Milwaukee ranked as one of most affordable markets in U.S.
Madison near middle of pack

By ASHLEY HAYNES

May 4, 2019

WAUKESHA Milwaukee homeowners can rest assured that they are getting the best bang for their buck.

According to rankings provided by RealtyHop on the most affordable housing markets in the country, Milwaukee is one of the most affordable markets in the U.S. Madison hovers around the middle of the pack.

According to their website, the RealtyHop Affordability Index analyzes both proprietary and ACS Census data to provide an index of housing affordability and homeownership burden across the 100 most populous cities in the country.

Median household incomes, median for-sale home listing prices, local property taxes and mortgage expenses assuming a 30-year mortgage, 4.5% interest rate and 20% down payment are all considered.

The rankings list 1-100, with No. 1 being the least affordable market.

Milwaukee is ranked at number 78 with a median household income of $32,289 and median home price of $134,500. The average estimated mortgage is $827 with 25.9% of income going toward the monthly payment.

Madison is ranked at 42 this year with the median household income coming in at $59,387. Median home prices hover around $285,000 and the estimated mortgage is $1,662. The average household can expect to spend 33.5% of their monthly income on their mortgage.

Making up the list of the least affordable housing markets in the country is Los Angeles at No. 1, New York City at No. 2, Miami at No. 3, San Francisco at No. 4 and Oakland at No. 5.

Detroit was ranked as the most affordable market in the country.