2017, American Indian- and Alaska Native-owned firms, percent, 2007, Native Hawaiian- and Other Pacific Islander-owned firms, percent, 2007. The city's household income averages $41,980. Montana Housing Costs. In sales tax, Montana beats out Wyoming ranking number 3 while Wyoming is number 6. In Montana, the typical home is worth $219,600, $14,700 more than the national median home value of $204,900 . Your utility costs when living in Montana are also much lower compared to most other states. It is imperative that you have the basic survival supplies needed for at least seven days when you have your home in the state. Right now, there are over 421,000 licensed drivers in the state of Wyoming. With cities like Seattle, Spokane and Tacoma, the state is one of the country's most popular places to live. Citizens who live in Tacoma pay $237,200 for a home on average. Comparison Highlights Did you know that the state of Montana has more cows living with orders then it does people? In the past, Wyoming was at the forefront of equality, and thats one of many great things it can boast. Private schools in less expensive cities like Casper tend to be cheaper than private schools in more expensive cities like Jackson. This way of life includes tons of outdoor recreational opportunities and a conservative state government. Both are very popular in Montana, with gun ownership and an appreciate of the outdoors serving as strong cultural values almost to the point where it could be considered a religion. In the table below, you can find sample costs based on the area you live in Wyoming. It comes in at number 44. As such, it is commonly one of the main factors people use to decide where they want to settle down. Educational fun is also available all over Wyoming, and one fine example is the $10 per person Cheyenne Frontier Days Museum. Oh yeah, and there's no state income tax. The cost of living in Oregon is a little higher than it is in other states. The vertical drop is a staggering 4,350 feet, known to be the fourth-longest vertical drop in North America. There's a new study that has declared that Wyoming is a better place to live than Colorado or Montana. As an Amazon Associate, I earn a small commission from qualifying purchases.If you would like information about homes and land for sale in Montana, Please contact us at any time!Phone: 406-249-1735Email: [email protected] out our website at https://montanaliferealty.comFollow Us on:Facebook: https://www.facebook.com/montanaliferealty/Instagram: https://www.instagram.com/montanaliferealtyteam/Pinterest: https://www.pinterest.com/montanalifereal/Twitter: https://twitter.com/WillMontanaLinkedIn: https://www.linkedin.com/in/willfriedner/Please Check out our Montana Real Estate Podcast : https://podcasts.apple.com/us/podcast/montana-real-estate/id1357159769#MontanaRealEstate #MontanavsIdaho #MontanaCostofLiving The table below lays out average cost ranges for different moving services depending on the size of your home. 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. See what you'll need to earn to keep your current standard of living. The median home price in Seattle is $550,500. Homes appreciated by 4.9 percent over the last year. Pocatello's average rental price is $650. Searching for Montana Vs Wyoming Cost Of Living information? The base rate in Colorado is just 2.9%. This means that the most sales tax you could spend is 6%, which is the case in Carbon County. Healthcare costs make up a significant part of the, Energy is one of the costs that contribute to the, from Laramie, WY with a salary of $60,000, View Minimum Wage Values in Laramie and Bozeman Compared with the Cost of Living. This eliminates the responsibility and expense of owning a house and can leave you with more disposable income. The Boise metro area alone is home to more people than in all of Wyoming. One of the most significant tourism industries in Montana comes during the winter time. Montana is the third largest state (behind Texas, and Alaska), and we have just over a million people (1.03 million) living in a state that is 380,832 km. Coeur d'Alene Aside from median housing prices, lets take a deeper look at how the cost of living compares in Wyoming vs. Colorado. 3. If you plan your move to Wyoming around these activities, you should keep the costs in mind. Seattle's median household income is $63,470. Casper 1. Sales taxes in Wyoming are the third-lowest in the country, besides the 5 states that have none. Renters typically pay around $1,030 a month; however, this figure does tend to vary throughout the state. Snow can fall in Wyoming between the months of October and May, and it can snow as much as 5 at once. Pocatello 4. Wyoming, Montana, and Idaho is a tri-state region with cultural similarities in the Mountain West. Housing Costs. Within the state, the median home value is $173,900, with an average household income totaling in at around $47,015. Living here gives you an opportunity to be active like no other state can, who is again perhaps the exception of Wyoming and Alaska. If you are the type of person who enjoys staying informed on the latest trends and experimenting with them, then living in Montana is going to require a significant adjustment. While it may be an excellent time to be a seller in both Wyoming and Colorado, both markets are very competitive for buyers and home prices are higher than ideal. Wyoming offers reasonable prices on homes, and they appreciate very quickly. It also ranks among the top 20 most affordable states in the nation, according to MERIC data collected in late 2021. With 3.9 million residents, Oregon is the 27th largest state in the U.S. . Purchasing a home can be a lengthy and complex process. However, inventory all across the state is now even lower and developers cant build homes fast enough to meet the high demand. Luckily, there is an excellent public school system in Wyoming, and you dont have to spend a fortune for a great education. The state spends an average of $20,380 per student, much higher than the national average of $12,201. Utilities and transportation costs are also below the U.S. average, but Wyoming's healthcare costs are above the national average. In Seattle, the median rent for a two-bedroom apartment or home is $1,180. The city's median rent price is $775. 1516 Golden Blvd Bed 4 Bath 3 2336SqFt Boise's average price of rent is $650 for a one-bedroom home and $1,200 for a home with three bedrooms. For a rental, you'll pay $920 for a two-bedroom home and $1,630 for a four-bedroom residence. Lets take a look at median home prices and the percentage of homes in that range. The cost of living in Wyoming is significantly higher. If you decide to purchase a home in Wyoming, keep in mind the city you choose to live in. 6. 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. 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. Your average Worland, Wyoming homeowners spend $1,099 each year in property tax payments. So, if you like your space, and love exploring in the natural wilderness, Montana could be the perfect state for you. If you want to buy a home in the beautiful state of Montana, you will find that it is one of the highest residential home markets in the country. Purchasing a home can be a lengthy and complex process. If you bring up a political conversation, then expect to get some pushback if there is someone around who holds a different opinion. Tobacco sales come along with a $0.60 per package of cigarettes and other tobacco products in Wyoming. New trends take forever to reach Montana compared to the rest of the country. . Wyoming has many cheap places to live, and the cheapest is Worland, where rent costs as little as $610 per month. If you enjoy hiking, there are several one-day and two-day hiking tours that you can join with a guide. Luckily, driving costs are quite low in Wyoming, and the average cost of gasoline is $2.76 per gallon. The median home value in Helena is $282,300. Rock Springs 4. This could be why Wyoming ranks first in the nation for high school education attainment, 92% of residents. . 6. The average salary after taxes in Wyoming is $3456, which is enough to cover living expenses for 2 months. There is a very real attitude here of encouraging the community to lift everyone up so that each household receives the same chances to succeed. Census data reports that the median value of a home in Wyoming is $220,500. The standard of living in a city refers to other factors as well. Some products and services, such as gasoline and tobacco, carry their own tax rates in Wyoming. His name is Sway. 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. If you currently live in a state with a sales tax and are sick of all the extra costs added to each purchase, you will immediately see the advantage Montana offers. However, Missoula still has a 5% lower cost of living than the national average. (Real estate information provided by: Trulia.com and Bestplaces.net), Allied Van Lines, Inc. MC 15735 U.S. Montana's income tax system is progressive, with marginal income tax rates that range from 1.00% to 6.75%. Beer is a way of life in Montana. One of the best ways is to take advantage of this benefit is the take an early retirement here, and then take classes at the university by using the Lifelong Education Status that is available at Montana State. We broke down that 19% as follows: . If you are in the middle of a road trip, then driving through Montana can seem like it takes forever. There are plenty of real estate opportunities where your nearest neighbor will be several miles away. The assumption is the sole provider is working full-time (2080 hours per year). I was surprised to see that according to this data base, Nebraska is far cheaper. For rent, you'll pay $595 for a one-bedroom residence on average. Portland Accommodation should be around $80 a night for a double room, in comparison with Wyoming averaging at . If you own a home in your former location the sale of that home needs to be completed as well. Picturesque cities like Portland, Salem and Astoria tend to encourage people to move to Oregon. Two-bedroom rentals are also under $1,000 per month, while single-family homes with three bedrooms or more average $1,200 per month in the state. Groceries do not have an additional tax, including candy and soda. 5. This can be a significant factor for people who enjoy outdoor activities like hiking and skiing. Despite its large amount of land mass, Montana's 1 million residents make the state one of the country's smallest by population. You may spend up to $1,462 per year on gasoline in Worland if you use an average of 656 gallons per year. The people of Montana are warm and friendly. Sponsors are acknowledged. What Is The Cost of Living In Wyoming vs. Colorado? Over time, not having to pay a tax on each purchase will help you to achieve a lower, Montana is ranked number 33 out of all states in overall healthcare access and affordability. 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". In Astoria, the median home value is $220,200. The state's cost of living is slightly higher than average. Due to high housing costs in Jackson, Wyoming, the homeownership rate is only 37.1%. Note: You can also compare counties and cities. No major metropolitan areas. Renters are in the minority in Wyoming, but there are still many of them, and they pay $843 on average. As a resident, you'll pay slightly more for health care than people in other states do. There might be big skies to go explore in Montana, but there are also some challenging weather events that you will need to manage. It is 1,015 km wide and 410 km tall. five miles). Everyday items like food and clothing, as well as some large purchases like appliances and vehicles, will be more affordable in Montana. The advantages of living in Montana are many, but the high cost of buying a home is not one of them. The state is among a select few in the country that do not have a personal income tax. The state has a flat income tax rate of 4.83%, meaning regardless of your income, you only pay that rate. The median home value is $198,400, with the states median per-person income coming in at $25,000. Before just hiring a moving companyto move to the Northwest, weve covered the Southwestern states and their demographic background to show you how the cost of living and real estate market varies across the region. There are many commuters in Wyoming, and they spend an average of 17 minutes in the car for their commute. There is zero state income tax in Wyoming, and that applies to retirement income as well. The city's median household income comes to $48,075. There is a total of 1,320 schools to choose from for parents in Wyoming. 3) Montana is full of backcountry skiing treasures, including the Swan Mountains, Whitefish Range and Glacier National Park. With a cost of living index of 193.3, the cost of living in Hawaii is nearly twice the national average. 1. When it comes to rent, a two-bedroom home or apartment costs $775 on average while a four-bedroom rental is $1,260. It would be Roman Catholic missionaries that would help to save the effort of westward expansion, establishing Saint Marys Mission in the Bitterroot Valley. This means that whether youre a teacher, doctor, carpenter, rancher, or dog-walker, you dont have to pay any sort of income tax on your personal income including capital gains and income from interest. Follow along, and we will explore the costs of living in Wyoming, and why every penny is worth it. If you decide to rent a two-bedroom residence in the city, you can expect to pay $700 on average. An amount below 100 means Wyoming is cheaper than the US average. The city's median home value is $215,500. The living wage in Montana is $16.32 per hour, which is the basic wage needed to pay for essentials such as housing, food, and necessities for an individual adult. The median price of a home in Wyoming is $272,700, which is about 6.5% less than the national average of 291,700. Contact Housing is the biggest factor in the cost of living difference. Living Wage: $15.64 $31.83 $41.51 $55.25 $25.69 $30.79 $35.78 $40.19 $12.85 $18.01 $23.12 . However, monthly rental prices vary based on the specific city you live in. Photo by John Kakuk/Unsplash. However, more affordable housing is still considered a major advantage to settling in Wyoming over Colorado. Although the median home price in Cheyenne, Wyoming is above the national average, in the majority of the state it is unlikely that youll purchase a home for higher than the national average. Taxes. There are also several private school options in Wyoming. The Missoula metro area is the most expensive area in Montana.