1st Advantage MortgageCasper, WY DSCR loans work like they do elsewhere: the lender divides the property's rent by its full monthly payment. The local inputs are a median gross rent of $1,009, median real estate taxes of $1,631 and a renter share of 30%.
Casper rental market at a glance
For Casper, the latest five-year ACS shows a median gross rent of $1,009 (close to the Wyoming median of $992) and a median owner-occupied value of $260,400 (about 16% below the Wyoming median of $309,700). By the simple measure of annual rent over home value, Casper sits at 4.6%, on the low side, so the payment, not the rent, usually decides whether a file clears. Lenders do not underwrite a ratio like that, but investors use it to decide where to look first.
| Indicator | Wyoming | Casper | Difference |
|---|---|---|---|
| Households that rent | 28.2% | 30.2% | +7% |
| Tax as a share of home value | 0.57% | 0.63% | +10% |
| Typical owner-occupied value | $309,700 | $260,400 | -16% |
| Typical monthly rent | $992 | $1,009 | +2% |
| Persons per household | 2.34 | 2.26 | |
| Share in 2-4 unit buildings | 6.4% | 4.6% | -29% |
| Share of homes detached | 67.8% | 70.3% | +4% |
| Long commuters, 45 min plus | 9.7% | 6.2% | -36% |
| Degree holders, age 25+ | 30.6% | 30.5% | -0% |
| Workers on their own account | 11.9% | 10.1% | -16% |
| Renters paying 30%+ of income | 43.1% | 45.2% | +5% |
| Units sitting vacant | 12.2% | 7.9% | -36% |
| Typical construction year | 1981 | 1975 | |
| Annual rent divided by value | 3.8% | 4.6% | +21% |
| Residents (Census estimate) | 582,397 | 58,839 |
With 30.2% renters (close to the Wyoming median of 28%), Casper has a thinner rental market, so landlords lean on location, schools and condition to keep units leased. Against a median household income of $70,218 (close to the Wyoming median of $76,176), 45% of renters report rent at or above 30 percent of income.
Property types and condition in Casper
Single-family detached housing accounts for 70% of the units counted in Casper, so expect house-style comparables in most appraisals. The median structure went up in 1975, so request ages for the roof, HVAC and water heater on any rental you consider.
Vacancy is a quiet driver of rent. 8% of homes are vacant citywide and 5.9% of the rental inventory was listed for rent when the Census surveyed.
Investor takeaways for Casper
A gross yield of 4.6% means Casper is a market where purchase prices run ahead of rent, so a 1.0 ratio generally takes a larger down payment or a property priced below the local median. With a 1975 median build year, the question for each property is when the roof and HVAC were last replaced. With renters at 30% of households, plan for a longer marketing period and a smaller tenant pool than in a renter-heavy city.
Carrying costs in Casper
In Casper the median tax bill for an owner-occupied home is $1,631, or about 0.63% of value (Wyoming overall: 0.57%). That bill is close to the Wyoming median of $1,767. Compared with annual median rent, the tax line is about 13%.
For hazards, FEMA's National Risk Index puts Natrona County at a relatively low overall rating, and its top-ranked hazards are winter weather (very high), wildfire (relatively moderate) and landslides (relatively moderate).
| Hazard in Natrona County, FEMA index | Level |
|---|---|
| Cold waves exposure | Relatively Moderate |
| Landslides exposure | Relatively Moderate |
| Wildfire exposure | Relatively Moderate |
| Winter weather exposure | Very High |
| Social vulnerability score | Relatively Low |
| Annualized loss estimate | Relatively Low |
| Composite risk | Relatively Low |
Price the insurance before you price the offer: a landlord quote for the Casper property, plus flood cover where the map requires it, goes into the payment your rent is divided against.
Rent math for Casper buyers
Worked through with this city's own medians: rent of $1,009 against taxes of about $136 a month leaves $873 for principal, interest, insurance and dues at a 1.00 ratio, and $671 at a 1.25 ratio. That arithmetic is the whole game, and the real rent and quotes for your address replace these medians.
Legal checks before a Casper purchase
This page does not claim to list every Casper rental ordinance. Before you buy, call the city's planning or code office and Natrona County to ask about rental registration, inspections and short-term rental permits, and read any association declaration. On lodging taxes, a Casper host should read this first. Wyoming taxes short-term rentals of less than 30 continuous days with state sales tax and a statewide lodging tax plus local taxes, and platforms that act as marketplace facilitators collect and remit for the reservations they handle.
Wyoming gives a landlord 60 days after the tenancy ends to return a deposit, an easy deadline to miss without a checklist. Rent regulation: No rent-increase notice requirement and no rent control provision found in W.S. 1-21-1201 to 1-21-1211 (other titles not searched).
Casper in a Wyoming comparison
For a statewide comparison, the cities below range from $263,400 in Green River to $1,521,900 in Jackson on median home value, with Casper at $260,400.
| Market | Renter share | Tax bill | Home value | Residents | Rent |
|---|---|---|---|---|---|
| Jackson | 58% | $5,271 | $1,521,900 | 10,756 | $2,100 |
| Cheyenne | 33% | $1,946 | $333,700 | 65,239 | $1,118 |
| Green River | 23% | $1,657 | $263,400 | 11,581 | $921 |
| Casper | 30% | $1,631 | $260,400 | 58,839 | $1,009 |
Who rents in Casper
Roughly 10.1% of employed people in Casper are self-employed, a base of investors and landlords for whom a rent-based loan is a practical option. Looking at who fills the rentals, government workers are about 18% of employment, 30% of adults hold a bachelor's degree or higher and 6% of commuters travel 45 minutes or more.
Campuses such as Casper College and University of Wyoming pull tenants into Casper, and landlords near them can plan around move-in seasons. For getting around, Casper has interstate access via I-25 and air service through Casper-Natrona County International Airport and Casper-Natrona County International Airport, which matters to commuters and to out-of-town owners planning a visit.
Before you make an offer in Casper
Before you offer on a Casper property, test the ratio in the calculator, then apply now or request a DSCR quote.
More Wyoming markets
- All Wyoming DSCR loans
- DSCR loans in Green River, WY
- DSCR loans in Cheyenne, WY
- DSCR loans in Jackson, WY
- Every market we cover
Where we checked
- ACS 2020 to 2024 estimates for Casper
- Federal hazard index, WY
- Encyclopedia entry for Casper
- Casper landlords: see W.S. 1-21-1207, 1-21-1208
- Lodging tax reference: Wyoming Excise Tax Division
We took the Casper data from Census ACS five-year tables for 2020 to 2024, estimates with margins of error. Wyoming landlord-tenant summaries draw on the RedFlagLease dataset (CC BY 4.0) and the statutes linked above. Our check date is October 2026, so look for newer Casper rules before you commit.
A short buyer checklist
Before you commit on a Casper deal, confirm the rent with the lease or a market estimate, price the insurance for the exact address, and check how the taxes may change after the sale, so the ratio you run matches the one the lender calculates.
DSCR loan availability varies by property and lender program and is not an offer to lend. See our disclosures.
Frequently asked questions
Lease or market rent: what counts in Casper?
A signed lease or the appraiser's rent schedule supplies the rent, depending on the program, and $1,009 is the Census median for Casper renters, only a benchmark.
What payment can a Casper rent support?
The denominator is the whole housing payment. Using Casper's median rent of $1,009, a ratio of 1.25 allows $807, and a ratio of 1.00 allows all $1,009.
Are Casper property taxes high for Wyoming?
About $1,631 a year at the median, which is 0.63% of value and close to the Wyoming median of $1,767. Reassessment after a purchase can move that number, so get an estimate for the actual price.
Do DSCR lenders count short-term rental income in Casper?
Often, with conditions: legal use under city and association rules, documented income and an insurance policy that covers guests. Casper owners should check all three first.
When must a Casper landlord return a deposit?
Landlords in Casper follow W.S. 1-21-1207, 1-21-1208. Return deadline: 60 days from move-out.
Should I worry about hazards at a Casper property?
FEMA's index puts the county at relatively low overall. A lender cares about the premium and any flood requirement, which are address-specific in Casper.
Do I need an LLC to buy a rental in Casper?
You do not need one, and many investors close in an entity. If you use an LLC, the lender asks for formation documents and usually a personal guaranty. Talk to your attorney and accountant about structure for a Wyoming property.