DECEMBER 12TH, 2018

Wyoming Mortgages

The state of Wyoming is steeped in frontier history and pride. The state has a rich history of individualism and strong ideals, and they have both served Wyoming well. The state has a particularly small housing market. This is because of the rural nature of the Wyoming lifestyle, a lifestyle that involves sparsely populated land and rugged natural features. The 2002 US census showed that there was a total of 227,941 housing units in Wyoming.

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The home ownership rate in the state has traditionally been high, a fact which is echoed in the 2000 census data. The 2000 census found that there was a home ownership rate of 70% in Wyoming, compared with the national average that year of 66.2%. In addition to the rural way of life, another factor that almost certainly affects the home ownership rate in the state is the median value of housing. The 2000 census listed the median value of a owner occupied housing unit in Wyoming as $96,600. The national average that year was significantly higher, at $119,600.

When people consider moving to Wyoming, many are stopping to think about Cheyenne. One of the major draws to the city is that it seems to be able to continue to grow and prosper despite conditions nationwide. The City of Cheyenne is continuing to grow at a rate of about two percent per year. This is growing the population from 53,011 in 2000 to 57,380 in 2004.

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Continued increases in population always result in a healthy housing market. Wyoming has some of the lowest interest rates available, and low interest rates fuel the housing market as well. Given the rising population and low interest rates, Cheyenne is expecting a strong housing market for remainder of 2006 and into the New Year. While currently somewhat high, unemployment rates in the city are expected to continue to drop as the job market continues to expand. All this growth in the job and housing market will certainly see a eventual rise in interest rates. However, while interest rates will increase, they are still likely to remain lower than rates in comparable markets.

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This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.