First-time buyers in Wyoming are getting priced out by out-of-state cash offers, mismatched wages, and an economy tied to fossil fuels
For Stefanie Gilbert (pictured), a real estate broker in Wyoming - the country’s most sparsely populated state - success depends on more than just matching buyers to homes. In a market shaped by oil legislation, high rental costs, and a flood of cash-rich newcomers, even the most qualified local buyers are struggling to compete.
“You look at Colorado, and they have more people in the Denver metropolitan area than we do in the entire state,” Gilbert said. “We’re just small-town everywhere in Wyoming.”
That rural sprawl creates a unique set of challenges. A limited housing supply, influx of out-of-state buyers, and wage-to-price mismatches are pushing local buyers to the margins.
“Anything priced probably $400,000 and below goes really quick still with multiple offers,” she said. “We lack affordable housing in Sheridan. The wages don’t necessarily match up with the cost of homes.”
While high-end properties are on the rise, the local demand doesn’t keep pace. First-time buyers, even with solid finances, are increasingly outmatched. “A lot of my clients are young, busy professionals with good credit and a down payment,” Gilbert said. “We have a lot of high-end homes. We don’t have a lot of high-end buyers.”
And though developers are building, the price points often miss the mark. “If they were $400,000 and less, they’d be sold pretty quick,” she said. “But the stuff on the market over that typically sits for a little while.”
That imbalance is magnified by buyers from more expensive states cashing in. “They’re now selling their homes, and they’re walking away with a whole bunch of cash so they can buy something here that they couldn’t afford where they came from.”
Wyoming’s economic ties to fossil fuels
But pricing isn’t just dictated by demand - it’s also deeply tied to Wyoming’s economic base. “Any type of legislation around oil and drilling and coal production really affects everybody in Wyoming,” Gilbert said. “House prices and jobs.”
Add to that the competitive pressure from small-town banks, and brokers are fighting for market share in a system that often defaults on convenience over expertise. “Basically, my competition is small banks,” she said. “That is the first place that the consumers think to go, because, well, you have your checking account there. Why wouldn’t you get a mortgage there?”
With high rental costs eating into people’s savings, renters hoping to become buyers face a catch-22. “What rentals you can find are usually pretty high-priced,” she said. “You can buy a house for the same or a little bit less.”
Meanwhile, the unpredictability of interest rates adds another layer of stress for buyers trying to time their move. “They’re not ever going to be 2 or 3% again,” Gilbert said. “The reason we are in this mess is because rates were 2 to 3% for too long. Now we’re paying for it.”
Educating buyers beyond the banks
Instead of waiting for the market to self-correct, Gilbert is stepping in where others won’t - by offering free financial literacy sessions to local businesses. “It’s surprising to me the number of people who don’t know how to manage money,” she said.
She believes in empowering her clients to make the best decisions they can with what they have. “The best time to buy a house is when you can afford to buy a house.”
That means shifting the typical buyer mindset - especially when her competition doesn’t always have the same incentive. “Most of those lenders are paid on salary, so they don’t really care if your loan closes or not,” she said. “We’re paid on commission only. We have a vested interest.”
To Gilbert, brokering isn’t about pushing products - it’s about protecting people. “The majority of mortgage lenders are order-takers,” she said. “You walk into a bank and say, ‘Hey, I need a mortgage,’ and you walk out with a mortgage, and you have no idea if that is the best loan for you.”
She sees her role differently: “I work for you. I don’t work for a lender,” Gilbert said. “They pay me. You don’t. So, my goal is to get you the very best deal and save you the most amount of money.”
