Milwaukee, Wisconsin Housing Market Prices
Milwaukee Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 12% below the Wisconsin median$150,248
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Median rent 3% below the Wisconsin median$1,058
Housing Market Overview
| Metric | Milwaukee | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $150,248 | $170,479 | $248,835 |
| Price Trend (Annual %) | 13.0% | 4.2% | 7.5% |
| Median Gross Rent | $1,058 | $1,087 | $1,407 |
| Rent Trend (Annual %) | 3.6% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Milwaukee is about 12% lower than in Wisconsin. Rent is about 3% lower than the Wisconsin average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Milwaukee, up about 13.0% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Milwaukee rose about 34.8% between 2015 and 2024, from $784 to $1,058. Over the same span, rent in Wisconsin rose about 40.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Milwaukee.
Buying the median-priced home in Milwaukee costs roughly 11.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Milwaukee. The price-to-rent ratio in Wisconsin is about 13.1.
| Metric | Milwaukee | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $150,248 | $170,479 | $248,835 |
| Median Household Income | $54,029 | $77,698 | $80,455 |
| Price-to-Income Ratio | 2.8 | 2.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Milwaukee rose about 104.6%, while median household income rose about 39.6% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Milwaukee | Wisconsin Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 37.3% | 60.5% | 58.5% |
| Rental Rate | 52.4% | 28.7% | 31.2% |
| Vacancy Rate | 10.3% | 10.8% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Milwaukee has a homeownership rate of 37.3%, lower than the Wisconsin average of 60.5%. Its housing vacancy rate is 10.3%, compared with 10.8% in Wisconsin.
Housing Stock
| Metric | Milwaukee | Wisconsin Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.33 people | 2.53 people |
| Median Structure Built Year | 1954 | 1974 | 1978 |
| Median Number of Rooms | 4.8 | 5.6 | 5.5 |
The typical housing unit in Milwaukee was built around 1954. On average, 2.4 people live in a home with about 4.8 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Milwaukee, Wisconsin.
What is the median home price in Milwaukee, Wisconsin?
The median home price in Milwaukee, Wisconsin is $150,248, lower than the Wisconsin average of $170,479.
What is the average home price in Milwaukee, Wisconsin?
The typical home price in Milwaukee, Wisconsin, reported as the median sale price, is $150,248. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Milwaukee, Wisconsin?
The median gross rent in Milwaukee, Wisconsin is $1,058 per month, lower than the Wisconsin average of $1,087.
What was the median gross rent in Milwaukee in 2020?
In 2020, the median gross rent in Milwaukee, Wisconsin was $865 per month.
What is the price-to-rent ratio in Milwaukee, Wisconsin?
The price-to-rent ratio in Milwaukee, Wisconsin is about 11.8, meaning it would take roughly 11.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Milwaukee.
Are home prices or rent rising faster in Milwaukee, Wisconsin?
Both home prices and rent are rising in Milwaukee, up about 13.0% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Milwaukee, Wisconsin?
37.3% of households in Milwaukee, Wisconsin own their home, lower than the Wisconsin average of 60.5%.
What is the vacancy rate in Milwaukee, Wisconsin?
The housing vacancy rate in Milwaukee, Wisconsin is 10.3%, lower than the Wisconsin average of 10.8%.
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