Home Affordability in Milwaukee, WI
The median home price in Milwaukee is $175,000 with a median household income of $43,125. Housing is moderately affordable relative to local incomes.
Median Home Price
$175,000
Median Income
$43,125
Price-to-Income Ratio
4.1x
Est. Affordable Home
$168,000
Property Tax Rate
2.18%
Annual Property Tax
$3,815
Sales Tax Rate
5.75%
Cost of Living Index
90
Buying a Home in Milwaukee
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $43,125 in Milwaukee can afford a monthly housing payment of approximately $1,006. This translates to a home price of roughly $168,000, which is below the median home price of $175,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Milwaukee would be approximately $3,815 per year ($318/month) at the effective rate of 2.18%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $5,250 | $169,750 | Yes |
| 5% | $8,750 | $166,250 | Yes |
| 10% | $17,500 | $157,500 | Yes |
| 20% | $35,000 | $140,000 | No |
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