9. It also ranks among the top 20 most affordable states in the nation, according to MERIC data collected in late 2021. 1-888-368-4689 Being a largely rural state, Wyoming usually has a housing supply that is on the low end. Driving is one of the most expensive costs in Wyoming, and residents can spend up to $1,810 per year. Wyoming residents with group insurance and individual insurance visit the doctor 25% more than the national average. Many of the political divides that we experience in the United States are evident when you start living in Montana. Within the state, the median home value is $173,900, with an average household income totaling in at around $47,015. There is also no estate tax. 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. A small park of Yellowstone is also in Montana. Winter sports in Montana are always world-class. The best option for a retirement state between Wyoming and Colorado is Wyoming. With a lot wilderness and open spaces, all three have notable mountain resorts (Sun Valley, ID / Big Sky, MT / Jackson Hole, WY), National Parks (Yellowstone, Grand Teton, Glacier), not really any big cities, but Boise is the largest. If you have a specific skill to contribute to your neighborhood, community, or ranching area, then people will rely on what you can do to make life better for everyone. Healthcare costs will always vary on the cost of care and population insured. Neighbors help one another here in Montana. This is $128 less than the national average for health insurance in the United States. Groceries and prescription drugs come with no sales tax in Wyoming, and that is a lifesaver. Like Wyoming, Colorado has one the lowest sales taxes in the nation (among states that do have a sales tax). Studio apartments in Montana average about $800 per month in rent. Spokane's annual household income is $42,275. The average salary index in Montana is $48,427 per year, roughly $23.28 per hour. In the city, the median home price is $172,000. Washakie County is where Worland is located, and the property tax rate is low at 0.66% of assessed home value. Dec 14, 2020 Water bills can cost as much as $50 or more per month in Wyoming, but it depends on usage. It could be a disadvantage if someone keeps eating your garden, but it can also be one of the best experiences of your life. In fact, politics is one of the main reasons why so many people are moving to Wyoming. 5. These costs include expenses like gas prices, vehicle purchase prices, bus fares, monthly transit passes, and other public transportation fees. Montana real estate and Wyoming real estate have some similarities but there are some major differences that we cover in this video. It will also help to keep at least three days worth of supplies in your vehicle. In Montana, a regular house costs $219,600 as compared to the national median home value of $204, 900. In general, your food budget should be 11% of your annual income, 6% for groceries, and 5% for dining out. Wyoming vs. Montana - State Comparison - IndexMundi Purchasing a home can be a lengthy and complex process. Worland, Wyoming is the definition of small-town living, and it doesnt hurt that it is so cheap. Cheyenne 2. A salary of $39,500 in Billings, Montana should increase to $42,122 in Cheyenne, Wyoming (assumptions include Homeowner, . link to What Kind Of Paint For Garage Walls? Gillette 3. These benefits, paired with Colorados stunning landscapes and outdoor lifestyle, is why so many people choose to relocate to the state. MI. Thinking about moving to another city? Wyoming is one of the safest states in America, but crime still occurs, and most of it is property crimes. 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. Colorado is one of nine states in the country to have a flat income tax system. 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. Montana is a renowned state for its natural beauty. In the city, the median home price is $388,000. They built a sawmill as part of their community and promoted agriculture, making it be the first permanent settlement in the state. What you see on the price tag is actually what you will pay! As a resident, you'll pay slightly more for health care than people in other states do. The cost of living in Wyoming is $1692, which is 1.19 times less expensive than the average in the United States. Wyoming has many cheap places to live, and the cheapest is Worland, where rent costs as little as $610 per month. Wyoming residents spend an average of $843 per month of rent, and the median home value is $140,200. It averages 300 inches of snow every year, making it an excellent skiing destination. 2023 Cost of Living Calculator for Miscellaneous: Casper, Wyoming vs 15 Pros and Cons of Living in Montana Montana's income tax system is progressive, with marginal income tax rates that range from 1.00% to 6.75%. 5. In sales tax, Montana beats out Wyoming ranking number 3 while Wyoming is number 6. Helena's median household salary is $49,445. Childcare costs $15,701 a year in Niobrara County . For instance, in Washington and Oregon, everyday expenses are a little higher than they are in other regions; however, if you decide to live in Pocatello or Cheyenne, then you'll enjoy affordably priced goods and services. In fact, there are just 6.8 people per square mile here, compared with the national average of 87.4. Check out these top leading cities demographics down below. Montana has no sales tax, which is a huge long-term benefit. Luckily, you dont have to spend a fortune to get your kids a great education in Wyoming. Gasoline costs are not the only expense of owning a car in Wyoming, and car insurance is a necessity. For some, living here brings them the peace they need, while others discover exciting new opportunities to explore. When combined, you can end up paying as much as 11.2%. The living wage shown is the hourly rate that an individual in a household must earn to support his or herself and their family. 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. Housing is one of the largest components of cost of living. Private school is not exorbitant in Wyoming and costs an average of $8,689 per year. Hawaii has the highest costs across all indexes, except healthcare. 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. Cable plans in Jackson, and the rest of Wyoming, cost between $25 and $60 per month depending on your provider. Wild West Smackdown: Montana Versus Wyoming. Colorado, on the other hand, has a cost of living index of 121.1, so it is significantly more expensive than both Wyoming and the national average. In Astoria, the median home value is $220,200. From Alabama to Wyoming: The Cost of Living Across America New trends take forever to reach Montana compared to the rest of the country. The median price of a home in Wyoming is $272,700, which is about 6.5% less than the national average of 291,700. Nick Durante is a professional writer with a primary focus on home improvement. The state spends an average of $20,380 per student, much higher than the national average of $12,201. If you enjoy hiking, there are several one-day and two-day hiking tours that you can join with a guide. The city's median home value is $215,500. 3) Montana is full of backcountry skiing treasures, including the Swan Mountains, Whitefish Range and Glacier National Park. 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. 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. The median income in Wyoming is $61,584, so your food budget should be about $6,800 per year. They are currently 15 skin resorts in areas from which to choose, including the 5,800-acre Big Sky Ski Resort that gives you access to world-class runs at an affordable price. See what you'll need to earn to keep your current standard of living. Tobacco sales come along with a $0.60 per package of cigarettes and other tobacco products in Wyoming. The Unemployment insurance tax ranking lists Montana at 19 and Wyoming at 31. . Renting a house typically has fewer up-front costs and usually includes maintenance. Everything here is about being as practical as possible. Boise You will find several different creatures here that are not always present elsewhere, such as the sandhill crane. There are over 28,000 farms and ranches currently operational. 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. Home > Facts > United States > State Comparisons. Because the winters can be difficult here, it is almost 100% necessary to own a four-wheel drive vehicle to support your needs. 1516 Golden Blvd Bed 4 Bath 3 2336SqFt Wyoming is a paradise for those who love the outdoors. The overall cost of living in Texas is 8.8% lower than the national average, which puts the state just outside of America's top 10 cheapest. 17 Pros and Cons of Living in Montana - Vittana.org Without a sales tax, the price of your purchase will be more straightforward. Car insurance premiums cost as much as $1,338 per year, but location, age, and driving history play a role. 5. The poverty wage for the same family is at $6.30, while the minimum wage is $7.25. Your Get free, zero-commitment quotes from pro contractors near you. Groceries, meanwhile, cost 9.8% less, and miscellaneous costs are 7% lower. Cost of living is another important consideration. Wyoming is often ranked as one of the best American states for retirees, and it is for many reasons. 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. Median home price and median income determine the 10 most affordable cities in Wyoming. The assumption is the sole provider is working full-time (2080 hours per year). Montana Vs. Wyoming: Which State Deserves Your Attention - TheTravel There is no state income tax in Wyoming, and the other tax rates are low compared to other states in America. 4. Expect to pay $1,338 per year, on average, for car insurance premiums in Wyoming, but there are many factors. 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.