Buying a home in Wyoming: closing costs, property tax and WCDA help

#Wyoming closings without a transfer tax

Wyoming has no state real estate transfer tax, and no state tax on recording the mortgage either. That makes a Wyoming closing simpler than in neighboring states that tax the sale. On Wyoming’s median price of $339,500, here is what each neighbor’s statewide transfer tax would add:

What you still pay are the lender’s charges, title insurance, recording fees, prepaid interest and the first escrow deposits for taxes and insurance. The CFPB’s typical range of 2%–5% of the price is $6,790–$16,975 on the median home, and with no transfer tax to add, a Wyoming closing can land toward the lower part of that range, depending on your lender. Estimate yours in the closing cost calculator.

#Monthly cost of the median Wyoming home

The insurance line uses Freddie Mac’s national average premium per $1,000 of value. Hail, wind and wildfire exposure vary a lot across Wyoming, so get a quote for the specific address before you commit. Open the mortgage payment calculator to change the price, down payment or rate.

#Can a Wyoming median income cover it?

The median Wyoming household earns $75,532, the 19th-lowest among the 50 states and DC. Keeping housing under Freddie Mac’s guideline of 30% of gross income leaves $1,888 a month, enough for a home of about $253,000 with 10% down at today’s average rate — $86,500 less than the median home value. Buying the median home within the guideline takes about $101,000 a year. The affordability calculator runs the same test on your own income and debts.

#WCDA down payment assistance

The Wyoming Community Development Authority makes 30-year fixed-rate mortgages through participating lenders. Its First-Time Homebuyer loan is for buyers with no ownership interest in a primary residence in the last 3 years, within purchase price and income limits that vary by county, family size and product, and buyers complete homebuyer education. Its Advantage and Edge loans have no first-time buyer requirement and no purchase price limit, though income limits apply.

All WCDA down payment assistance shares three rules: a maximum of $15,000, a minimum credit score of 620 and a borrower contribution of at least $1,500, which may be a gift.

Compare the options with a WCDA participating lender, and see first-time home buyer programs for how state assistance fits with FHA, VA and USDA loans.

#Property taxes in Wyoming

Wyoming’s effective property tax rate of 0.57% is the 14th-lowest among the 50 states and DC, and the median homeowner pays $1,947 a year. Counties assess homes and local levies set the bill, so check the property’s tax history on the county treasurer’s or assessor’s site. The Wyoming Department of Revenue also runs a Property Tax Refund Program for qualifying residents, with refunds issued each year between July and September; its brochure lists the income and residency rules.

#Renting vs owning in Wyoming

The median Wyoming renter pays $998/mo, below the national $1,487/mo and the 7th-lowest rent among the 50 states and DC. Owning the median home with 10% down costs $1,537 a month more than that before repairs. Even so, 71.7% of Wyoming’s occupied homes are owner-occupied, above the national 65.3%. The rent vs buy calculator shows how many years it takes for owning to pull ahead at Wyoming’s median price and rent.