What’s the average mortgage payment in Wyoming?

Known for its wide-open landscapes, mountain views, and small but growing cities, Wyoming appeals to buyers seeking space, privacy, and a slower pace of life. While some markets have seen increased demand, affordability remains a key characteristic of the state’s housing market. According to data from Redfin and Rocket Mortgage, the average monthly mortgage payment in Wyoming is approximately $1,776 before property taxes and homeowners insurance. That places Wyoming below the national average of $2,010 per month,

A brief look at Wyoming’s housing market

The median home sale price in Wyoming is $496,800 according to November 2025 data. Prices have risen dramatically in the Cowboy State, up almost 14% from the last year, bringing it just above the current national median. While Jackson, WI, sees extremely high sale prices, largely due to mountain resorts and luxury homes, prices can be higher on average in Wyoming due to low housing inventory and less large cities.

Here’s a quick look at some of the recent median sale prices across the state from Redfin:

What influences mortgage payments in Wyoming?

Monthly mortgage payments are made up of a combination of factors altogether called PITI: principal, interest, property taxes, and homeowners insurance. Each of these is influenced by a number of different things, which can vary state by state. The Rocket Mortgage^® mortgage calculator can help you visualize these and understand how each contributes to your monthly costs.

Home price and down payment

If you were to purchase a home in Wyoming at the state median of $496,800 with a 20% down payment and a 30-year fixed mortgage at 6.5%, your estimated principal and interest payment would be about $2,512 per month before taxes and insurance. While this number is much higher than the average monthly mortgage payment in Wyoming, keep in mind that it is highly dependent on where you buy.

If you were to put down less than 20% for your down payment, your upfront costs on a median-price home would be lower, but you would need to account for the additional monthly cost of private mortgage insurance (PMI).

Mortgage rate

Mortgage interest rates influence monthly payments across all markets. Rates are based on factors such as credit score, debt-to-income ratio (DTI), down payment amount, loan type, and current market conditions. In Wyoming’s moderate-priced housing market, locking in a competitive rate can still lead to meaningful savings over time.

Loan term

Your loan term determines how long you’ll repay your mortgage and how much interest you’ll pay overall. 30-year fixed mortgages typically offer lower monthly payments, while 15-year fixed mortgages increase monthly costs but reduce total interest paid. Wyoming buyers often balance affordability with long-term financial goals when choosing a loan term.

Property taxes and insurance

Wyoming’s property tax rates are generally low at a rate of 0.58%, which can help reduce some of the monthly costs. A median-value house in Wyoming is around $285,100. The average annual property tax cost is about $1,659, which can add about $138 per month to your mortgage payment.

According to Insurify, Wyoming’s homeowners insurance costs are below the national average, coming out to an estimated $1,668 annually. Despite a lower than average rate, total homeowners insurance costs are dependent on the type of home, location, and in many areas, severe weather risk.

Average monthly mortgage payments in Wyoming compared to its neighbors

Wyoming’s average monthly mortgage payment is fairly comparable to many Mountain West states, and all of its neighbors also fall below the national average. Here’s how they compare:

Highest monthly payments in Wyoming

The highest estimated mortgage payments are typically found in counties with strong tourism demand or proximity to major recreation areas where home prices tend to be higher. Here are the top five highest payments in the state according to the Q1 2025 median sale prices from the National Association of REALTORS^®:

Lowest monthly payments in Wyoming

The lowest monthly payments are generally found in more rural counties, where home prices remain well below the state median. These areas often offer the most affordable entry points for buyers prioritizing lower monthly costs. Here are the five lowest monthly mortgage payments in Wyoming:

How to calculate your mortgage payment

Mortgage payments are calculated using a standard formula that factors in loan amount, interest rate, and loan term. To explore different scenarios, the Rocket Mortgage online mortgage calculator allows buyers to adjust price, down payment, and rate assumptions. Additional Rocket Mortgage tools can help estimate affordability and long-term ownership costs.

Mortgage resources in Wyoming

Redfin shows a few programs for first-time home buyers in Wyoming, and we’ll dive into some more resource options below:

• Wyoming Community Development Authority (WCDA) Programs: The WCDA has a number of options for qualified first-time home buyers and some previous home buyers, including down payment assistance, mortgage credit certificates, and refinance mortgage loan products.
• Welcome Home Wyoming Programs: Welcome Home Wyoming is a statewide mortgage assistance initiative that has programs for both first-time and repeat home buyers. It pairs a 30-year fixed rate mortgage with down payment assistance that can be applied to closing costs, prepaid items, or the down payment itself.

FAQs on the average monthly mortgage payment in Wyoming

Have more questions about the average monthly mortgage payment in Wyoming? We have answers!

What is a good mortgage payment in Wyoming right now?

As in any state, a good mortgage payment fits comfortably within your monthly budget while supporting your long-term financial goals. Rocket Mortgage’s home affordability calculator can help estimate a price range that works well for your income so you can narrow down your home search.

What’s the difference between a 15-year vs. 30-year mortgage in Wyoming?

A 30-year mortgage generally offers lower monthly payments and more flexibility in your budget, whereas a 15-year mortgage increases monthly costs but reduces total interest paid and helps build equity faster. Buyers in Wyoming typically weigh these options based on income stability and future plans.

How much income is needed to afford a home in Wyoming?

The income needed to afford a home in Wyoming is highly dependent on home price, interest rates, and your financial situation. The average annual household income in Wyoming is $103,085, but how much you actually need to afford a home here is subjective. Affordability calculators and other Rocket Mortgage tools can help you estimate what could work best for your situation.

The bottom line on average monthly mortgage payments in Wyoming

Mortgage payments in Wyoming are influenced by home prices, interest rates, loan terms, and property taxes, with low taxes helping offset rising home values in some areas. The result is a housing market that remains accessible for many buyers seeking space and long-term affordability.

Whether you’re buying your first home or relocating to take advantage of Wyoming’s open landscapes, getting prequalified for a loan with Rocket Mortgage can help you understand your buying power and move forward with confidence.

*Methodology: Average monthly mortgage payment in a region, calculated based on average home purchase price for a fixed 30-year loan and a 52-week average interest rate of 6.68% from Freddie Mac as of August 2025.