Your Income Goes Further Here: A Look at the Cost of Living in Casper, Wyoming
People consider relocating to Casper, Wyoming for several reasons. It’s surrounded by natural beauty and within reach of an amazing array of outdoor recreational opportunities. It’s small enough to feel like a community and large enough to have the amenities of urban living.
One of the biggest reasons, however, is that the city boasts a great quality of life and has a cost of living well below many other places in the region. A lower cost of living is a huge benefit, allowing you to upgrade your lifestyle. Keep reading for the details about how much further your income can go in Casper.
Overall Cost of Living in Casper
Let’s start with the big picture. The overall cost of living in Casper is 10% lower than the national average. That’s impressive, but to truly appreciate the value Casper represents, it’s more helpful to compare it to its regional neighbors — other places people might look for a similar climate and landscape.
When we do that, we find that the cost of living in Casper is:
- 12.11% lower than Billings, MT
- 14.12% lower than Boise, ID
- 25.62% lower than Bozeman, MT
- 18.63% lower than Denver, CO
- 3.95% lower than Rapid City, SD
- 17.36% lower than Salt Lake City, UT
Let’s look next at some specific components of the cost of living to see what makes Casper such a strong value.
Housing
On average, housing costs consume the largest share of household income. As a result, home prices are one of the most important factors in an area’s cost of living.
According to real estate site Zillow, the average U.S. home value is nearly $359,000. The average home value in Casper, in comparison, is just $284,980, about 21% less. As with the overall cost of living number, it’s helpful to see how this compares to other markets in the region.
Whatever kind of housing you’re looking for, your budget will give you more here, allowing you to upgrade your lifestyle for less.
Taxes
When you add them all together, taxes consume another significant portion of income. This is another area where Casper shines. Wyoming is one of only a handful of states with no personal income tax. Depending upon where you’re moving from, the savings can be substantial. California residents, for instance, can pay up to 13.3% in state income taxes. If you’re earning $100,000 a year, you’d pay 9.3%. That means nearly $10k more in your pocket each year in Casper.
Even at Colorado’s more modest 4.4% flat income tax rate, that’s still an annual savings of $4,400 at a $100,000-a-year income.
If you’re a business owner, you’ll be happy to know that Wyoming is also one of only two states that doesn’t levy a corporate income tax. It’s one of the reasons the Tax Foundation ranked Wyoming first overall on their annual State Business Tax Climate Index. They also ranked first in the individual taxes category.
Even the sales tax in Casper is low. At 5%, it’s well below the Colorado average of 7.78% or California’s 8.82%.
Other Cost of Living Categories
Many other components of the cost of living are also more affordable in Casper. Services, for instance, tend to be cheaper. Whether you’re replacing your car’s brakes or having your home cleaned, it will cost you less than in the other cities we’ve mentioned.
Eating out also costs less. Casper has a thriving culinary and brewery scene that you can enjoy more often on your current budget. Your grocery bill is likely to be lower, too.
Adding It All Up
Considering these categories together, you can see why your income gets you a lot more in Casper. People moving here from Denver, Boise, Billings, and many other cities of the region will experience a significant upgrade in their lifestyles without needing a raise to pay for it.
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