Side-by-side comparison of home prices, mortgage payments, and housing costs between Cody and Sheridan, Wyoming. Using Wyoming's 0.61% property tax rate and $1,800/year insurance. Updated for 2026.
Sheridan edges out Cody in affordability, saving you roughly $329/month on total housing costs. Both cities are in Wyoming, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Wyoming's 0.61% property tax rate.
Buying in Sheridan saves you approximately $329/month ($3,948/year) compared to Cody, based on median home prices with identical loan terms.
Sheridan is the better choice for first-time buyers, with a median price of $345K versus $395K in Cody. That's $50K less to save for a down payment. You'd need roughly $12K for an FHA 3.5% down payment in Sheridan, compared to $14K in Cody. Wyoming offers the WCDA Spruce Up Wyoming program (Below-market rate loans) which applies in both cities.
Sheridan has the better price-to-rent ratio at 24.4x versus 25.7x in Cody. A lower ratio generally signals better rental income relative to purchase price. Average rent in Sheridan is $1,180/month on a $345K median home, making it a stronger candidate for buy-and-rent investors.
Sheridan (pop. 18,186) offers more amenities, schools, and services typical of a larger city, while Cody (pop. 10,014) may offer a quieter, more community-oriented lifestyle. Sheridan offers both more options and lower housing costs, making it attractive for families who want urban amenities without a premium price.