CALCMONEY // HOME AFFORDABILITY // WY // GILLETTE
How much house can you afford in Gillette? Based on local median home prices, current WY mortgage rates, and Gillette property tax data.
$285,000
$1,770/mo
$75,878/yr
$267,912
Monthly housing costs of $1,770 represent 29.5% of Gillette's median gross monthly income ($6,000/mo). At 29.5%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $285,000 |
| Down Payment (20%) | $57,000 |
| Loan Amount | $228,000 |
| Monthly PI Payment | $1,509 |
| Monthly Property Tax | $143 |
| Monthly Insurance Est. | $119 |
| Total Monthly PITI | $1,770 |
| Housing Cost % of Income | 29.5% |
| Required Income (28% rule) | $75,878/yr |
| Max Affordable Home | $267,912 |
$9,975
$2,277/mo
Gillette Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $285,000 | Gillette city median |
| Down Payment (20%) | $57,000 | Conventional loan |
| Monthly PITI | $1,770 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $75,878 | Annual gross |
| Max Affordable Home | $267,912 | Based on median income |
| FHA Down (3.5%) | $9,975 | Minimum FHA |
| Housing Cost % of Income | 29.5% | Median income: $72,000/yr |
| Property Tax Rate | 0.6% | $1,710/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Gillette is $285,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $228,000, generating a monthly P&I payment of $1,509. Adding property taxes ($143/mo) and homeowners insurance ($119/mo) brings total monthly PITI to $1,770.
Gillette's property tax rate of 0.6% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Gillette median home, that is $143/month, or $1,710 per year.
Wyoming has no state income tax, improving effective take-home pay for Gillette residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Gillette's median income of $72,000/year can afford up to $1,680/month in total housing costs. Based on Gillette's mortgage rate of 6.95% and property tax rate of 0.6%, that translates to a maximum affordable home price of approximately $267,912 with 20% down on a 30-year loan.
To afford the median Gillette home priced at $285,000, you need an annual gross income of approximately $75,878. Total monthly housing costs (principal and interest of $1,509, property taxes of $143, and insurance of $119) come to $1,770/month, which equals 28% of the required income.
At the median home price of $285,000 and median household income of $72,000, the total monthly housing cost of $1,770 represents 29.5% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Gillette home of $285,000 is $57,000. An FHA loan requires just 3.5% down — $9,975 — but adds mortgage insurance of roughly $195/month, bringing total FHA payments to $2,277/month.
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