7 Wyoming cities ranked by estimated cap rate. The average cap rate across Wyoming markets is 2.7%, with median home prices averaging $477K and rents averaging $1,560/mo. Casper leads with a 3.1% cap rate at a $305K median price. Wyoming's low average property tax rate of 0.61% gives investors a significant cash flow advantage.
Wyoming offers 7 investable rental markets tracked by CapRateCity. The state average cap rate of 2.7% is near the 3.81% national average. No cities pass the 1% rule at median prices, so value-add strategies are essential.
Prices and rents: Wyoming home prices average $477K, which is 43% above the national average of $333K. Rents average $1,560/mo. The most affordable entry point is Rock Springs at $285K, while Casper offers the highest cap rate at 3.1%.
Taxes and costs: Property taxes average 0.61% across Wyoming, below the 1.08% national average — a meaningful cash flow advantage that adds roughly $2,243 per year to NOI on an average-priced property. Casper has the lowest rate at 0.61%.Vacancy averages 5.2%, tighter than the national average — favorable for landlords.
Growth outlook: Population growth across Wyoming averages 0.80% per year, led by Casper at 0.8%. Home values are appreciating at 2.4% annually on average. Moderate growth provides a stable demand foundation.
Bottom line: Wyoming is primarily an appreciation market. Cash flow investing requires below-median purchases or value-add strategies. Consider whether the growth and appreciation potential justifies tighter margins.