What Is The Cost Of Living In Cody Wyoming?Feb 192021
We have a pretty enjoyable quality of life here in Cody, the number of people that travel here annually is a testament to how good we have it! The cost of living here isn't too shabby either...actually it's pretty darn close to the state average. Before moving anywhere, the cost of living should be one of the first things you consider. How much of your income you take home will be dictated by home values, state tax structures, and the cost of goods and services. Thankfully, Wyoming's low tax rates make it very affordable to live here, pre and post-retirement. As for the cost of living, below we paint a pretty thorough economic picture of what it's like living in Cody. We looked into median home values, average income, employment rate, and population data too. Cody is truly a great place to live, keep reading to find out why!
How Is The Cost of Living Calculated?
Cost of living is generally calculated by the cost of goods and services like: food, housing, transportation, energy, clothing, healthcare, and education. Though there isn't an official cost of living index created by the US government, other organizations offer their own data. Keep in mind that having many data sources like this can make it difficult when researching the cost of living between one city vs another. In a lot of cases, Cody isn't even listed as an option! (You can decide if this is for better or worse) For this reason, we used very limited sources: The Wyoming Cost of Living Index (WCLI) produced by the state, the US Census Bureau, and The Council For Community and Economic Research (presented via areavibes.com).
The WCLI is produced twice a year with prices collected in 28 Wyoming cities and towns. 140 consumer goods are aggregated into six categories, then weighted using the Consumer Price Index (CPI) from the US Bureau of Labor Statistics (BLS). These categories are Housing (48%), Transportation (15%), Food (13%), Recreation/Personal Care (9%), Medical (8%) and Apparel (3%). The results are then rebalanced by population. The final score represents the county's price level compared to the Wyoming average. A score of 100 means that it equals the Wyoming average, whereas a 120 score means it is +20% than the average, and an 85 score means it is -15% than the average.
What Is The Cost Of Living In Cody Wyoming?
Park County's Comparative Cost of Living Index was at 98, pretty much the same as the state average (100). Food (107), Apparel (114), Transportation (101) were higher. Housing (92) and Recreation-Personal Care (97) were lower. Medical costs were standard at 100. To compare, Teton County (where Jackson WY is located) has an index of 159, Laramie County (Cheyenne WY) is at 104, and Natrona County (Casper WY) has an index of 96. With a salary of $60,000 in Cody, you could afford a similar lifestyle as someone making $59,744 in Casper, WY or $67,950 in Denver, Colorado.
So how does Cody's cost of living compare elsewhere, say on a national level? Well according to this data from 2019, the cost of living was about the same (101) as the rest of the US. Housing and goods/services ranked higher while taxes ranked much lower than the rest of the country.
What Is The Median Home Value In Cody Wyoming?
2019 Census data estimates the median home value in Cody Wyoming at $236,900, +7% than the state and +8.9% than the nation. Post covid housing boom, the median home value is expected to be higher though this data isn't available quite yet. In contrast, the monthly costs were lower for Cody residents: $1,354 was the median monthly owner costs, 9% less than Wyoming and 15% less than the country. Average rents in 2020 for Park County were lower than the Wyoming average: $668 for a 2br apartment, $760 for a 2-3br mobile home, $952 for a 2-3br house.
*median home value is based on the 2019 5-year estimate for owner-occupied housing units. Monthly owner costs for those with a mortgage are based on payments for mortgages, deeds of trust, contracts to purchase, or similar debts on the property. Also included are property taxes, insurance, utilities, fuels, and related fees for condos and mobile homes.
What Is The Employment Rate Of Cody Wyoming?
The employment rate in Cody was at 60%, just under state (65%) and national (63%) levels, according to 2019 census data. Big industries in Cody were education services/healthcare/social assistance (23%), followed by arts/entertainment/recreation/accommodation/food services (15%), then retail (12%).
*employment rate is the percent of the labor force of people 16 and over
What Was The Population Of Cody Wyoming In 2020?
According to the city, the population of Cody Wyoming in 2020 was at 9,860 people. The population of Cody is growing the same as the rest of Wyoming which grew 2.7% in 2019. Our demographics are very similar to the state too, and our age groups are also a great representation of the rest of the US! The retirement age group of 65 and older is significant, making up over 20% of Cody's population. How about the younger folks you ask? Children under 5 make up 6% of the population in Cody, and people under 18 make up 21%.
Is Cody Wyoming A Good Place To Live?
We certainly think so! Our tax structure is among the best business-friendly states across the country. No state income tax, no taxes on retirement income, and no inheritance taxes are also reasons why Wyoming is an excellent place to live and retire. Cody especially is a vibrant community with lots going on year-round, making it a great environment for retired folks. Not to mention we have low crime rates, beautiful scenery, and amazing recreation access with Yellowstone in our backyard. Come explore our corner of Wyoming and see for yourself why Cody is such a wonderful place to live!
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