CALCMONEY // HOME AFFORDABILITY // WY // CHEYENNE
How much house can you afford in Cheyenne? Based on local median home prices, current WY mortgage rates, and Cheyenne property tax data.
$365,000
$2,271/mo
$97,308/yr
$253,490
Monthly housing costs of $2,271 represent 37.8% of Cheyenne's median gross monthly income ($6,000/mo). At 37.8%, median-income buyers in Cheyenne are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $365,000 |
| Down Payment (20%) | $73,000 |
| Loan Amount | $292,000 |
| Monthly PI Payment | $1,933 |
| Monthly Property Tax | $186 |
| Monthly Insurance Est. | $152 |
| Total Monthly PITI | $2,271 |
| Housing Cost % of Income | 37.8% |
| Required Income (28% rule) | $97,308/yr |
| Max Affordable Home | $253,490 |
$12,775
$2,919/mo
Cheyenne Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $365,000 | Cheyenne city median |
| Down Payment (20%) | $73,000 | Conventional loan |
| Monthly PITI | $2,271 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $97,308 | Annual gross |
| Max Affordable Home | $253,490 | Based on median income |
| FHA Down (3.5%) | $12,775 | Minimum FHA |
| Housing Cost % of Income | 37.8% | Median income: $72,000/yr |
| Property Tax Rate | 0.61% | $2,227/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Cheyenne is $365,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $292,000, generating a monthly P&I payment of $1,933. Adding property taxes ($186/mo) and homeowners insurance ($152/mo) brings total monthly PITI to $2,271.
Cheyenne's property tax rate of 0.61% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Cheyenne median home, that is $186/month, or $2,227 per year.
Wyoming has no state income tax, improving effective take-home pay for Cheyenne residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Cheyenne's median income of $72,000/year can afford up to $1,680/month in total housing costs. Based on Cheyenne's mortgage rate of 6.95% and property tax rate of 0.61%, that translates to a maximum affordable home price of approximately $253,490 with 20% down on a 30-year loan.
To afford the median Cheyenne home priced at $365,000, you need an annual gross income of approximately $97,308. Total monthly housing costs (principal and interest of $1,933, property taxes of $186, and insurance of $152) come to $2,271/month, which equals 28% of the required income.
At the median home price of $365,000 and median household income of $72,000, the total monthly housing cost of $2,271 represents 37.8% of gross monthly income. This is well above the standard 28% threshold, making Cheyenne a challenging market for buyers at median income.
A conventional 20% down payment on the median Cheyenne home of $365,000 is $73,000. An FHA loan requires just 3.5% down — $12,775 — but adds mortgage insurance of roughly $249/month, bringing total FHA payments to $2,919/month.
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