Wyoming’s real estate market has always been attractive to wealthy landowners.
Vast, untamed landscapes, rich history, and distant snow-capped mountains all draw attention, much like a well-cut diamond.
A favourable tax structure is also attracting investors looking for more than just a vacation retreat. For them, it is about establishing generational wealth and legacies.
Wyoming, which has no income taxes and powerful dynasty trusts that transfer wealth across generations while lowering estate and gift taxes for up to 1,000 years, is becoming a popular tax haven for the wealthy.
Latham Jenkins, an associate broker with Live Water Properties, has worked with many of these Jackson Hole buyers.
“Buyers are realising Wyoming isn’t just a scenic escape,” he told Cowboy State Daily. “It is a strategic one. It’s one of the most powerful states for long-term wealth preservation, with no income or capital gains taxes, as well as the ability to create perpetual dynasty trusts.”
Jenkins stated that this is not particularly new.
“That’s been going on for a long time,” he told me. “What we’re really seeing is a two-fold kind of driver in the market.”
First, Jenkins refers to the “Yellowstone effect.” Millions of Americans have watched and adored Taylor Sheridan’s “Yellowstone” television series, which romanticises cowboy culture and ranching life set against a rugged landscape.
It has fuelled a wave of Western nostalgia, from cowboy hats and boots to albums like Beyonce’s “Cowboy Carter.” It’s the embodiment of Wyoming native Ian Munsick’s motto, “Bringing the West to the rest.”
“‘Yellowstone’ has expanded interest in the West,” Jenkins said. “It’s dramatised, of course, but we’re seeing real-world demand follow — especially from buyers looking for privacy, land and legacy.”
Jenkins noted that Montana has also benefited from this effect. Wyoming, however, is outperforming the Big Sky State due to more favourable tax policies.
“Montana may get more headlines,” Jenkins said. “But when you run the numbers, Wyoming comes out on top. Serious buyers can save millions of dollars in taxes over time.”
Black Hills Bonanza
It’s not just Jackson Hole attracting that wealth.
Scott Williams, a land broker with Swan Land Co., is also working with a number of wealthy buyers looking for properties in areas such as the Black Hills in northeast Wyoming.
The buyers he works with frequently have a short list of states.
“One of my buyers said they were looking at Wyoming, South Dakota, and Tennessee,” he told Cowboy State Daily.
All three of these states have no income tax. They also have dynasty trust laws, which allow wealth to be transferred across generations without incurring federal gift, estate, or generation-skipping taxes.
South Dakota’s dynasty trust is perpetual, whereas Wyoming’s is for 1,000 years. Tennessee’s spans 360 years.
“The wealthy have sophisticated tax planners who work for them,” he said. “So taxes and the overall tax picture are always a topic of conversation. It’s not just income tax, but also property tax, and what’s the overall tax picture?”
Williams has assisted many Nebraska buyers in finding property in Wyoming, which has high property taxes, he added.
“A lot of families that live in Nebraska end up buying in Wyoming eventually to escape those property taxes,” he informed me. “They’ve had some relief in the last couple of years in Nebraska, but that’s definitely been a motivating factor for people to come to Wyoming.”
Another advantage Williams hears clients mention when looking for a property in Wyoming is the state’s zero income tax.
“I’ve heard people talking about, ‘Hey, I’ve got to live here a certain amount of the year in order to avoid paying (income) taxes,'” Williams laughed. “And so that’s why they’re buying a house here, so they can escape that tax.”
Price Point
Williams and Jenkins both agreed that wealthy buyers who can outbid all others tend to drive up prices. However, Williams believes that it cannot deviate too far from what exists in neighbouring states before beginning to have the opposite effect.
“Ultimately, wealthy buyers have a palette of options,” he told me. “They can go to Idaho, Montana, or any state they want. If prices rise so dramatically that the amount of tax savings is offset, they will not save any money.
“So, I think it’s ultimately the ability to price these different markets that’s going to limit the amount that property is going to go up.”
Williams explained that the game changes for resort towns.
“If you’re comparing Jackson Hole to Aspen, Colorado, then that could be a factor,” he replied. “People, if they’re comparing luxury market to luxury market, Wyoming’s probably still going to win because of the favourable tax environment.”
Jenkins believes that pressure will primarily affect first-time homebuyers outside of the Jackson Hole area.
“We’re seeing cash purchases at every level of the market now,” he told me. “Historically, your more affordable pricing was always financed on those properties. With cash buyers or investors entering the market in a previously untapped segment, first-time home buyers face increased competition from cash offers.”
Why Wyoming Is The Total Package
While South Dakota’s combination of no income tax and perpetual dynasty trusts is attractive, Wyoming still beats it when it comes to actually closing the deal, Jenkins said.
There are several factors at play in this situation.
For starters, Wyoming’s property taxes, while rapidly increasing, are still lower than South Dakota’s. Wyoming also has beneficial laws that protect wealth.
“Many of our clients are structuring purchases through Wyoming LLCs held in dynasty trusts,” Jenkins told me. “They’re thinking not just about ownership, but about how to pass these properties on for generations.”
Jenkins added that Wyoming has been working to create a favourable tax environment for decades, and that longevity is also a selling point.
“A constitutional ban on income tax provides unmatched predictability, and Wyoming was the first to authorise LLCs in 1977,” said Mr. Johnson. “By the early 2000s, it had already passed legislation supporting 1,000-year dynasty trusts, making it one of the most powerful jurisdictions for long-term wealth structuring.”
Not All About Money
Strong privacy and asset protection laws, as well as low administrative costs, add to a pleasing financial profile.
When that is combined with the other benefits Wyoming provides, Jenkins believes it is unrivalled among Western states. However, wealthy buyers care about more than just the bottom line.
“Wyoming isn’t just a tax strategy,” Jenkins explained. “For a lot of buyers, Wyoming aligns with their values — privacy, stewardship, independence — and they want a structure that reflects that.”
The cowboy culture, scenic landscapes and national parks, and amenities such as ski resorts, combined with all of the tax breaks, make the perfect package for someone looking to leave a legacy.
“Real estate in Wyoming provides something that other markets cannot: permanence. “It’s land, lifestyle, and a hedge against volatility all in one,” Jenkins explained. “When fiscal policy appears unpredictable, buyers frequently seek out places where their money — and legacy — are safe. Wyoming offers both.”
Jenkins added that market uncertainty has increased the number of buyers with whom he has recently spoken.
“We’re seeing more clients move out of reactive markets and into intentional purchases — ranch land, legacy estates, conservation properties,” he told reporters. “These aren’t short-term plays. “They are generational.”
While there are more properties on the market, the additional buyers looking for a wealth haven in Jackson Hole are keeping it a buyer’s market for the time being.
