Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some Wisconsin cities are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Wisconsin is worth $231,400. But across the 35 cities, towns and unincorporated communities in the state with populations of at least 25,000, median home values range from about $122,000 to over $460,000.
In any local market, home prices are often a reflection of what residents can afford. In Wisconsin, many of the least expensive cities for homebuyers are not high-income areas. Of the 35 places in Wisconsin with available data from the ACS, 19 have a median home value that is less than the statewide median. In all but one of these places, the typical household earns less than the statewide median household income of $72,458. Similarly, most of Wisconsin’s more expensive housing markets have higher earning populations.
Why It Matters
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Homeownership is one of the most practical ways to build wealth in the United States, and rising borrowing costs and home values are pricing out a growing share of the population. The state of the U.S. housing market also has broader economic implications. According to the Congressional Research Service, spending associated with homeownership totaled $1.1 trillion in 2021, or nearly 5% of U.S. gross domestic product.
These are the cheapest and most expensive housing markets in Wisconsin.
35. Beloit
Source: LawrenceSawyer / E+ via Getty Images
- Median home value: $121,900
- Homes worth over $1 million: 0.7%
- Homeownership rate: 59.3%
- Median household income: $57,168
- Total population: 36,642
34. Manitowoc
Source: cweimer4 / iStock via Getty Images
- Median home value: $134,900
- Homes worth over $1 million: 0.4%
- Homeownership rate: 64.6%
- Median household income: $60,040
- Total population: 34,500
32. Racine
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $147,000
- Homes worth over $1 million: 0.3%
- Homeownership rate: 57.9%
- Median household income: $52,766
- Total population: 77,453
32. Wausau
Source: Michael-Tatman / iStock via Getty Images
- Median home value: $147,000
- Homes worth over $1 million: 0.2%
- Homeownership rate: 58.8%
- Median household income: $59,259
- Total population: 39,906
31. Fond du Lac
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $148,500
- Homes worth over $1 million: 0.1%
- Homeownership rate: 57.3%
- Median household income: $58,675
- Total population: 44,527
30. Sheboygan
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $154,300
- Homes worth over $1 million: 0.1%
- Homeownership rate: 60.8%
- Median household income: $59,861
- Total population: 49,805
29. Superior
- Median home value: $155,400
- Homes worth over $1 million: 0.3%
- Homeownership rate: 58.7%
- Median household income: $54,935
- Total population: 26,562
28. Oshkosh
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $156,900
- Homes worth over $1 million: 0.0%
- Homeownership rate: 55.5%
- Median household income: $59,186
- Total population: 66,373
27. Milwaukee
- Median home value: $157,800
- Homes worth over $1 million: 0.6%
- Homeownership rate: 41.2%
- Median household income: $49,733
- Total population: 573,299
26. Green Bay
Source: JamesBrey / E+ via Getty Images
- Median home value: $172,700
- Homes worth over $1 million: 0.4%
- Homeownership rate: 56.2%
- Median household income: $59,174
- Total population: 106,846
25. Neenah
Source: herreid / iStock via Getty Images
- Median home value: $175,000
- Homes worth over $1 million: 0.4%
- Homeownership rate: 64.9%
- Median household income: $71,280
- Total population: 27,309
24. West Allis
Source: Public Domain / Wikimedia Commons
- Median home value: $176,100
- Homes worth over $1 million: 0.3%
- Homeownership rate: 52.8%
- Median household income: $64,888
- Total population: 59,907
23. Stevens Point
Source: Public Domain / Wikimedia Commons
- Median home value: $176,400
- Homes worth over $1 million: 0.6%
- Homeownership rate: 51.9%
- Median household income: $53,611
- Total population: 25,549
22. La Crosse
Source: Jason_Ray_Photography / iStock via Getty Images
- Median home value: $183,300
- Homes worth over $1 million: 0.3%
- Homeownership rate: 46.3%
- Median household income: $51,836
- Total population: 52,043
21. Janesville
Source: BergmannD / iStock via Getty Images
- Median home value: $186,600
- Homes worth over $1 million: 0.3%
- Homeownership rate: 66.4%
- Median household income: $68,610
- Total population: 65,669
20. Appleton
Source: DenisTangneyJr / iStock via Getty Images
- Median home value: $192,200
- Homes worth over $1 million: 0.6%
- Homeownership rate: 66.4%
- Median household income: $75,469
- Total population: 75,133
19. Kenosha
- Median home value: $194,400
- Homes worth over $1 million: 0.7%
- Homeownership rate: 58.7%
- Median household income: $64,963
- Total population: 99,493
18. Eau Claire
Source: William Reagan / iStock via Getty Images
- Median home value: $209,200
- Homes worth over $1 million: 0.6%
- Homeownership rate: 56.5%
- Median household income: $63,882
- Total population: 69,098
17. West Bend
Source: Runner1928 / Wikimedia Commons
- Median home value: $224,300
- Homes worth over $1 million: 0.3%
- Homeownership rate: 66.3%
- Median household income: $71,904
- Total population: 31,682
16. Greenfield
Source: Public Domain / Wikimedia Commons
- Median home value: $231,700
- Homes worth over $1 million: 0.2%
- Homeownership rate: 55.7%
- Median household income: $67,536
- Total population: 37,521
15. De Pere
- Median home value: $232,000
- Homes worth over $1 million: 1.8%
- Homeownership rate: 64.8%
- Median household income: $78,733
- Total population: 25,373
14. Mount Pleasant
Source: Alinghi3 / Wikimedia Commons
- Median home value: $253,800
- Homes worth over $1 million: 0.2%
- Homeownership rate: 78.7%
- Median household income: $83,827
- Total population: 27,640
13. Caledonia
Source: Public Domain / Wikimedia Commons
- Median home value: $260,400
- Homes worth over $1 million: 0.5%
- Homeownership rate: 80.1%
- Median household income: $90,346
- Total population: 25,277
12. Waukesha
Source: hkenneth / iStock via Getty Images
- Median home value: $267,200
- Homes worth over $1 million: 0.3%
- Homeownership rate: 58.7%
- Median household income: $77,558
- Total population: 70,945
11. Oak Creek
Source: Public Domain / Wikimedia Commons
- Median home value: $282,500
- Homes worth over $1 million: 0.5%
- Homeownership rate: 59.0%
- Median household income: $86,408
- Total population: 36,286
10. Wauwatosa
Source: Public Domain / Wikimedia Commons
- Median home value: $291,600
- Homes worth over $1 million: 0.5%
- Homeownership rate: 61.9%
- Median household income: $93,812
- Total population: 47,919
9. Menomonee Falls
Source: Sandra Lund / iStock via Getty Images
- Median home value: $312,400
- Homes worth over $1 million: 1.5%
- Homeownership rate: 74.9%
- Median household income: $96,986
- Total population: 38,610
8. Sun Prairie
Source: Public Domain / Wikimedia Commons
- Median home value: $313,200
- Homes worth over $1 million: 0.0%
- Homeownership rate: 62.6%
- Median household income: $90,384
- Total population: 35,847
7. New Berlin
- Median home value: $320,800
- Homes worth over $1 million: 1.0%
- Homeownership rate: 77.1%
- Median household income: $94,769
- Total population: 40,387
6. Madison
- Median home value: $326,600
- Homes worth over $1 million: 1.7%
- Homeownership rate: 47.0%
- Median household income: $74,895
- Total population: 268,516
5. Franklin
Source: Public Domain / Wikimedia Commons
- Median home value: $331,200
- Homes worth over $1 million: 0.7%
- Homeownership rate: 77.4%
- Median household income: $100,524
- Total population: 36,513
4. Muskego
- Median home value: $371,100
- Homes worth over $1 million: 0.9%
- Homeownership rate: 88.7%
- Median household income: $112,537
- Total population: 25,073
3. Fitchburg
- Median home value: $377,600
- Homes worth over $1 million: 2.1%
- Homeownership rate: 48.1%
- Median household income: $87,253
- Total population: 29,826
2. Brookfield
Source: awalby / iStock via Getty Images
- Median home value: $388,600
- Homes worth over $1 million: 1.9%
- Homeownership rate: 83.5%
- Median household income: $121,837
- Total population: 41,342
1. Mequon
Source: deerez / iStock via Getty Images
- Median home value: $463,800
- Homes worth over $1 million: 9.4%
- Homeownership rate: 84.2%
- Median household income: $141,996
- Total population: 25,102
| Rank | Places in Wisconsin with at least 25,000 residents | Median home value ($) | Homeownership rate (%) | Median household income ($) | Total Population |
|---|---|---|---|---|---|
| 1 | Mequon | 463,800 | 84.2 | 141,996 | 25,102 |
| 2 | Brookfield | 388,600 | 83.5 | 121,837 | 41,342 |
| 3 | Fitchburg | 377,600 | 48.1 | 87,253 | 29,826 |
| 4 | Muskego | 371,100 | 88.7 | 112,537 | 25,073 |
| 5 | Franklin | 331,200 | 77.4 | 100,524 | 36,513 |
| 6 | Madison | 326,600 | 47.0 | 74,895 | 268,516 |
| 7 | New Berlin | 320,800 | 77.1 | 94,769 | 40,387 |
| 8 | Sun Prairie | 313,200 | 62.6 | 90,384 | 35,847 |
| 9 | Menomonee Falls | 312,400 | 74.9 | 96,986 | 38,610 |
| 10 | Wauwatosa | 291,600 | 61.9 | 93,812 | 47,919 |
| 11 | Oak Creek | 282,500 | 59.0 | 86,408 | 36,286 |
| 12 | Waukesha | 267,200 | 58.7 | 77,558 | 70,945 |
| 13 | Caledonia | 260,400 | 80.1 | 90,346 | 25,277 |
| 14 | Mount Pleasant | 253,800 | 78.7 | 83,827 | 27,640 |
| 15 | De Pere | 232,000 | 64.8 | 78,733 | 25,373 |
| 16 | Greenfield | 231,700 | 55.7 | 67,536 | 37,521 |
| 17 | West Bend | 224,300 | 66.3 | 71,904 | 31,682 |
| 18 | Eau Claire | 209,200 | 56.5 | 63,882 | 69,098 |
| 19 | Kenosha | 194,400 | 58.7 | 64,963 | 99,493 |
| 20 | Appleton | 192,200 | 66.4 | 75,469 | 75,133 |
| 21 | Janesville | 186,600 | 66.4 | 68,610 | 65,669 |
| 22 | La Crosse | 183,300 | 46.3 | 51,836 | 52,043 |
| 23 | Stevens Point | 176,400 | 51.9 | 53,611 | 25,549 |
| 24 | West Allis | 176,100 | 52.8 | 64,888 | 59,907 |
| 25 | Neenah | 175,000 | 64.9 | 71,280 | 27,309 |
| 26 | Green Bay | 172,700 | 56.2 | 59,174 | 106,846 |
| 27 | Milwaukee | 157,800 | 41.2 | 49,733 | 573,299 |
| 28 | Oshkosh | 156,900 | 55.5 | 59,186 | 66,373 |
| 29 | Superior | 155,400 | 58.7 | 54,935 | 26,562 |
| 30 | Sheboygan | 154,300 | 60.8 | 59,861 | 49,805 |
| 31 | Fond du Lac | 148,500 | 57.3 | 58,675 | 44,527 |
| 32 | Racine | 147,000 | 57.9 | 52,766 | 77,453 |
| 32 | Wausau | 147,000 | 58.8 | 59,259 | 39,906 |
| 34 | Manitowoc | 134,900 | 64.6 | 60,040 | 34,500 |
| 35 | Beloit | 121,900 | 59.3 | 57,168 | 36,642 |
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