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Milwaukee real estate market overview
- Average Monthly Rent: $1,369
- Home Price/Value Percentage Change: 4.90%
- Median Home Value: $183,395
- Best Time To Sell a Home: June
- Affordability Index: Moderate
- Days To Sell a House: 39
- Job Market: Weak
- Public School Ranking: 10
Location and weather
Milwaukee is the largest city in Wisconsin and sits on the shore of Lake Michigan at the merge of the Menomonee, Kinnickinnic, and Milwaukee River. This city has earned the name, "City of Festivals" as it hosts Summerfest which is one of the largest festivals in the world. Along with a strong music presence, Milwaukee is also home to a variety of museums, colleges, performing arts theatres, and has a heavy sports presence, as it's home of the Green Bay Packers and the Milwaukee Bucks.
Residents of this city get to enjoy all four seasons, but winters experience heavy snowfall and freezing temperatures.
Population, job market and cost of living
Milwaukee's population in 2023 is 571,939, with a growth rate of -0.31% annually.
The job growth has decreased by -4.49% over the last year and in ten years, is predicted to have increased by 28.26%. The major industries are in healthcare, social assistance, manufacturing and retail trade. The largest employers are Johnson Controls, Aurora Health Care, Manpower Group, Advocate Aurora Health and Ministry Health Care.
The cost of living is moderate, due to the Milwaukee real estate market and cost of available housing. With a thriving sports and entertainment culture, prime location on Lake Michigan, mild summers, steady job growth and low cost of living, Milwaukee will continue to attract those that want to live and work in this beautiful city on Lake Michigan.
Milwaukee real estate market details
- Uptown
- Old North Milwaukee
- Lower East Side
- Bay View
- Sherman Parkn
The average monthly rent is $1,369 for an average apartment size of 850 sq. feet.
There has been a 4.9% increase in median home value over the last year. As of 2023, the median home value is $183,395.
On average, homes sell after 39 days on the market.
For the fastest sale and highest valued sale, the best time to sell is in June.
The affordability index is 85. This number indicates moderate affordability in this city.
The top ranked public schools are Downtown Milwaukee at Marquette University, Milwaukee School of Engineering, University of Wisconsin-Milwaukee, Reagan College Preparatory High, King International, Morse Mid, and Cooper Elementary. This information is supported by general educator statistics, school attendance, and the US Department of Education.