Should you move to Wyoming?

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Wyoming

Moving to Wyoming – Wyoming is a state in the Mountain West subregion of the Western United States. It is the only state with borders with five other states; it has the most land area and the least number of people. Its climate is usually classified as semi-arid or steppe, a subtype of the highland arid climate.

The United States Census Bureau estimates that the population was 582,456 on July 1, 2014, and it ranked 46th in population among U.S states. And people usually ask whether moving to Wyoming is worth it. The Wyoming population density of 2.8 people per square mile ranks 48th in the nation at this period; Wyoming also has a total area ranking 50th with 84,848 square miles (210,661 km2). The population growth of Wyoming over the past decade has been relatively slow.

Wyoming is located in the centralwestern United States. It borders Colorado to the east, Idaho to the north, and Montana to the south and west. Wyoming lies within two time zones, half an hour behind Denver, Colorado (Mountain Time Zone). Access to water depends on elevation; the state is lower than most states that form mountain ranges. 

The highest point in Wyoming is Gannett Peak at 13,804 feet (4,205 m) above sea level and lies in carbonate rocks of the Cretaceous age; moving to Wyoming will be one of the most significant decisions of your life. However, adequately prepared soil can be found at altitudes as low as 4,000 feet (1,219 m). According to the Wyoming State Geological Survey, there are about 1,000 named bodies of water in the state. The largest natural lake in Wyoming is Jackson Hole.

Wyoming has only one metropolitan area (see also: list of census-designated places in Wyoming) and only two communities with populations exceeding 50,000 (Cheyenne and Casper). However, if one includes semi-urban Casper–Riverton as a separate urban area from Casper, with a population of 77,522 in the 2000 Census, Wyoming’s urban areas would total over 120,000.

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Why Move To Wyoming?

 The cost of living in Wyoming is 28.4% lower than the nation’s average cost of living. The cost of housing in Wyoming is also much lower than average. In addition, the state’s homeowner’s insurance rates continue to be among the lowest in the country. The real estate market has also gained strength, and home values have been rising steadily over the years for properties located within Wyoming.

The residents of Wyoming enjoy one of the lowest income tax rates in America at just 4%. Moreover, it is easy to assess property taxes as they are deficient compared to other states. The average sales tax in Wyoming is also comparatively much lower than in other states. Also, the state does not have a state-level general sales tax, so there are no local taxes.

Wyoming offers tremendous value for shoppers at groceries, clothing, and electronics stores. Moreover, the state’s local taxes on these items are among the lowest in all of America. The crime rate in Wyoming is consistently among some of the lowest in America. It is one of the safest states to live and raise a family. 

The state’s violent crime rate is 7.4% lower than the national average, the murder and manslaughter rate is 74% below the national average, property crime is 20% below the national average, and even car theft is 28.9% lower than the rest of America.

Regarding education in Wyoming, Republicans have pushed for school choice by establishing a “taxpayer’s bill of rights” or Tabor R-I School District vs. Scott McInnis U.S. Supreme Court decision allowing parents to select which public school their choice children may attend. The University of Wyoming leads all other schools in Wyoming with a 90% graduation rate for students who started as freshmen four years ago.

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Is it worth moving to Wyoming- Living in Wyoming has pros and cons?

The tourism industry across Wyoming is increasing, with visitors coming from all over the world and spending millions of dollars each year in the state. The natural attractions in Wyoming are incredible and offer abundant winter and summer outdoor activities. If you move to the state, you can explore its beauty with friends or family around the state.

Parking costs less than in most other states, so vacationers don’t have to worry about losing money on their trips even if they use alternative transportation. Some of these parks are free to enter if you carry a ticket stub from an already visited park during your vacation.

How much does it cost to move to Wyoming?

To get an estimate of what it will take to move to Wyoming, we looked at the median home price in Wyoming as of 2017. An estimated house in this state will cost you $124,000. For rental apartments, 68% of the population of Wyoming lives in rental apartments, so if you’re looking for an apartment in this state, you will have a good chance of finding one. Also, remember that it will cost more to live in these regions if you live outside of the city or town center areas (which make up less than 5% or 6% respectively).

The average annual income residents earn within Wyoming is $48,601, which is lower than the national average income of $8K.

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 Should I Move To Wyoming?

Marbleton is the place you should consider if you ever think of moving to Wyoming as no place is as adorable as Marbleton in this state. Wyoming’s diverse economic sector is known for mineral extraction, manufacturing, and support activities. The unemployment rate in Wyoming is around 3.9%, which is 1% lower than the national average. Minimal labor union activity, an effective business climate, low taxes, and no state minimum wage also help attract companies to invest in this state.

The largest employment industries in this state are educational services, health care, trade and transportation, professional scientific and technical services, miscellaneous manufacturing industries, administrative and support services, accommodation and food service industries, and local government. The median family income in Wyoming is $57,519.

Is Wyoming Tax-Friendly?

Well, it’s not hard to figure out that Wyoming is one of the tax-friendliest states in the country. The state does not have a variety of sales taxes; however, property tax rates are low. The state also has a property tax exemption for veterans. Even the energy industry has benefited from the Tax and Royalty Simplification Act of 2006 (TARS). Businesses often take issue with high taxes, but TARS has enabled the oil companies to save $100 million annually.

The corporate income tax rate is 8.3%, which is lower than most states in America. In addition, the capital gains tax rate is 0%, so if you’re considering investing in this state, this would be an excellent option. 

The economy in Wyoming:

Wyoming is one of the most productive states in America. The state has a gross domestic product of $44.7 billion, which is 1% higher than the national average. In addition, Wyoming had an 8.1% growth rate in its workforce per year for the last 10 years. It indicates how well Wyoming is doing as a growing economy and how many jobs are being created in this state every year.

The unemployment rate also stays under control here; it’s 3.9%. It is a great indicator showing that businesses are hiring and growing quicker than in most other states. Wyoming’s top five largest employers include the following:

-Wyoming Department of Health – Wyoming Department of Health – $89 million

-Newell Rubbermaid Company – $79.6 million

-Dept. of Nat. Resources – $71 million

-Casper College – $54 million

-Casper/Natrona County School District #1 – 49 million

Since Wyoming has no state minimum wage, small businesses aren’t obligated to pay higher wages; however, some employers choose to pay more. As a result, you can save money on your household bills by looking for deals and discounts. Also, if you are a business owner, you can save money on your taxes by registering as an S-corporation or an LLC. To learn more about these tax advantages, read the article “Wyoming Businesses: How to Save Taxation Fees”.

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