Inflation, cost of living skyrockets in Wyoming

JACKSON HOLE, Wyo. — Wyoming continues to be far from immune from the effects of runaway inflation gripping the nation. The latest Cost of Living Index, released by the Economic Analysis Division shows statewide inflation up across the board in 4Q 2021.

Paced by costs associated with housing, Teton County by far breaks the bank as the priciest place to live in Wyoming. Food, clothing, transportation—Teton County led the state in these indices and was above the state average in every category.

While gas prices spiked most severely in the 1Q 2022, indications are transportation costs were already on the rise in late 2021, accounting for 22% inflation statewide. As a whole, Wyoming experienced a 9.3% inflation rate. That’s the highest jump ever in the Cowboy State with the exception of 3Q 1981 when Wyoming experienced an 11.8% inflation rate.

 Housing hit hardest in Jackson Hole

While the median family income in Teton County, Wyoming rose over 6% in 2021, it was far outpaced by rising inflation fueled by increases in apartment rentals (12%) and housing costs (14%).

“While we are happy to see that incomes are going up, they unfortunately are not keeping pace with rental rates or housing costs in general,” said Jackson/Teton County Housing Department director April Norton.

The Housing Department has two primary programs serving working families in the community. The Affordable Program is based on household income and total asset worth. Applicants must earn less than 120% of the medium family income for Teton County.

Meanwhile, the Workforce Program requires that at least 75% of the household income is earned locally but has no income or asset limit. For both programs, applicants must work full-time for a local business.

Households seeking safe, stable housing through the Housing Department, Housing Trust, or Habitat for Humanity should check each organization’s website to understand the available programs for their income range.

“I hope people who are seeking housing will take time to learn about the programs that are offered through the Housing Department, Housing Trust, and Teton Habitat,” Norton said. “Between the three organizations, we are providing housing opportunities for families across the income spectrum.”