The Future of Household Formation and Homeownership in Wyoming

Forecasting State Homeownership Trends

Trends in household formation and homeownership have important implications for states’ housing markets and broader economies. They also reveal who has benefited from homeownership and who has been shut out of this critical wealth-building tool. To better understand the past and future of household formation and homeownership in Wyoming, we look at trends by age, race, and ethnicity. Our projections, using data from decennial censuses and the American Community Survey, show what will happen over the next two decades if current policies stay the same. For more details on the methodology, see our report.

Household Formation

We look at changes in the number of households (defined as one or more people who live in a housing unit) for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine household formation trends for people younger than 65 and people ages 65 and older.

Number of Households and Household Growth

Number of Households in Wyoming, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 168,409 193,528 226,880 228,872 223,367 210,070
White 157,465 176,765 203,030 200,896 192,133 175,808
Black 956 1,139 1,560 2,326 1,654 983
Hispanic 6,636 9,151 14,980 16,436 18,841 20,956
Other 3,352 6,473 7,310 9,214 10,739 12,322
  Household Growth: Wyoming Household Growth: Nationwide
2010–2020 2020–2030 2030–2040 2010–2020 2020–2030 2030–2040
Total 0.9% −2.4% −6.0% 5.9% 6.4% 5.4%
White −1.1% −4.4% −8.5% 0.1% 0.5% −1.3%
Black 49.1% −28.9% −40.5% 9.9% 10.1% 8.8%
Hispanic 9.7% 14.6% 11.2% 22.1% 19.2% 17.3%
Other 26.0% 16.6% 14.7% 20.9% 20.0% 18.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Number of Households in Wyoming, by Age


 

Number of Households in Wyoming, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
1990 125,956 877 5,781 3,037 31,509 79 855 315
2000 140,398 1,086 7,870 5,786 36,367 53 1,281 687
2010 159,820 1,360 13,360 6,300 43,210 200 1,620 1,010
2020 140,298 1,829 12,999 7,426 60,598 NA 3,437 1,788
2030 117,039 888 14,333 7,852 75,094 766 4,508 2,887
2040 106,592 524 16,514 9,312 69,217 460 4,442 3,011
Number of Households in the United States, by Age, Race, and Ethnicity
 
  Younger than 65 65 and older
White Black Hispanic Other White Black Hispanic Other
2000 60,344,232 9,972,344 8,293,773 4,728,999 18,748,904 1,835,658 928,629 627,564
2020 55,784,880 11,872,258 14,733,722 7,456,779 26,591,297 3,379,648 2,550,232 1,616,708
2040 48,524,107 13,051,680 19,825,205 10,817,807 33,236,589 5,553,598 6,026,735 3,088,951

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020 and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Household Racial and Ethnic Composition, by Age, in Wyoming, and Nationwide

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeownership

We look at changes in homeownership for four racial and ethnic groups: Hispanic, non-Hispanic white, non-Hispanic Black, and people of other races, which includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people (all of whom are non-Hispanic). We also examine trends in the number of homeowners and renters younger than 65 and people 65 and older.

Wyoming Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 68.1% 70.0% 69.2% 71.9% 72.8% 72.9%
White 68.8% 71.2% 71.2% 73.2% 74.8% 75.5%
Black NA NA NA NA NA NA
Hispanic 63.1% 60.1% 53.6% 62.9% 63.0% 64.6%
Other 52.9% 58.4% 54.2% 59.8% 55.7% 51.3%
National Homeownership Rates, by Race or Ethnicity
 
  1990 2000 2010 2020 2030 2040
Total 65.3% 66.2% 65.1% 64.7% 63.6% 62.2%
White 70.1% 72.4% 72.2% 73.0% 72.5% 71.4%
Black 45.2% 46.3% 44.3% 41.9% 41.1% 40.6%
Hispanic 43.3% 45.7% 47.3% 49.0% 50.2% 51.3%
Other 53.7% 53.0% 56.3% 58.1% 57.9% 57.4%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Notes: Values for 2020, 2030, and 2040 are projected values. The “Other” category includes Asians, American Indians, Alaska Natives, Native Hawaiians, other Pacific Islanders, and multiracial people.

Homeowners and Renters, by Age, in Wyoming and Nationwide

Wyoming Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 65.1% 70.0% 76.0% 76.7% 57.5% 42.9%
65 and older 80.4% 81.1% 81.3% 83.1% 83.0% 82.0%
National Homeownership Rates, by Age
 
  1990 2000 2010 2020 2030 2040
Younger than 65 62.3% 63.0% 61.6% 59.5% 57.5% 56.5%
65 and older 75.8% 78.1% 77.5% 78.4% 76.0% 73.0%

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.

Millions of Owners and Renters in Wyoming and Nationwide, by Age

Sources: Decennial censuses, the American Community Survey, and Urban Institute projections.
Note: Values for 2020, 2030, and 2040 are projected values.