Property Value in Wyoming Is on the Rise
Real estate of any type is often a risky investment, especially in recent years. Ranch properties in Wyoming, however, seem to be the exception. The property value in Wyoming has steadily increased over the past 6 years, even when it was rapidly declining in other parts of the country. Farm and ranch land values have increased 10 percent since 2007, or approximately $50 per acre. Financial experts also predict that home prices in Wyoming will increase by about 4.5% in the coming year.
One of the largest factors that determines property value in Wyoming is the saleability of the real estate and its improvements. There continues to be a high demand for ranch property in Wyoming, which has helped keep property values stable. Wyoming is a desirable place to live for a number of reasons:
- Low unemployment rate
- Low cost of living
- No capital gains taxes
- No income taxes
All of these economic factors contribute the saleability of real estate in Wyoming. Not to mention the beauty found in the rugged countryside and the laid-back lifestyle.
Potential of Land
Another factor that largely determines the property value in Wyoming is the potential of the land. A small lot in suburbia doesn't have a lot of potential. A large tract of ranch land, on the other hand, has unlimited potential. It can be used for farming or agricultural purposes, as a vacation property, or most any other purpose you can think of.
Contact us today for more information about the many ranch properties available at the Brooks Companies.