Jackson Hole, Wyoming, is known as the "Last of the Old West." It is also the wealthiest county in the United States measured by per capita income, and one of the most unequal. Teton County's housing market has pushed many of its workers out of town. This article examines how the valley reached this position, the policies that shaped its housing supply, and the effects on the people who work there.

Income and Inequality

Per capita income in Teton County rose from slightly above the national average to the highest in the nation. It now exceeds that of Manhattan and Miami. The top 1% earn an average of $35 million, 221 times the average of the other 99%.

Wealth is not conspicuous. Many high-income residents live in ordinary dress, and local observers report that they are difficult to identify. Many wealthy owners also do not live in the county year-round. They buy homes, stay for part of the summer or winter, and use the tax benefits of their residency arrangements.

Historical Drivers

Ranching roots. Jackson Hole was predominantly a ranching community. In the mid-20th century, it had more than 80 ranches. Nikki Gill, a fifth-generation rancher, reports that her great-grandfather, Robert Bruce Porter, founded the Jackson Hole Hereford Ranch in 1928.

The Rockefeller influence. The Rockefeller family, which had built the most powerful monopoly in the United States and was regarded as the world's first billionaires, also held a reputation as ruthless robber barons. The family began acquiring land in and around the valley, and later donated more than 35,000 acres to the federal government. This donation led to the creation of Grand Teton National Park. The park preserved the landscape and made Jackson Hole a destination for high-net-worth residents.

Tourism and tax environment. By the late 1960s, Jackson had a world-class ski resort that attracted visitors ranging from ski enthusiasts to billionaires. During the 1980s and 1990s, incomes at the top of the U.S. distribution grew substantially. Wyoming has no state income tax and no wealth tax, which made the state attractive to wealthy residents. Local observers identify the early 2000s as the period of the largest change, marked by new hotels and an influx of wealthy residents.

Housing Market

Price growth. Jessica Chambers moved to Jackson in 2010, as property values began to rise. Her family bought a house for about $800,000. The house is now valued at more than$3 million.

Investor activity. As prices rose, investors bought rental properties, renovated them, and sold them to buyers with greater resources. Long-term tenants were often evicted in the process, including Diana and Fernando, who had lived in Jackson for years.

The 2020 shift. Local residents describe 2020 as an inflection point. Changes that might have taken 15 years occurred within two. Remote work and a desire to leave cities drew buyers who paid cash for homes.

Cost levels. Houses in the neighborhood of Jackson's most expensive areas are reported to cost between $10 million and$20 million. One-bedroom units are cited at $3,000 to$5,000.

Local saying. Residents summarize the market as follows: either you own a few homes, or you work a few jobs.

Employee housing. Brandon, a local worker, lives in town by holding two jobs and by living in employee housing, which is rare in Jackson Hole. A nurse he knows reportedly holds three jobs. Diana describes the employee housing program, which is intended to provide affordable homes for workers, as very expensive.

Commuting and Workforce

• Almost half of the people who work in Jackson commute from outside Teton County.
• Workers commute from communities including Victor, Driggs, Tetonia, and Rigby, Idaho.
• An electrician based in Rigby reports a commute of about one hour and 45 minutes each way.
• The commute crosses a pass at 8,000 feet.
• The share of commuting workers has increased each year.
• A landslide destroyed a key state highway. Officials described the failure as catastrophic.

Brandon says the town's growth has reduced the local labor supply because workers have nowhere to live.

Land Constraints

Several factors limit the land available for housing:

Conservation easements restrict development on private land. Some owners of large lots have placed easements on land they could have developed, in exchange for tax deductions.

Zoning and Planning

The 1994 Comprehensive Plan. The county's comprehensive plan, adopted in 1994, guides development in the valley. Its first stated goal is to "preserve and protect the area's ecosystem." Luther Propst, a Teton County Commissioner, states that this goal is the reference point for most debates about growth.

Density change. Before 1994, open land in the county was zoned for one house per three acres. After 1994, the zoning changed to one house per 35 acres. Nikki Gill identifies this change as a major factor in the current supply shortage and high property values.

Community attitudes. Residents in planning workshops from the 1990s expressed concern that rapid growth would threaten "small town values" and "the loss of scenic beauty and wildlife." Local observers describe a long-standing resistance to new development. Some use the term NIMBYism to describe this opposition. Brandon notes that in Jackson, the backyard in question is the Grand Teton range.

Northern South Park

Proposal. In 2020, Nikki Gill's family introduced Northern South Park. The plan would convert more than 200 acres of ranch land into a mix of market-rate homes and dense, affordable housing. If completed as planned, it would be the largest housing project in Teton County's history. Seventy percent of the homes would be deed-restricted for local workers.

Status. Six years after the proposal, the project has not produced housing. Market-rate housing has begun on one portion of the site. The denser portion, which would hold affordable units, remains undeveloped.

Approval process. Greg Epstein, a former Teton County Commissioner, states that the process slowed repeatedly. Local opposition has also delayed development. Over 50 years, the community has considered and rejected housing proposals at the site.

Opposition. Luther Propst opposes the project. He states that the county cannot build its way out of the housing crisis and that the county should accept limits to growth.

Financing. The project would require two local nonprofit housing providers to raise between $250 million and$400 million. Propst states that he will believe it when he sees it.

Nonprofit Sector

Jackson Hole has more than 200 nonprofit organizations. Funding is concentrated. Roughly four organizations receive most of the funding. Donations for conservation and the arts are plentiful. Jessica Chambers describes the sector as a map dominated by a few large organizations, including the Land Trust, a wildlife museum, and the Center for the Arts, with one health and human services organization and many smaller groups.

Sarah Cavallero runs Teton Youth and Family Services. She reports more than 70 homeless families in the county. Recent state funding cuts have reduced resources her organization can draw on, and philanthropy has not fully replaced them.

Wealthy donors have funded some housing. One donor contributed about $20 million to lower housing costs in a downtown project. Local observers state that this funding has not reached a scale that addresses the need. Chambers states that the pool of donors who give to housing is small.

Access to Information

The reporting team sought interviews with wealthy residents and did not find any who agreed to speak. Luther Propst notes that the reluctance is consistent with the community's general pattern.

Perspectives From Residents

• Nikki Gill asks why the county takes more than six years to approve a development in which 70% of homes are reserved for local workers during a housing crisis.
• Brandon states that the situation offers no visible resolution.
• Diana states that the owners of homes they rented have forced them out. She wants wealthy residents to fund more affordable housing.
• Jessica Chambers states that the policy framework favors a particular type of resident and that changing it requires public pressure.

Policy Choices

The housing situation in Jackson Hole results from policy decisions. These decisions cover land allocation, the volume of housing constructed, and the parties responsible for paying for affordable units. The valley's constraints reflect deliberate choices on conservation, zoning, and development approvals rather than a fixed physical limit.