The stock the number is measured against

Census does not count condominiums as a form of ownership, so the honest comparison is to attached and multi-unit housing. From the American Community Survey, table B25032 (tenure by units in structure), 2020–2024 five-year estimates:

• Wyoming owner-occupied units in attached or multi-unit structures: about 9,186, or 5.3% of Wyoming homeowners.
• Teton County owner-occupied units in attached or multi-unit structures: about 1,169, or 20.4% of that county’s homeowners — roughly four times the state rate.

Table B25024 puts Wyoming’s total housing stock at 277,141 units, of which 56,704 — 20.5% — are attached or multi-unit. Teton County’s share is 34.7%.²

These count structure type rather than ownership form, so they are an upper bound on condominium units rather than a count of them. The point stands either way: Wyoming has thousands of owner-occupied attached homes and one FHA-approved project.

What changed on the conventional side in 2026

The number matters more this year than last, because the conventional alternative got harder. Fannie Mae Lender Letter LL-2026-03 and Freddie Mac Bulletin 2026-C, both issued March 18, 2026, retired Limited Review and Streamlined Review:

“We are retiring the Limited Review process. Established projects previously eligible for Limited Review must now be reviewed using the Full Review process or, when applicable, the Waiver of Project Review process… Lenders may implement the retirement of Limited Review immediately but must do so for all loan applications dated on or after Aug. 3, 2026.”³

There is genuinely good news for Wyoming in the same letters. The Waiver of Project Review was expanded to projects of ten or fewer units, effective immediately in March 2026 — and Wyoming’s condominium stock skews small. The condition is the trap: “For projects consisting of five- to ten-units, the project must not be part of a master association or larger development.” Resort-adjacent development in Teton County is very often structured under a master association.

And USDA follows whatever the GSEs say

This is the sleeper. USDA has no condominium approval process of its own. HB-1-3555, chapter 12, § 12.11, states it directly:

“Units in a condominium project are eligible for a guarantee if the condominium has been approved or accepted by HUD/FHA, VA, Fannie Mae or Freddie Mac. Lenders must retain evidence they have reviewed condominium documentation that supports the project’s approval or acceptance…”⁴

So every change the GSEs made in 2026 flows into USDA Guaranteed Housing eligibility automatically, with no USDA rulemaking and no USDA announcement. That matters disproportionately here, because Cheyenne and Casper are the only Wyoming municipalities above 50,000 people and the guaranteed programme’s rural threshold excludes only urbanized areas.

Reading the number honestly

Three caveats belong with it. The portal is a live query and the figure above is dated September 19, 2026. Forty-three expired records means Wyoming projects have been approved before and let approval lapse, which is ordinary where FHA volume is thin. And an unapproved project is not an unfinanceable one — it is a project whose buyers go through single-unit approval, a conventional Full Review, or a portfolio lender.

What the number does describe is how little institutional condominium infrastructure Wyoming has. The Foundation for Community Association Research’s 2025 state review places Wyoming in its lowest bucket, “Fewer than 1,000” associations, alongside Alaska, Arkansas, Mississippi, North Dakota, South Dakota and West Virginia.