Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Colorado and Wyoming. Updated for 2026.
Wyoming wins 5 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $340K and lower overall costs, Wyoming offers meaningful savings compared to Colorado. Both states offer first-time buyer programs — explore the state pages for full details.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI.
The monthly payment difference is $1,257/month — that’s $15,084/year or $453K over the life of a 30-year loan. Buying in Wyoming is the more affordable option based on median home prices with identical loan terms.
Based on the 28% debt-to-income rule — your monthly housing payment should not exceed 28% of gross monthly income.
To afford the median home in Colorado, you need a household income of approximately $156K/year. In Wyoming, you need $102K/year — less by $54K/year. That $54K income gap means Wyoming is accessible to a significantly wider range of households.
Wyoming offers meaningfully lower home prices than Colorado, with median prices running 35% less ($180K difference). This gap translates to both a smaller loan and lower monthly payments. First-time buyers priced out of Colorado may find Wyoming far more accessible, particularly when combined with local down payment assistance programs.
Property tax rates are similar in both states (Colorado: 0.51%, Wyoming: 0.61%), so taxes shouldn't be the deciding factor in your relocation decision. Instead, focus on differences in home prices, insurance costs, and state-specific programs. Both states collect roughly comparable property tax revenue relative to home values.
Insurance costs favor Wyoming at $1,800/year versus $3,200/year in Colorado, a difference of $1,400 annually. While not the largest cost factor, this adds up to over $14K over a decade of homeownership. Shop multiple carriers in either state — actual premiums depend on your specific property, coverage level, and claims history.
Closing costs are a one-time but significant expense. Colorado averages $7K in closing costs (1.4% of purchase price) while Wyoming averages $4K (1.1%). The difference is spread across title insurance, attorney fees, and recording costs rather than a single large tax. Budget for these upfront costs — they affect how much cash you need on hand at closing.
Both states offer down payment assistance for first-time buyers. Colorado's CHFA Down Payment Assistance provides Up to $25,000 second mortgage, while Wyoming's WCDA Spruce Up Wyoming offers Below-market rate loans. These programs can significantly reduce your upfront costs and make homeownership accessible even if you haven't saved a full 20% down payment. Check eligibility requirements on each state's housing finance agency website — income limits and purchase price caps apply.
The bottom line: Wyoming homes cost $180K less than Colorado on average. That translates to roughly $1,257 less per month in total housing costs if you choose Wyoming. For most buyers, this price gap is the single biggest factor — it affects your loan size, monthly payment, and how quickly you build equity.