Agree to disagree. Shutdown all the ski resorts in Colorado and see what happens to property values over the next 20 years. The proportion of land might be small, but the population and monetary influx is massive.
In order for housing to be expensive, people need to have the money to pay for it. If there's no high paying jobs within hundreds of miles, and there's no tourism money, the demand simply won't be there and prices will fall. Again, look at the Appalachians and the Adirondacks for example. Ever since the advent of air travel, they've been steadily depopulated and economically depressed, as people from the cities prefer to vacation in more remote locations, such as the Rockies.
I should also acknowledge that a lot of land out west is owned by the government or other major groups, and that probably also plays a role. I'm not as familiar with the real estate market of Wyoming as I'd like to be. But I can't help but dispute your assertion that prices are high because building is expensive. Seems like a tautology somehow.
Yeah totally, but that's why it links to the threads with the full context if you click on the modlog