A+
8%
Overall NAT. AVG.
4%
Goods & Services NAT. AVG.
16%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Sheridan Wyoming National
Cost of living10898100
Goods & Services10498100
Groceries101102100
Health care104100100
Housing116101100
Transportation12594100
Utilities9388100

An Overview of Cost of Living in Sheridan, WY

Knowing the cost of living in Sheridan allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Sheridan stands at 108, marking it 8% higher than the national average.

Everyday expenditures like food, housing, goods and services, transportation and health care in Sheridan are priced in a manner consistent with other areas. This means that residents of Sheridan can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

What Do Locals Say About the Cost of Living in Sheridan?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 11 locals to understand their opinions on the cost of living in Sheridan. The results indicated that 27% found it reasonably priced with decreasing prices of goods and services, while 73% viewed it as quite expensive, with increasing prices.

Is Sheridan Affordable?

Is Sheridan affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Sheridan, the median home price is 27.6% higher than the national average and monthly rent prices are 11.5% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Sheridan boasting a median household income of $52,167, 5.7% lower than the national average.

What Factors can Influence the Cost of Living in Sheridan?

Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Sheridan, the transportation index stands at 24.8% higher than the national average.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Sheridan, the groceries index is 1.1% higher than the national average.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Sheridan, the housing index comes in at 15.8% higher than the national average.

Where is the Data From?

The cost of living in Sheridan, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Sheridan is 10% higher than the Wyoming average
  • The cost of living in Sheridan is 8% higher than the national average
  • Sheridan housing is 16% higher than the national average
  • Wyoming general sales tax is 22% lower than the national average
  • Wyoming state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Sheridan

See all the best places to live around Sheridan

Compare Sheridan, WY Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$71,204$5,934$1,661$2,136
      Renters$34,358$2,863$802$1,031
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Sheridan, WY, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Sheridan homeowners, is $71,204. This would allow for a maximum of $1,661 per month to be spent on housing costs. For renters, the median monthly income is $34,358 which would result in a maximum of $802 to be spent on rental costs.

      Wyoming Sales Tax

      State General Sales Tax With Max Surtax
      Wyoming 4% 6%

      Wyoming Income Tax

      State Income Tax (Low) Income Tax (High)
      Wyoming 0% 0%

      Goods & Services

      Item Sheridan National avg. Difference
      Haircut $29.17$24.2620.2%
      Beauty Salon $41.59$45.568.7%
      Toothpaste $4.10$3.7010.8%
      Shampoo $1.23$1.283.9%
      Movie $12.47$12.132.8%
      Bowling $17.73$18.001.5%

      Groceries

      Item Sheridan National avg. Difference
      Ground Beef $5.69$5.842.5%
      Fried Chicken $1.40$1.5710.7%
      Milk $4.75$4.671.6%
      Potatoes $4.54$4.938.1%
      Pizza $12.10$12.090.1%
      Beer $10.75$10.413.3%

      Health Care

      Item Sheridan National avg. Difference
      Optometrist $153.82$125.6822.4%
      Doctor $187.05$135.7837.8%
      Dentist $102.51$113.299.5%
      Ibuprofen $10.61$10.650.4%
      Lipitor $348.38$468.6025.7%

      Housing

      Item Sheridan National avg. Difference
      Home Price $235,600.00$184,700.0027.6%
      Avg. Mortgage Payment $2,351.75$2,346.690.2%
      Apartment Rent $840.00$949.0011.5%

      Transportation

      Item Sheridan National avg. Difference
      Gasoline $3.45$3.460.2%
      Tire Balancing $111.34$59.9285.8%

      Utilities

      Item Sheridan National avg. Difference
      All Electricity $177.24$193.998.6%
      Phone $183.03$192.254.8%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Big Horn, WY3821054.7%
      Ranchester, WY1,0621109.9%
      Dayton, WY87911111.4%
      Sheridan, WY17,9381088.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Cary, IL17,92611312.6%
      Arroyo Grande, CA17,92416564.6%
      Burke Centre, VA17,95214646.2%
      Beltsville, MD17,92213232.5%
      Sainte-Sophie, QC17,917n/a 
      Sheridan, WY17,9381088.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.