Torrington in the top 10

Andrew D. Brosig/Torrington Telegram Carl Wilson, on ladder, applies a decal to the side of a city Sanitation Department truck while Stephanie Wise stands by to assist on Friday outside Print Express on East 21st Avenue in Torrington.

TORRINGTON – A study from SmartAsset ranked Torrington at ninth in the top 10 most affordable places to live in the state of Wyoming.

The study ranked Rawlins, Worland and Gillette in the top three.

Based on criteria including the annual property tax, homeowner’s Insurance, average mortgage payments and median income as well as others, Torrington came in at an affordability index of 35.44.

SmartAsset has an interactive map and an affordability calculator to help users find out how high of a mortgage they can afford and “how much house can I afford.”

The mortgage calculator will take into account the location of the potential purchase, annual income, down payment and more.

Also on the webpage, SmartAsset offers tips and answers to common questions buyers may have when going through the home buying process.

When looking at the results of searching the two locations using the same information of marital status of married, an annual income of $70,000, spouse income of $50,000, a down payment of $20,000, a monthly debt of $250 and a credit score of “good” (700-719) for Torrington and a random pick of Loveland, Colo., the results were as follows:

Loveland came in at a total mortgage payment including “estimated other costs” of $2,352, total mortgage amount at a 30-year fixed 4.625% and the down payment of $20,000 covered $15,310. SmartAsset deemed this person could afford a $422,000 home.

Torrington resulted with a mortgage and other payment of $2,524, total mortgage of $380,000 at 4.25% and a $20,000 down payment covered the $4,043 closing costs. SmartAsset says the same person can afford a $400,000 home.

The last search performed was for a comparison between Torrington and No. 1 ranking Rawlins.

The same person above searching for a home in Rawlins would end up with a mortgage and other amount of $2,505, total mortgage of $380,000 at 4.25% and the $20,000 covered closing costs of $4,043.

By increasing only the amount of the down payment to $50,000, the person above would now be able to afford a home in Loveland for $500,000 with a mortgage payment of $2,957, Torrington for $500,000 with a mortgage payment of $3,345 and Rawlins for $500,000 with a mortgage payment of $3,347.

The SmartAsset calculator can be found at smartasset.com/mortgage/how-much-house-can-i-afford#Wyoming.

SmartAsset’s calculator based on the criteria does not include the property tax or homeowner’s insurance, which also must be taken into account when looking for a new property.

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