# Wyoming

### Summary

Wyoming state is facing challenges to housing affordability. For every 100 low-income renter households, there are 77 units available that are affordable to them. The median household income in the state is $39,506 whereas the median rent in the state $752. Currently, the state is short over 3,552 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.

### Key Statistics

- **28.3%** share of renter households
- **40.0%** share of low-income households
- **38.5%** share of rent-burdened households

### Renter Population Data

| Type of Households            | Households | % share |
|-------------------------------|------------|---------|
| Renter households             | 65,294     | 28.3%   |
| Homeowner households          | 165,359    | 71.7%   |
| Total households              | 230,653    | 100.0%  |
| Low-income renter households   | 26,128     | 40.0%   |

#### Renter Households by Income Group

| Income Group                | Households | % share |
|-----------------------------|------------|---------|
| Extremely low-income (≤30% AMI)  | 8,074      | 12.4%   |
| Very low-income (31-50% AMI)     | 7,567      | 11.6%   |
| Low-income (51-80% AMI)          | 10,487     | 16.1%   |

### Rent-Burdened Households

| Burden Level               | Households | % share |
|----------------------------|------------|---------|
| Moderately rent-burdened   | 13,567     | 20.8%   |
| 30.0–34.9%                 | 5,148      | 7.9%    |
| 35.0–39.9%                 | 3,384      | 5.2%    |
| 40.0-49.9%                 | 5,035      | 7.7%    |
| Severely rent-burdened     | 11,559     | 17.7%   |
| Total                      | 25,126     | 38.5%   |

### Affordable Housing Shortage

| Category                   | Amount ($)  |
|----------------------------|--------------|
| Median household income (2010) | 33,550       |
| Median household income (2021) | 39,506       |
| Increase (2010–2021)         | 17.8%        |
| Median rent (2010)           | 552          |
| Median rent (2021)           | 752          |
| Increase (2010–2021)         | 36.2%        |

#### Supply, Demand & Shortage

| Units                            | Quantity   |
|----------------------------------|------------|
| Supply (current stock)           | 12,089     |
| Demand (total units needed)      | 15,641     |
| Shortage                          | 3,552      |
| Supply/Demand Ratio               | 77.3%      |

### Housing News

#### How Fed Rate Cuts Impact the Housing Market

- **Lower Mortgage Rates**: Fed rate cuts have reduced the average 30-year mortgage rate from 7.79% to 6.2%.
- **Home Sales**: Declining rates may encourage homeowners to sell, yet recovery of the resale market is expected to be gradual.
- **Ongoing Supply Issues**: Despite lower rates, housing shortages persist due to zoning restrictions and material shortages.

#### States With the Largest Homeless Populations

In 2023, approximately 653,000 homeless individuals were reported in the U.S., a 12% increase since 2020. The top 10 states include:

1. California (181,399)
2. New York (103,200)
3. Florida (30,756)
4. Washington (28,036)
5. Texas (27,377)
6. Oregon (20,142)
7. Massachusetts (19,141)
8. Colorado (14,439)
9. Arizona (14,237)
10. Pennsylvania (12,556)

### Shortage Statistics for ELI & VLI Renters

*County statistics coming soon...*

### Resource Links

- **[Wyoming Community Development Authority](https://www.wyomingcda.com/affordable-housing/)**
- **Qualified Allocation Plan (QAP)**: Document outlining distribution of federal LIHTCs to projects that fit housing agency priorities.