Mortgage payment estimates, closing cost breakdowns, and homebuying data for Milwaukee, Wisconsin.
Pre-filled with Milwaukee median home price and Wisconsin tax/insurance rates. Adjust for your property.
Estimated closing costs based on Wisconsin rates and fees applied to Milwaukee prices.
The median home price in Milwaukee is $195,000, 30% below the Wisconsin state median of $280,000. With a population of 577,222, Milwaukee is a major metro area where home prices tend to be more accessible than in many parts of Wisconsin.
Property taxes in Wisconsin average 1.76% annually. This higher-than-average tax rate means a $195,000 home in Milwaukee would carry roughly $286/month in property taxes alone — plan accordingly. Homeowners insurance in Wisconsin runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in Milwaukee is $1,150/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Milwaukee over the long term.
Milwaukee offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Wisconsin's WHEDA First-Time Advantage program.