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Is Wyoming a GREAT place to retire? I get asking about retiring in Wyoming many times a week. Of course I am partial to Wyoming and Casper Wyoming so I have lots of pros, but there are so some cons too! Let us know what questions you have?
I’m going to start with the major pro, no state income tax. Yes, you heard me right, no state income tax. Wyoming is one of only nine states that does not have state income tax. Obviously this is a pro for anyone living here, not just retirees, but those living on a retirement income may really enjoy not having to pay some of their hard-earned money and savings to the tax man.
While we are talking about taxes, what about property taxes? Another mark in the pro column. Wyoming has the 10th lowest property tax rate out of 50 states. Put the low property tax and the no state income tax together, and you have a big double pro. Add in the low sales tax in Wyoming, and you have a triple tax pro, which results in Wyoming having one of the lowest tax burdens, the third-lowest actually, in all of the states. And since no one really likes paying taxes, I’m going to guess that most retirees will agree with me on this being a huge pro. You may want to watch this video about “Cost of living in Casper”.
If you are going to retire in Wyoming, you are probably gonna need a place to live. Hint, I know somebody that can help you with that. The question is how much of your savings will be taken up by your new home? The good news is that Wyoming’s median home price is lower than the national average. Wyoming’s median home price comes in at $272,700, which is under the national average of $291,700. That is another big pro as far as I’m concerned.
Now if you’re retired, that means you’ll probably have a little free time on your hands. In that case, Wyoming is a great place to retire. I have to say that all of the outdoor activities we have here puts a big plus in the pro column. During every season there is always something to do outdoors in Wyoming. If I were to put a plus in the pro column for every outdoor activity you can do here, then the whole list would be full of pros, and everyone would just give in and move here. So let’s see. Hunting, fishing, hiking, watching nature, kayaking, boating, water skiing, cross country and downhill snow skiing, snowboarding sledding, snowshoeing, snowmobiling, camping. I think you get the idea. We have all the outdoor activities you could possibly want. I call that a big pro.
You may be wondering are there any cons to retiring in Wyoming? I hate to admit it, but yes, there’s a couple. For starters, as much as I keep telling people that winters aren’t that bad, I would have to say that winter in Wyoming could be considered a con for retirement living. Watch this video about the “Wind in Wyoming”. I am pretty sure that most people go to warmer places, not colder places for retirement. The good news is that you can spend a big part of your year here enjoying all that Wyoming has to offer and just take off for a few of the colder months to warmer climates.
Another con for retirees could be access to healthcare. Wyoming does rank around the midway point among several lists that rank the best to worst states for healthcare. So midway is not bad, but if you’re the one needing specialized or frequent healthcare, midway in the list isn’t that great. You may wonder why I put that in the con column. First of all, as we age sometimes we need a bit more in the healthcare department than we were when we were younger, so midway might not be good enough. Then I say access to healthcare. I really mean distance to the healthcare you need. Wyoming is pretty spread out, and with that, our hospitals and medical facilities are also spread out. Yes, in the larger cities we have access to some great healthcare options, but those options are reduced in the smaller cities and towns. Therefore, you might have to travel quite a distance even if you need emergency care, and especially if you need a specialist.
If you already have family living in Wyoming, this last one won’t be a con for you. But if your family lives elsewhere, the lack of travel options might be a con. Obviously you can get in a car and drive to Wyoming, and our roads are pretty decently maintained, so that isn’t a big problem. What I’m talking about is the cost of flights in and out of Wyoming. I know that many of us who live here and need to travel often end up driving to larger cities like Denver to catch a cheaper flight to far places. So if your family lives elsewhere, they might find it a little bit more difficult to come and visit you and vice versa than if you live in a more populated place.
There you have it, some of the pros and cons of retiring in Wyoming. I told you I would try to be subjective, so I hope I’ve given you a little information to consider if you’re thinking about Wyoming as your retirement destination. If you are looking to retire in Wyoming, and you need someone to help you find the perfect home, please give me a call. My team can help answer any questions you may have and help you find the home that you are looking for to truly enjoy retirement. We have time for you, and we cannot wait to talk to you. Have a good day. See you soon.