A house for sale in the 1400 block of Atlantic Drive in
Charles Auer/Freeman Staff
BROOKFIELD - The metro Milwaukee area
continues to offer many single-family homes that can be
purchased with monthly payments that rival or beat
rental payments, according to the North Shore
Bank/Greater Metropolitan Association of Realtors’ Home
for the quarter ending Sept. 30, shows median monthly payments
ranging from a low of $247 per month for a $27,000 home on the
west side of Milwaukee to a payment more than 13 times higher -
$3,254 - on a $655,000 home in Mequon.
quarterly, the report uses Metro Listing Services’ data to track
the current median monthly payment (principal, interest, and
property taxes) for single-family homes that were purchased in
three price ranges - lower end, middle market and upper end -
during the previous quarter in municipalities where enough
recent home sales took place to compute reliable figures.
are based on the median selling price of homes sold during the
previous three months in each of the three price ranges, the
current average interest rate on a 30-year, fixed rate mortgage
and the property tax rate in the featured community.
assumes a 20 percent down payment, which eliminates the need for
mortgage insurance and results in a smaller monthly payment than
lesser down payments.
ranged from a low monthly payment of $744 on a $137,900 home to
a high of $1,491 on a $280,000 home. Brookfield had a low of
$1,046 on a $199,950 home to a high of $2,264 on a $433,950
a low of $838 on a $165,450 home to a high of $1,922 on a
$379,450 home. Pewaukee had a low of $623 on a $116,750 home to
a high of $2,025 on a $405,500.
Kellman, a senior vice president at North Shore Bank who
oversees mortgage lending, said conditions are favorable for
buyers thanks to a combination of low interest rates and little
average interest rate on a 30-year, fixed-rate mortgage is 4
percent and the average home sale price in the metro area rose
by just 1.1 percent over the past year,” he said. “It’s a very
attractive environment for homebuyers.”
estate agent Beth Jaworski said in many parts of the metro area,
“It’s really is less expensive to own than to rent, at least
when looking at monthly payments.” Owners incur maintenance
costs that renters don’t but also benefit from mortgage interest
tax deductions and any gains in the value of their homes, she
Banker agent Kathy Domagalski said a stronger, more stable
housing market is encouraging lenders to ease up on mortgage
reported that some of the additional requirements that lenders
put in place a few years ago are likely to be lifted, which will
make buying a home much easier than it had been,” she said.
“I think a lot
of borrowers in the lower price ranges have been scared off by
media accounts of how hard it is to get a mortgage,” she said.
“Generally speaking, it isn’t nearly as difficult as people
imagine, especially if you’re working with a local lender.”