Wyoming Business Council Study Confirms Sheridan County’s Need for Affordable Housing
Sheridan County ranks 19th out of Wyoming’s 23 counties for affordable housing, according to reports recently released by the Wyoming Business Council.
This is partly due to a housing shortage. The report revealed that Sheridan needs 3,230 more housing units in total. Some price ranges, like the $255,329 – $309,058 price range, only need around 100 more housing units to keep up with demand. Other price ranges need significantly more units. The $134,400 – $215,071 price range needs the most units, facing a shortage of 509 units.
The renter rate for Sheridan County is the fourth highest in Wyoming, clocking in at 31.6 percent. The need for rental units differs from the need for other housing units. Sheridan County has a need for inexpensive rental units and the largest shortage falls on the $521 and under price range, which has a shortage of 699 units.
The housing in Sheridan is too expensive for many of the residents living in the county. A general rule of thumb is to spend no more than 30 percent of one’s income on housing. Sheridan ranks sixth in Wyoming for the percentage of residents spending 30 to 50 percent of their income on housing, clocking in at 16 percent of residents. An additional 12 percent of residents pay over 50 percent of their income on housing, causing Sheridan to rank fourth in that category.
Big Horn and Johnson counties have less of a need for housing than Sheridan County. They need 917 and 852 units respectively. Campbell County’s need for housing units is unclear, as the study reports 4,408 people commute to the county for work and may or may not wish to live there.