Riverton or Cody? (Sheridan, Ranchester, Cora: place to live, dangerous, shops)

[Brian_M]

In Lander, my salary of $38k was just enough, most of the time, to cover our life. We paid $126k for a house (3br/2ba 2200sq/ft in town), didn't have any car loans, credit card debt but Did have school loans (about $300/month). We tend to buy more insurance than what it seems most people do, splurged with over $100 in tv/internet every month and ate/lived well. That was NOT enough to put anything into savings, take vacations (other than camping in state). I know it could have been whittled down a little but I don't expect it could have been cut too much. And before you point to housing and say there's money to be saved there, that was only about $750 in actual mortgage (though with escrow for taxes and insurance it was closer to $1000/month). I'm not sure you could find a rental for less than that without sacrifice (having a class of neighbor who tends to draw the attention of law enforcement on a frequent basis...)

Housing is Cheaper today than it was when we bought in WY, but also harder to buy.

Since my wife had income as well, we lived high on the hog. Sounds to me that if both you and your husband work full time at even minimum wage, you'll have enough to cover life. Anything more than that will just increase your quality of life and ability to pay off debt/put money into savings/retirement/investments. It's the gaps when you aren't both full-time that will be hard, and getting started... but that's going to be true just about anywhere.

[sunsprit]

in light of the above post re home ownership, which would apply anywhere in Wyoming ....

one needs to have a down payment and a steady income history of at least 6 months duration along with a good credit rating to qualify for a mortgage these days.

The houses I looked at in Lander in 2012 with an eye toward a rental property that could cash flow, typically 2bd/1ba or 2-3 bd/2ba ... were all in the mid-to-high $1xx,xxx range. Nicer locations/houses that I would have considered for my own residence were in the $250-350 range, and weren't necessarily bigger houses ... just better quality construction in nicer areas. What I saw in Lander reflected a consistent problem with the lower priced housing ... construction and condition of much lesser quality than the higher priced areas. You could readily save the first cost at the lower price point, but typically you'd spend a lot more to maintain the condition and repairs of the structure. At the times I looked, there wasn't much inventory and the well-priced houses were turning rather quickly.

When I was more active in real estate biz, my advice to folk was that first year ownership of a house would typically cost1%/month of the purchase price; ie, a $126K home would run about $1,260 per month PITI. Lower interest rates of more recent times (approx 4% now) would lower that target monthly cost, but qualifying for a loan is a more difficult process these days. The best tool folk had to lower their monthly PITI was to have a much larger than minimum down payment to lower the financed amount, preferably below the PMI premium level. I doubt that a typical finance scenario today would allow a home buyer with conventional financing to buy a $126K house with a minimal down payment and come up with a $718 PITI ... or that I, as an owner-investor, could justify a purchase then renting out that house for such a low amount; gotta' get it rented, cash flow, maintain it (which seems to always cost more than if I lived in it), and make an ROI after all expenses. Keep in mind that my financing scenario for a non-owner occupied house is different than an owner-occupied house; my numbers are pessimistic rather than optomistic because I'd rather err on the side of having planned more money than being stretched into a maximum expense situation.

Of course, any prospective buyer needs to shop their financial situation with the lenders and get a realistic number of what they can afford to buy at their current income levels, as well as their ability to qualify for a loan. With mortgage PI calculators on-line, one car readily add up their income and see what they can afford ... although that figure is modified by other debts reducing income and a mortgage to income ratio that the lenders must not exceed. A $126K house at today's interest rates would only come into the area of $625/month PI, but add on TI and PMI can easily add $100-200/month to that number.

As well, the buyer has to allow for the fact that the PITI only covers their immediate cost of home ownership; monthly utlilities, maintenance, and upgrades/improvements to the property are all out of pocket on top of that. I think it reasonable for a small house in Lander in good repair to budget $200/month for those issues.

[Plainswalker]

New development! I don't remember when I started the application but I got contacted for a job in Jackson (not a huge job or anything, but a job is a job, especially these days), which I had to decline for now as I don't think there's a national guard unit close enough for my husband to transfer... Afton is the closest there. There IS however, a base in Gillette... but no other employment opportunities at this time for me.

So far as home buying goes, goodness gracious, I am certainly not ready to buy a home, I have a huge car payment on my plate (made the mistake of buying a brand new vehicle early in life.) I'll have enough time while getting that paid down to move to Wyoming and get solid employment history for those mortgage companies (not to mention work up a down payment.)

[NDak15]

Originally Posted by Plainswalker

New development! I don't remember when I started the application but I got contacted for a job in Jackson (not a huge job or anything, but a job is a job, especially these days), which I had to decline for now as I don't think there's a national guard unit close enough for my husband to transfer... Afton is the closest there. There IS however, a base in Gillette... but no other employment opportunities at this time for me.

So far as home buying goes, goodness gracious, I am certainly not ready to buy a home, I have a huge car payment on my plate (made the mistake of buying a brand new vehicle early in life.) I'll have enough time while getting that paid down to move to Wyoming and get solid employment history for those mortgage companies (not to mention work up a down payment.)

I think you were wise to decline a job in Jackson. It's a pretty town and fun to visit but the cost of living is through the roof.

[jody_wy]

there a lot of people that drive or ride the bus from Star Valley to Jackson every day(Jackson 500)

[wyomingbound08]

My husband and I moved to Riverton Wyoming 6 years ago from Michigan due to the devastating economy in Michigan. I disliked it here for a while. Mostly due to the drastic changes between Michigan and Wyoming. However, we have grown to love it. We snowmobile, and are close to great snowmobiling within 1 hr drive. Also, we like to go boating and we are within 45 minute drive from the Boysen Reservoir. We both landed great jobs. I am a RN and work at the minimum security prison farm right outside of town. My husband initially worked for the State of Wyoming as a correctional officer at the same prison I work at. He then went to work for the Bureau of Indian Affairs as a police officer on the reservation. He currently works for a company called Precision Analysis- contracter for the oil field. We have recently thought about relocating to Cody Wyoming as my husband may have an opportunity to do this with his job. Since I am a nurse, I pretty much can go any where. Cody is absolutely beautiful!! It also has great snowmobiling/boating opportunities available. The town seems very family oriented and has a lot to offer. It has a recreation center that looks amazing with an indoor ice rink (my husband would love) and swimming pool and fitness center. Also you are right next to Yellowstone National Park....one of the most beautiful places in the country in my opinion.

[Elk Country]

Please see some of my other posts about Lander.

I live here in Lander and Riverton is an easy commute. I agree with the others who have posted about Cody being very tourism driven and to have more traffic, especially in summer tourist season. Every time I am in Cody it appears the overall attitude is catering to bikers - just an observation. I wouldn't live in Cody and there are a limited number of places I would even consider living in the Riverton area (i.e. Riverview Road or heading towards Shoshoni).

I would suggest coming for an extended period of time and really getting to know any area before committing to a lease or purchase. The analogy of Lander and Riverton being white collar and blue collar is a good one. Many job opening in both towns - some are posted on Chamber of Commerce, Fremont County Government and other web sites outside of Wyoming at Work. Also a huge number of health care (travel nurse/RN) positions seem to be going unfilled at both Lander and Riverton hospitals.

Email me if I can be of help - happy to send you some links. Definitely check out Landertalk and County10!

Good Luck!

[georgiainwyo]

Originally Posted by Elk Country

Please see some of my other posts about Lander.

I live here in Lander and Riverton is an easy commute. I agree with the others who have posted about Cody being very tourism driven and to have more traffic, especially in summer tourist season. Every time I am in Cody it appears the overall attitude is catering to bikers - just an observation. I wouldn't live in Cody and there are a limited number of places I would even consider living in the Riverton area (i.e. Riverview Road or heading towards Shoshoni).

I would suggest coming for an extended period of time and really getting to know any area before committing to a lease or purchase. The analogy of Lander and Riverton being white collar and blue collar is a good one. Many job opening in both towns - some are posted on Chamber of Commerce, Fremont County Government and other web sites outside of Wyoming at Work. Also a huge number of health care (travel nurse/RN) positions seem to be going unfilled at both Lander and Riverton hospitals.

Email me if I can be of help - happy to send you some links. Definitely check out Landertalk and County10!

Good Luck!

With all due respect, I have to disagree regarding Cody and tourist traffic. We live in Cody and it is my favorite place to live or everywhere I've been (although only in Wyoming and Montana). The traffic might be more "congested" than what a town of the size of Cody is used to for only a couple of months in the summer, but by no means is the traffic a problem! There is more traffic on a daily basis all year round in Riverton. My friend recently moved from here to Riverton and the thing she noticed the most is all the traffic there! Every little community close by shops in Riverton. Don't let anyone tell you that Cody traffic is problematic!

[NDak15]

Originally Posted by jody_wy

there a lot of people that drive or ride the bus from Star Valley to Jackson every day(Jackson 500)

How long of a drive is that? Do a lot of people who work in Jackson live in Star Valley and take the bus in?

[jody_wy]

about a house from my house then Alpine is 25 miles closer. think the buses run from Etna and Alpine
http://www.startbus.com/img/image-up...Spring2013.pdf
here a time and stop schedule