Niobrara County

Niobrara County scores an 84 on appreciation and ranks in the 86th percentile nationally across 1,000 counties, sitting second out of 23 Wyoming counties overall. The median home price of $187,035 appreciated 4.29% year-over-year, which is meaningful price movement for a county of 2,460 people. What makes the appreciation score notable is precisely that affordability index of 78 and median income of $54,375, suggesting the local buyer base can still participate in the market without being priced out. Where Niobrara falls short is cash flow: the cash flow score is 0, cap rate is 0, and the investment estimate carries zeroed-out monthly cash flow and cash-on-cash return figures. This is not a market where you buy a property on Tuesday and collect meaningful rent checks by Friday. The numbers place Niobrara squarely on the appreciation end of the spectrum, with cash flow that does not pencil at current pricing under a conventional financing structure.

That profile defines exactly who should and should not underwrite here. An appreciation-focused investor with a long hold horizon and tolerance for thin or neutral cash flow has data supporting the thesis: $187,035 entry price, 4.29% annual price growth, and a county that ranks 113th nationally, ahead of 86% of the markets in this dataset. A cash-flow buyer looking to cover debt service and generate monthly income at a 6.85% interest rate should look elsewhere; the zeroed cap rate is not an artifact of the tool, it is a signal. A value-add operator might find opportunity in the low price point if distressed assets exist, but the county's population of 2,460 means the buyer pool on exit is thin and days-on-market risk is real. This market rewards patience and equity accumulation, not velocity.

No economic anchors or employer data were provided for Niobrara County, so any claim about job concentration or demand drivers would be invented. What the population figure alone tells you is that this is an illiquid, low-density market. At 2,460 residents, a single large employer entering or leaving would materially shift rental demand. Investors should conduct their own diligence on the county's economic base before committing capital, and build a longer expected hold period into their underwrite to account for limited tenant turnover options and exit timing risk.

On carry costs, the tax and insurance burden here is a genuine tailwind. Wyoming's state-average effective property tax rate of 0.61% is flagged as low, producing annual property tax of $1,141 and annual insurance of $449 on this asset, for a combined monthly tax-and-insurance figure of $133. On a $187,035 purchase that is a light carrying cost relative to most US markets, and it partially offsets the pressure that a 6.85% mortgage rate puts on monthly expenses. Keep in mind that 0.61% is a state-average estimate from Tax Foundation 2024 data, and actual Niobrara County or township rates may differ, so pull the county assessor's current mill levy before finalizing your numbers. Still, even with reasonable variance around that estimate, property tax is not the problem here.

The risks are structural and worth naming directly. Population of 2,460 means concentration risk is not theoretical, it is the baseline condition. A single demographic shift, employer contraction, or infrastructure change can move vacancy in ways that a 50,000-person metro absorbs without noticing. The stability score of 50 out of 100 reflects this, and investors should treat that number seriously. Regulatory data was not provided, so nothing specific can be said about landlord-tenant law, zoning restrictions, or rent control exposure, but Wyoming's legislative environment has historically been landlord-friendly, which is relevant context even if it cannot be quantified from the data at hand.

Compared to its neighbors, Niobrara's case rests on price and score efficiency. Carbon County scores 74 overall at a median of $202,015, making it the closest competitor on both dimensions. Hot Springs County at $227,114 and an overall score of 71 offers a lower rank at a higher price. Big Horn County ($275,079, score 71), Washakie County ($261,804, score 67), and Uinta County ($321,323, score 69) all cost more for a lower or comparable overall score. If you are an appreciation-oriented buyer who wants Wyoming exposure at the lowest entry price among these six counties, Niobrara is the only one under $200,000 and it carries the highest overall score of the group. The trade-off is liquidity: the other counties have larger populations and correspondingly easier exit conditions. Choose Niobrara when your strategy is long-dated equity accumulation, you can absorb carry costs without relying on rental income to do heavy lifting, and you want the lowest basis in the Wyoming peer set.