Housing

The Cheapest and Most Expensive Housing Markets in Wisconsin

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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

For Sale Real Estate Sign in Front of New House.
Source: Feverpitched / iStock via Getty Images

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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