Sheridan, WY

Below Avg · 78

Wyoming · Population 19,035 · Updated March 2026

$933
Median Rent / Month
$61,598
Median Income
$295,300
Median Home Value
$1,070
Owner Costs / Month

Affordability

How far your income goes in Sheridan

18.2%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Wyoming

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
4.0%
Sales Tax
0.56%
Property Tax Rate

Estimated Annual Costs

$11,196
Annual Rent
$0
State Income Tax
$1,654
Property Tax (est.)

Cost of Living Overview

Sheridan is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 78 (where 100 equals the national median), Sheridan residents can expect to pay median rent of $933/month while earning a median household income of $61,598/year.

The median home value in Sheridan, WY is $295,300, with typical monthly owner costs around $1,070 including mortgage, insurance, and taxes. The median rent-to-income ratio of 18.2% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Wyoming has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 4.0% sales tax rate and 0.56% effective property tax rate, the overall tax environment helps keep costs manageable in Sheridan.

Frequently Asked Questions

Common questions about living costs in Sheridan

What is the cost of living in Sheridan, WY?
The cost of living index in Sheridan, WY is 78 (US average = 100). Median monthly rent is $933, median household income is $61,598/year, and the median home value is $295,300.
Is Sheridan, WY affordable?
Yes, Sheridan is more affordable than the national average with a cost index of 78. The rent-to-income ratio is 18.2%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Sheridan, WY?
The median gross rent in Sheridan, WY is $933 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $11,196.
What is the median household income in Sheridan?
The median household income in Sheridan, WY is $61,598 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Wyoming?
Wyoming has a top income tax rate of 0%, a sales tax of 4.0%, and an effective property tax rate of 0.56%. Notably, there is no state income tax.