Wyoming Cost Of Living Statistics


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Wyoming Cost Of Living Statistics 2023: Facts about Cost Of Living in Wyoming reflect the current socio-economic condition of the state.

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LLCBuddy editorial team did hours of research, collected all important statistics on Wyoming Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Wyoming LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Wyoming Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Wyoming Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 13 Wyoming Cost Of Living Statistics on this page 🙂

Wyoming Cost Of Living “Latest” Statistics

  • Teton County had the highest cost of living in the fourth quarter of 2021, at 65% more than the national average.[1]
  • The Bureau of Economic Analysis estimates that Wyoming’s average annual cost of food and drinks outside of restaurants is $3,883, or about $324 a month.[2]
  • In comparison to the statewide increase of 4.2%, the cost of renting a two-bedroom apartment increased by 2.8%, while the cost of a single-wide mobile home increased by 12.9% in Wyoming.[3]
  • The greatest cost of living was found in Teton County, where it was 65% more than the state average.[4]
  • According to the AAA association of motorists, a gallon of regular-grade unleaded petrol cost approximately $4.11 on Wednesday both nationally and in Wyoming.[5]

Wyoming Cost Of Living “Be” Statistics

  • Between spring 2020 and spring 2021, there was a 7.7% inflation rate, according to the last Wyoming cost of living index study which was published in October.[1]
  • According to information from the U.S. Bureau of Labor Statistics, the national inflation rate from December 2020 to December 2021 was 7%.[1]

Wyoming Cost Of Living “Other” Statistics

  • According to MERIC statistics gathered in the latter half of 2021, Wyoming is also among the top 20 most inexpensive states in the country.[2]
  • The average monthly expenditure on housing and housing related expenditures is 34.9%, or around $1,784.[6]
  • In Wyoming, the fourth quarter of 2018 had an incredible 93% greater rate of inflation than the same three month period in 2021.[5]
  • Due to the need to transport most items to the island, groceries are 50% more expensive than the national average.[6]
  • With an effective tax rate of about 7%, Wyoming also has the second lowest tax burden of any U.S. state, according to the Tax Foundation.[2]
  • According to the most recent Bureau of Economic Analysis, Wyoming’s average personal consumption spending per person in 2020 was $42,016.[2]

Also Read

How Useful is Wyoming Cost of Living

One of the biggest benefits of the cost of living index for Wyoming is its ability to provide individuals with a rough estimate of what expenses they can expect to face in the state compared to other regions. This can be particularly helpful for people who are considering a move to Wyoming but are unsure of how far their dollar will stretch. By providing a snapshot of housing costs, groceries, transportation, and other basic necessities, the cost of living index can give individuals a clearer idea of what to anticipate in terms of expenses.

Another advantage of the cost of living index is its ability to help businesses evaluate the financial implications of relocating or expanding to Wyoming. By factoring in things like employee wages, rent, and utilities, businesses can better assess whether setting up shop in the state is a financially savvy decision. This can be crucial for companies looking to cut costs or maximize their profits in a competitive market.

However, while the cost of living index provides some insight into the economic landscape of Wyoming, it has its limitations. For one, the index can sometimes oversimplify the real cost of living for individuals or businesses in the state. Expenses can vary greatly depending on where someone lives or what industry their business operates in, making it difficult to capture the full scope of living costs in a single numerical value.

Additionally, the cost of living index may not fully capture all expenses that individuals or businesses may encounter. For example, healthcare costs, education expenses, and personal preferences can also play a significant role in determining how affordable life in Wyoming is for a particular individual or entity. These factors may not be fully accounted for in the index, leading to an incomplete picture of the true cost of living.

Despite its limitations, the cost of living index for Wyoming can still be a useful starting point for individuals and businesses looking to gain a general understanding of what to expect in terms of expenses in the state. By providing a basic overview of the cost of living, the index can help people make more informed decisions about whether Wyoming is the right place for them to call home or set up shop.

Reference

  1. jhnewsandguide – https://www.jhnewsandguide.com/news/business/local/state-cost-of-living-grows-by-fastest-pace-in-40-years/article_4b87e463-4889-54b9-9df7-68ca1053d422.html
  2. sofi – https://www.sofi.com/cost-of-living-in-wyoming/
  3. oilcity – https://oilcity.news/community/2021/10/29/7-7-inflation-in-wyoming-slightly-outpaces-u-s-average-over-last-year/
  4. trib – https://trib.com/news/state-and-regional/inflation-in-wyoming-rises-7-7/article_f6e5ccad-7f12-5a89-86e5-d5468d3b4adc.html
  5. wyomingnews – https://www.wyomingnews.com/news/local_news/in-laramie-county-and-across-wyoming-your-money-doesnt-go-as-far-as-it-used/article_c269605a-ff07-5f99-b8ca-dbcb85f6a841.html
  6. worldpopulationreview – https://worldpopulationreview.com/state-rankings/cost-of-living-index-by-state

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