CHEYENNE (AP) — Wyoming’s average home price has risen nearly 10% since early last year, the fastest rate of increase in the state’s real estate valuations since 2007.

The Wyoming Tribune Eagle reported some experts say the increase has left many lower-income families with few options for homeownership.

Wyoming Chief Economist Wenlin Liu says the housing supply has been limited for years and many residents have been forced to seek housing through rentals, which have become more costly.

Wyoming's price increase may also be driven by buyers seeking western property while unable to afford homes in larger cities such as Seattle and Denver.

A Laramie County Commissioner said Wyoming trails only Montana and Idaho in the home price spike.

KGAB logo
Enter your number to get our free mobile app

See the Must-Drive Roads in Every State

See the Must-Drive Roads in Every State

More From KGAB