Best Places to Buy Rental Property in Wyoming (2026)

Wyoming closed 1,901 homes over the past six months at a statewide median of $400,000, and only five of its city markets recorded 100 or more closings in that period. That single fact shapes everything an investor needs to know about buying rental property in this state.

This article is shorter on entries than our other state rankings, and that is deliberate. Wyoming does not have fifteen investable markets. It has five with real transaction volume and a handful of much smaller ones. Presenting a longer list would mean padding it with markets closing five homes a month, which would be misleading rather than helpful.

What this ranking measures

Each city below is ranked on two figures we have real data for: median sold price over the past six months, and total closings in that window. Entry cost, and liquidity.

We do not have rent data for these markets. This article therefore contains no rent estimates, no rent-to-price ratios, no cap rates, and no cash-on-cash return figures, because they would have to be invented to appear here. In a state with markets this small, an invented rent assumption is even more dangerous than usual, since there is little transactional evidence to correct it. Verify rent on the specific property through local research, then run the real figure through the rental property calculator and the deal analyzer.

A note on Wyoming's price level before you go further: this is not an affordable state. The cheapest market with meaningful volume closes at $339,000. For comparison, in the same dataset West Virginia has five markets below $161,000. If your strategy depends on a low entry price, Wyoming is structurally the wrong state, and it is better to know that at the outset.

The ranking, cheapest entry price first

These are the five Wyoming markets that closed 100 or more homes in the past six months.

1. Casper, $339,000 median, 175 closings

The lowest entry price among Wyoming's real markets, roughly $61,000 below the statewide median. 175 closings over six months is respectable in a state this size, ranking fourth by volume. Casper is a central Wyoming regional center with an economy historically tied to energy, which is a cyclical exposure worth understanding before committing capital. It carries a lower entry cost than the university and resort-adjacent markets while still offering enough transactions to support comparable-sales work.

2. Cheyenne, $389,450 median, 859 closings

The dominant market in the state and, by any liquidity measure, the most practical place to buy. Cheyenne's 859 closings represent roughly 45 percent of every home sold in Wyoming over the past six months, nearly four times the volume of the next-busiest market.

That matters more here than in a large state. In markets this small, the main risk is that too few comparable sales exist to value a property properly, and that too few buyers exist when you want to exit. Cheyenne is the one Wyoming market where neither concern really applies. As the state capital, it also carries a government employment base plus a nearby military installation, both of which support steadier housing demand than a commodity-driven local economy. Entry cost of $389,450 is close to the statewide median, so you pay for that stability rather than getting it at a discount.

3. Sheridan, $395,500 median, 206 closings

Northern Wyoming near the Montana line, with 206 closings, the third-highest in the state. Entry price sits $6,050 above Cheyenne's. Sheridan is a smaller, more self-contained market, and its volume is solid enough for reasonable comparable-sales coverage without approaching Cheyenne's depth.

4. Laramie, $402,450 median, 230 closings

Home to the state's flagship university, and that dominates the local rental picture. 230 closings is the second-highest volume in Wyoming. A student-driven rental market is a specific business with its own turnover cycle, academic-calendar timing, and management demands, and it should be researched directly rather than inferred from the median price. Entry cost is slightly above the state median.

5. Cody, $495,000 median, 116 closings

The most expensive market on this list at $495,000, roughly $95,000 above the state median, with 116 closings. Cody sits near Yellowstone, and its price level reflects tourism and recreation demand rather than a conventional local employment base. High entry cost, moderate volume, and a demand profile tied to visitation patterns.

The smaller markets, and why they carry real risk

Wyoming's remaining tracked cities all closed fewer than 100 homes in six months. Two of them are genuinely cheaper than anything above, which makes them tempting, so here are the actual numbers.

Worland at $250,000 is the cheapest entry price in Wyoming, about $89,000 below Casper. Rock Springs at $300,950 is the second cheapest. Both closed 28 homes over six months, which works out to fewer than five sales a month across the entire city.

That number is the whole story. With 28 annual-pace transactions in a half year, there may be only a small handful of genuinely comparable recent sales for any given property, which makes valuation far less reliable. And when you want to sell, you are relying on a buyer pool that historically produces about five purchases a month for every type of home in the city combined. Powell at 70 closings and Buffalo at 44 are somewhat better but still thin.

None of this makes these markets uninvestable. It means the discount you are getting on entry price comes with a real cost in valuation confidence and exit flexibility, and that tradeoff should be a deliberate choice rather than a surprise.

Jackson is excluded from both tables for a different reason: at a $2,495,000 median across 95 closings, it is a national resort market, not a Wyoming rental market, and it belongs in a different analysis entirely.

How to use this list

The honest summary for Wyoming is short. Cheyenne is the only market in the state with genuine liquidity, at 859 closings. Laramie at 230, Sheridan at 206, and Casper at 175 form a workable second tier, with Casper offering the lowest entry price of the four. Cody at 116 is the priciest of the real markets. Everything else trades meaningfully lower liquidity for a lower entry price.

Whichever you choose, thin markets raise the stakes on property-level analysis, because there is less transactional evidence to catch a mistake. Resideline estimates condition from listing photos, makes the comparable sales behind every valuation visible and adjustable so you can remove an inappropriate comp yourself, and freezes each estimate at listing before grading it against the real closing price, published on the accuracy dashboard. In markets closing a few dozen homes a year, being able to see and correct the comp set is not a convenience, it is the difference between a defensible valuation and a guess. Live valuations cover 31 states.

Run the specific address through the ARV calculator if a renovation is involved, then the deal analyzer for purchase, rehab, and financing together. Browse local data through the market pages. The free tools work without a signup. And verify rent on the actual property before relying on any cash-flow number.