Overview of the Commercial and Residential
Real Estate Market in Wyoming
Coming in at number 50 out of 50 in population, the Equality State has just 584,153 people living within its 97,818 square miles, according to the U.S. Census. That is about 6 people per square mile. The largest city is Cheyenne. It has a population of 62,448 and a median home value of $175,100. That is more than $10,000 below the state's median home value of $185,900. The median household income for Cheyenne ($52,848) is about $4,500 below that of the state ($57,406). State-wide, only 16 percent of people live in multi-unit structures and the homeownership rate is 70 percent. In Cheyenne, the homeownership rate is 61.8 percent and 26.3 percent of people live in multi-unit structures. Casper is the second-largest city and has a population of 59,628. The median home value is $179, 300, the median household income is $57,411, and the homeownership rate is 67.4 percent.
Much of Wyoming's $38.4 billion gross state product comes from mining and tourism. Half of the state's land is owned by the federal government and tourism generates more than $2 billion annually for the state. Mineral production includes coal, natural gas, oil, diamonds, and uranium. There is no state corporate income tax. The capital city of Cheyenne prides itself on being the last remaining icon of the West and values the remaining Victorian homes and small shops. Residents are reluctant to embrace much new development. Plans are underway for a new multi-use development south of the city limits. It will have 60,000 square feet of commercial space, apartments, and 156 lots for twin homes. It will be located on an 80-acre plot and the developer says it will fill a need for small, affordable residences.
How to Become a Realtor in Wyoming
To foster economic growth and ensure fair and ethical dealing for the public in all real estate matters, the Wyoming Real Estate Commission regulates the licensing and conduct of all sales agents and brokers in the state. It is headquartered in Cheyenne and requires applicants be sponsored by a real estate broker to obtain a salesperson license. Real estate brokers must have a minimum of two active years as a real estate salesperson or have a degree in real estate from an accredited university or college. Applicants for a broker license must successfully complete 54 hours of pre-license classes and not have been convicted of a felony or had a real estate license denied or revoked by any other state.