W
yoming's tax policies have made it a haven for wealthy homebuyers. The state's lack of an income tax and permissive dynasty trusts have attracted residents with deep pockets, Realtor.com reported. Dynasty trusts allow future generations to inherit wealth while minimizing taxes, enabling long-term wealth growth, according to U.S. Bank. Other states like South Dakota, Nevada, and Delaware also offer favorable terms for these trusts.

    Latham Jenkins of Live Water Jackson Hole real estate firm called Wyoming the most tax-friendly state, citing its business-friendly environment and untaxed retirement benefits. Homes in Wyoming had a median price of $495,000 in May, but properties in Teton County, which includes Jackson Hole, had a median asking price of $2.95 million.

    Of nearly 70 properties for sale in Teton County, 57 had an asking price above $5 million. Wyoming had a larger proportion of high-end properties on the market than neighboring Idaho and Montana. Realtor.com reported that buyers seeking homes over $10 million tend to hold onto them due to tax advantages and often pay cash.

    Sellers in this category typically don't have mortgages and are patient about selling their properties. In contrast, owners of homes under $10 million often have mortgages. The median number of days a Wyoming home above $5 million remained unsold was 187, higher than Idaho and Montana.