Wyoming Is Holding Steady in Affordability and Homebuilding: Can Gov. Gordon Build for Growth?

Wyoming’s wide-open landscapes and small population have long kept its housing market stable, but limited construction and rising demand in key areas are starting to test that balance.

The Realtor.com® State-by-State Housing Report Card gave the Equality State a C-, signaling moderate affordability but lagging new home production. The report—part of the Let America Build campaign—measures how states manage affordability while maintaining enough new housing supply.

President Donald Trump recently put pressure on homebuilders to increase construction nationwide, given the issues with construction in the country. In a post on his Truth Social platform in early October, he accused major builders of hoarding lots to prop up prices—likening them to OPEC, which restricts oil output to maintain high prices.

“They’re my friends ... but now, they can get Financing, and they have to start building Homes. They’re sitting on 2 Million empty lots, A RECORD,” Trump wrote. He urged Fannie Mae and Freddie Mac to intervene and “get Big Homebuilders going” to “restore the American Dream.” 

Wyoming’s results show a market that remains accessible for now but needs more construction to support its future.

Wyoming’s “C-” grade explained

Realtor.com’s analysis gave Wyoming a total score of 41.2, placing it near the midpoint of all states. The state’s median listing price was $465,295 in 2024, supported by a median household income of $73,733. The Realtors Affordability Score came in at 0.56, showing that many homes remain within just out of reach for middle-income earners.

But new homebuilding lags the state’s needs. Wyoming accounted for just 0.1% of all U.S. housing permits in 2024 while representing 0.2% of the nation’s population—a permit-to-population ratio of 0.67, well below the level needed to meet demand.

The new construction premium—the price difference between new and existing homes—was 19.6%, suggesting that new builds remain concentrated in higher-end segments of the market.

The West’s affordability crunch

Across the country, new construction has helped temper rising prices, but the West continues to face a chronic shortage. According to the Realtor.com New Construction Insights report, the median new-home price held steady at $450,797, while resale prices rose 2.4%, narrowing the national new construction premium to just 7.8%—the lowest in the dataset’s history.

However, the report found that the West saw the steepest drop in the share of new-construction listings even as overall completions rose. Higher land, labor, and material costs continue to limit the ability of builders to deliver affordable inventory.

Wyoming reflects this pattern on a smaller scale: vast land area but limited infrastructure and high per-unit construction costs. Growth in hubs like Cheyenne, Casper, and Jackson Hole has strained local supply, while rural regions see little new development.

But again, the pinch is being felt all over.

“America is short more than 4.7 million homes, and every new home built helps close that gap while fueling local economies," says Shannon McGahn, executive vice president and chief advocacy officer at the National Association of Realtors®.

"NAR research shows that the U.S. has faced a persistent housing shortage for more than a decade, driving up prices and limiting options for buyers. Expanding housing supply creates jobs, supports small businesses, and affords families the opportunity to build generational wealth.”

Governor Gordon’s housing and infrastructure initiatives

Governor Mark Gordon has prioritized expanding housing in Wyoming by reducing regulatory barriers for construction.

In 2024, he signed Senate File 114 – Contractor Licenses: Reciprocal Recognition Requirements, which requires local governments to recognize contractor licenses issued by any Wyoming county, city, or town. The law is designed to prevent qualified contractors from facing additional, time-consuming, and costly licensing procedures when working across the state.

The bill originated from the Regulatory Reduction Task Force, which examined state and local licensing rules that added construction costs ultimately passed on to homebuyers.

“My administration has been passionate in reducing red tape, and while there is certainly more work to be done in addressing Wyoming’s housing shortage, this new law is a small step toward streamlining unnecessarily redundant and costly requirements,” Governor Gordon said.

Gordon has also supported specific housing projects, including the groundbreaking of the Hitching Post employee complex in collaboration with St. John’s Health (SJH), the St. John’s Health Foundation, and community partners. The project will provide 72 deed-restricted affordable housing units for hospital staff, including 22 one-bedroom, 48 two-bedroom, and two three-bedroom apartments.

This article was produced with editorial input from Dina Sartore-Bodo and Gabriella Iannetta.