Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Milwaukee County | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $170,534 | $176,921 | $242,182 |
| Price Trend (Annual %) | 7.7% | 5.3% | 8.2% |
| Median Gross Rent | $1,069 | $1,045 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Milwaukee County is about 4% lower than in Wisconsin. Rent is about 2% higher than the Wisconsin average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Milwaukee County, up about 7.7% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Milwaukee County rose about 32.7% between 2015 and 2023, from $806 to $1,069. Over the same span, rent in Wisconsin rose about 34.7%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Milwaukee County.
Buying the median-priced home in Milwaukee County costs roughly 13.3 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 County. The price-to-rent ratio in Wisconsin is about 14.1.
| Metric | Milwaukee County | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $170,534 | $176,921 | $242,182 |
| Median Household Income | $62,292 | $75,766 | $78,145 |
| Price-to-Income Ratio | 2.7 | 2.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Milwaukee County rose about 62.1%, while median household income rose about 41.9% between 2009 and 2023 — 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 County | Wisconsin Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.7% | 60.4% | 58.2% |
| Rental Rate | 46.1% | 28.6% | 31.3% |
| Vacancy Rate | 8.2% | 11.1% | 10.6% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Milwaukee County has a homeownership rate of 45.7%, lower than the Wisconsin average of 60.4%. Its housing vacancy rate is 8.2%, compared with 11.1% in Wisconsin.
Housing Stock
| Metric | Milwaukee County | Wisconsin Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.33 people | 2.35 people | 2.54 people |
| Median Structure Built Year | 1959 | 1973 | 1978 |
| Median Number of Rooms | 5.0 | 5.6 | 5.5 |
The typical housing unit in Milwaukee County was built around 1959. On average, 2.3 people live in a home with about 5.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Milwaukee County, Wisconsin.
What is the median home price in Milwaukee County, Wisconsin?
The median home price in Milwaukee County, Wisconsin is $170,534, lower than the Wisconsin average of $176,921.
What is the average home price in Milwaukee County, Wisconsin?
The typical home price in %s, reported as the median sale price, is %s. 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 County, Wisconsin?
The median gross rent in Milwaukee County, Wisconsin is $1,069 per month, higher than the Wisconsin average of $1,045.
What was the median gross rent in Milwaukee County in 2020?
In 2020, the median gross rent in Milwaukee County, Wisconsin was $889 per month.
What is the price-to-rent ratio in Milwaukee County, Wisconsin?
The price-to-rent ratio in Milwaukee County, Wisconsin is about 13.3, meaning it would take roughly 13.3 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 County.
Are home prices or rent rising faster in Milwaukee County, Wisconsin?
Both home prices and rent are rising in Milwaukee County, up about 7.7% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Milwaukee County, Wisconsin?
45.7% of households in Milwaukee County, Wisconsin own their home, lower than the Wisconsin average of 60.4%.
What is the vacancy rate in Milwaukee County, Wisconsin?
The housing vacancy rate in Milwaukee County, Wisconsin is 8.2%, lower than the Wisconsin average of 11.1%.