1st Advantage MortgageInvestors buying in Cheyenne, WY are measured on the rent the property earns. Locally, median gross rent is $1,118 and median real estate taxes are $1,946 a year, which together set how much loan a rent can carry.
Cheyenne by the Census numbers
The Census Bureau's 2020 to 2024 American Community Survey puts median gross rent in Cheyenne at $1,118, about 13% above the Wyoming median of $992. Median home value sits at $333,700, which is close to the Wyoming median of $309,700. Annual median rent is about 4.0% of the median home value in Cheyenne. That is a lean ratio that leaves little room for taxes, insurance and dues, but it blends every housing type, so a house on a specific street needs its own rent comparables.
| Indicator | Wyoming | Cheyenne | Difference |
|---|---|---|---|
| Persons per household | 2.34 | 2.21 | |
| Share in 2-4 unit buildings | 6.4% | 11.5% | +80% |
| Long commuters, 45 min plus | 9.7% | 5.9% | -39% |
| Degree holders, age 25+ | 30.6% | 33.6% | +10% |
| Workers on their own account | 11.9% | 8.0% | -33% |
| Renters paying 30%+ of income | 43.1% | 49.0% | +14% |
| Units sitting vacant | 12.2% | 5.1% | -58% |
| Typical construction year | 1981 | 1976 | |
| Annual rent divided by value | 3.8% | 4.0% | +5% |
| Households that rent | 28.2% | 32.9% | +17% |
| Tax as a share of home value | 0.57% | 0.58% | +2% |
| Annual property tax bill, median | $1,767 | $1,946 | +10% |
| Household income, median | $76,176 | $78,839 | +3% |
| Typical owner-occupied value | $309,700 | $333,700 | +8% |
| Residents (Census estimate) | 582,397 | 65,239 |
The renter share of 32.9% (about 17% above the Wyoming median of 28%) tells you most neighbors are owners, so rental demand is real but narrower than in a renter-heavy city. Incomes matter for rent growth: the median household earns $78,839, close to the Wyoming median of $76,176, and 49% of renters are already cost-burdened at 30 percent of income or more.
Housing stock and vacancy in Cheyenne
About 64% of Cheyenne's housing is detached single-family, which means a typical rental purchase is a house with its own roof, yard and repair schedule. With 1976 as the median build year, expect aging HVAC and roofs and ask for the dates of the last replacements.
About 5% of Cheyenne's housing units are vacant, and the rental vacancy rate (units for rent against rented plus for-rent units) works out to 2.4%.
How investors should read Cheyenne
Cheyenne's 4.0% rent-to-value ratio is on the lean side, so expect lenders to ask for more cash down on a typical single-family purchase and to scrutinize insurance and tax estimates closely. Homes of this vintage age unevenly, so rent comparables should come from properties in similar condition. Because only 33% of households rent, vacant units can take longer to lease, and location relative to employers or campuses matters more.
Taxes, insurance and hazards in Cheyenne
Tax drag is easy to underestimate. Cheyenne owners report a median $1,946 in annual real estate taxes, about 10% above the Wyoming median of $1,767, an effective 0.58% of median home value. Measured against a year of median rent, taxes eat about 15% before any other cost shows up.
County-level hazard data from FEMA (National Risk Index 1.20) shows Laramie County with relatively low overall risk and winter weather (very high), cold waves (relatively high) and ice storms (relatively high) at the top of the list.
| Hazard in Laramie County, FEMA index | Level |
|---|---|
| Lightning exposure | Relatively High |
| Ice storms exposure | Relatively High |
| Cold waves exposure | Relatively High |
| Winter weather exposure | Very High |
| Social vulnerability score | Relatively Low |
| Annualized loss estimate | Relatively Low |
| Composite risk | Relatively Low |
In Laramie County, as anywhere, the premium is part of PITIA, which means a quote with the roof, age and flood zone of the actual Cheyenne address belongs in your file early.
Working the Cheyenne rent math
At the city medians a DSCR file in Cheyenne has $956 a month after taxes to cover principal, interest, insurance and dues if the ratio is 1.00, or $732 if the ratio is 1.25. Those two numbers show why insurance quotes and tax estimates come first.
Rules a Cheyenne landlord should check
For Cheyenne, treat local rental rules as an open question to close before you offer. Ask the city and Laramie County about landlord registration, inspections and short-term rental permits, and check association documents too. State tax treatment of short stays, as it applies to Cheyenne. Wyoming taxes short-term rentals of less than 30 continuous days with state sales tax and a statewide lodging tax plus local taxes, and platforms that act as marketplace facilitators collect and remit for the reservations they handle.
The return clock runs 60 days from move-out in Wyoming, so Cheyenne landlords should keep move-in photos and repair receipts. Wyoming rent regulation summary: No rent-increase notice requirement and no rent control provision found in W.S. 1-21-1201 to 1-21-1211 (other titles not searched).
Comparing Cheyenne with surrounding markets
Looking across the table, values run from $319,500 (Laramie) up to $577,900 (Fort Collins), and Cheyenne lands at $333,700.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Loveland | 38% | $2,302 | $479,000 | 78,410 | $1,730 |
| Greeley | 39% | $1,832 | $402,500 | 110,806 | $1,388 |
| Laramie | 56% | $1,864 | $319,500 | 32,234 | $925 |
| Fort Collins | 48% | $2,875 | $577,900 | 170,229 | $1,690 |
| Cheyenne | 33% | $1,946 | $333,700 | 65,239 | $1,118 |
Tenants, jobs and anchors in Cheyenne
Self-employment accounts for 8.0% of Cheyenne's workforce, so many local investors earn income that a standard payroll-based mortgage underwrites poorly. The same survey shows government workers are about 27% of employment, 34% of adults hold a bachelor's degree or higher and 6% of commuters travel 45 minutes or more.
The Cheyenne area is home to Laramie County Community College. Students and employees at schools like these are a recurring source of rental demand. Access runs through interstate access via I-25 and I-80 and air service through Cheyenne Regional Airport and Denver International Airport, which shapes where commuters want to live and how long a showing takes.
Taking a Cheyenne deal to a lender
Gather the lease or rent estimate, the tax estimate and an insurance quote for the Cheyenne address, check them in the calculator, and begin your application or get a quote first.
More Wyoming markets
- All Wyoming DSCR loans
- DSCR loans in Fort Collins, CO
- DSCR loans in Laramie, WY
- DSCR loans in Greeley, CO
- DSCR loans in Loveland, CO
- Every market we cover
Sources and data notes
- Wyoming Excise Tax Division
- 2020 to 2024 ACS data used for Cheyenne
- FEMA risk data used for Cheyenne
- Cheyenne on Wikipedia
- Wyoming landlord deposit rules, W.S. 1-21-1207, 1-21-1208
Cheyenne's figures are ACS estimates covering 2020 to 2024 and are not exact counts. For Wyoming tenant law we used RedFlagLease under CC BY 4.0 plus the linked statutes. Verified October 2026. Ordinances and statutes change, so confirm before acting.
Before you make an offer
On a Cheyenne purchase, line up the lease, the tax estimate, the insurance quote and any association dues before the appraisal is ordered, and ask the appraiser's office what rent comparables they plan to use.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
How does a lender pick the rent for a Cheyenne DSCR file?
On most files the lender uses the lower of the signed lease rent and the appraiser's market rent for the address in Cheyenne. For orientation, the Census median gross rent here is $1,118 a month.
How is the DSCR figure built for a Cheyenne property?
Taxes, insurance and dues are inside the payment the lender tests. Run $1,118 through a 1.25 ratio and the ceiling is about $894; subtract $162 for median taxes and $732 remains.
What does Laramie County charge in property tax, in practice?
Median taxes paid are $1,946 a year, or 0.58% of median value, compared with 0.57% statewide. Ask Laramie County's tax office what the bill becomes after your sale.
Can I use Airbnb income to qualify in Cheyenne?
It depends on the program and on local law. A Cheyenne owner needs the right permit or registration, an association that allows nightly stays, and documented bookings.
What deposit rules apply to a WY rental?
Start with W.S. 1-21-1207, 1-21-1208. Return window: 60 days. Talk to a Wyoming attorney for a lease form that matches.
Is flood or storm risk a concern for a Cheyenne rental?
The county scores relatively low overall in FEMA's index, with winter weather leading. Parcel-level flood maps and a real insurance quote give the answer that counts.
Is an entity required for a WY DSCR loan?
Many Cheyenne investors do, though no rule forces it. The loan is secured by the property either way, and the lender will check who controls the company.