economie

Step inside Jackson Hole, Wyoming, where the ultra-rich live and vacation

October 19, 20240
Pedestrians stroll through Downtown Jackson.

Joey Hadden/Business Insider

From Texas to California, affluent Americans are buying up property in Jackson Hole, a luxurious Wyoming escape.

The city has fewer than 11,000 residents where mansions dot mountain ranges, and a stroll downtown feels like the Wild West — if you ignore the hoodies, baseball caps, and automobiles.

Jackson Hole real-estate agent Sam Haack told Business Insider that his clients are usually boomers or DINKs (dual-income, no kids).

“The baby boomers have largely gained their wealth through their appreciation of assets over the years like their equity portfolios, other homes, and businesses,” he said. “Some of these clients may still work W2 jobs in finance, consulting, or real estate but are usually business owners and entrepreneurs.”

Haack added that about 40% of his sales are for full-time residents, and the other 60% are second homes and investment properties.

Sotheby’s Jackson Hole-based real-estate agent Laurie Huff told BI that her clientele is similar.

“Our clients in the past few years have ranged in age from 30 to 60 years and come from high-net-worth backgrounds,” she said in a statement. “A finance/business background seems to account for a large percentage.”

She added that about half of her clients move in full-time. “Others stay for six-plus months and then spend part of the year in a warmer climate,” she wrote.

Jackson Hole is located in Teton County, Wyoming.
A wealthy neighborhood in Jackson Hole.

Joey Hadden/Business Insider

According to Viehman Group’s 2024 third-quarter Jackson Hole Real Estate report, the average price of a listing in the city over the last three months was $6.42 million. Today, the most expensive house on the market is a six-bedroom, seven-bathroom home on more than 9,100 square feet that is listed at $40 million.

“As a buyer, it is so competitive because of simple supply and demand,” Haack told BI. “We have always had much more demand than supply because, well, it’s one of the most beautiful places in the US, and the lifestyle is unmatched.”

The supply is very limited — only 3% of the county is private land that can be built on. “The rest is public land owned by the federal, state, or local governments,” he added.

Because of the scarcity of available land, Haack said buyers “tend to hang onto these properties for the appreciation and tax advantages, leading to even less inventory and supply.”

I understood why millionaires want to live in Jackson Hole, Wyoming, before my plane even landed.
Million Dollar Cowboy Bar is in Downtown Jackson.

Joey Hadden/Business Insider

Home to the famous Million Dollar Cowboy Bar, Jackson is a small town with shops, restaurants, and architecture reminiscent of the American West.

When I visited, the downtown area was full of tourists, but retail seemed to cater to locals, too. There were home furniture and decor stores on every block. And I think tourists shouldn’t miss the celebrity-loved, luxury cowboy hat store, Kemo Sabe. Staff members mold the hats and customize them with bands, features, and branding right in the store.

Haack told BI that families tend to move to East Jackson, which is conveniently located near the town square. According to Sotheby’s International Realty, the area has a mix of condos, townhouses, and single-family homes costing as much as $8.7 million.

“You’ll find young families that ride their e-bikes to work and to get ice cream in the summer,” he said of the area.

From Wilson to Teton Village, the other parts of Jackson Hole are more remote — and expensive.
A mega mansion in Jackson Hole.

Joey Hadden/Business Insider

During my trip, I saw a mix of luxury cabins and modern mansions in these neighborhoods.

“The two main categories of architecture we see in Jackson Hole are log cabin (old Jackson style) and Mountain Modern (new Jackson style),” Haack told BI. “Log cabins never go out of style but do require a lot more maintenance.”

I saw modern homes with mixed materials, sleek exteriors, flat roofs, and patios with water features like fountains and mini falls. I even went inside a mansion and found unique features — from an indoor sauna to a double-sided fireplace.

Due to zoning constrictions, Jackson Hole’s mega mansions can only be up to three stories tall, so many are sprawled out like ranches on vast properties.

It seems like no matter where the rich choose to live in Jackson, they have incredible views.
Mountains are visible behind a street in Jackson.

Joey Hadden/Business Insider

After seeing Jackson Hole for myself, I can see why people want to move and vacation there. The ultra-luxury vibe with Western flair seems like an ideal place to escape.

And now that I’ve seen those mountains, I know I’ll be back.