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Home Affordability Calculator Milwaukee, WI — 2026
Median home price in Milwaukee: $220,000. At 6.5% on a 30-year loan with 20% down, the estimated total monthly payment (PITI) is $1,592 — requiring $68,229/year in gross income. Enter your income below for a personalised estimate.
Reviewed for accuracy June 2026 by Gary Sing
Median home price
$220,000
Income needed (annual)
$68,229
Est. monthly PITI
$1,592
Property tax/month
$398
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How much house can you afford in Milwaukee at your salary?
Maximum home price at each income level: 6.5% rate, 30-year term, 20% down payment, no existing debt. Property tax (2.17%) and insurance (0.45%) included in the 28% front-end DTI budget.
| Annual income | Max home price | Max monthly budget | Affords Milwaukee median? |
|---|---|---|---|
| $50,000 | $161,139 | $1,167/mo | ✗ No |
| $75,000 | $241,708 | $1,750/mo | ✓ Yes |
| $100,000 | $322,278 | $2,333/mo | ✓ Yes |
| $125,000 | $402,847 | $2,917/mo | ✓ Yes |
| $150,000 | $483,417 | $3,500/mo | ✓ Yes |
| $175,000 | $563,986 | $4,083/mo | ✓ Yes |
| $200,000 | $644,555 | $4,667/mo | ✓ Yes |
Assumes 20% down, 6.5% rate, 30-year term, zero existing monthly debt. Property tax at 2.17% effective rate; insurance estimated at 0.45% annually. PMI required below 20% down — not included here.
Monthly payment breakdown on the median Milwaukee home
$220,000 purchase price with 20% down ($44,000) at 6.5% on a 30-year loan.
Principal & interest (30yr)
$1,112/month on a $176,000 loan at 6.5% over 30 years. Total interest paid over the life of the loan: $224,320.
Property tax (2.17% effective rate)
$398/month ($4,776/year). Milwaukee County's effective property tax rate of approximately 2.17% is among the highest in the Midwest and is the most significant ongoing cost variable for buyers in this market. On a $220,000 home, property taxes add approximately $397/month — a larger burden relative to the purchase price than in most comparable metros.
Homeowners insurance (est.)
$82/month estimated at 0.45% of home value annually. Rates vary significantly by coverage level, age of home, and local risk factors — always get quotes before closing.
Total PITI (monthly)
$1,592/month estimated. Income needed to keep this under 28% of gross monthly income: $68,229/year.
Milwaukee housing market 2026
Milwaukee is one of the most affordable large cities in the Midwest by purchase price. Healthcare (Froedtert, Aurora, Children's Wisconsin) and manufacturing anchor employment. Bay View, Walker's Point, and the East Side have seen above-average appreciation as urban neighbourhoods have gentrified. Suburban Wauwatosa and Shorewood offer access to lakefront recreation.
Key numbers for Milwaukee buyers
- Median home price: $220,000 (2026 estimate)
- 20% down payment: $44,000
- Loan amount (80% LTV): $176,000
- Monthly P&I at 6.5% / 30yr: $1,112
- Monthly P&I at 6.5% / 15yr: $1,533
- Est. PITI (P&I + tax + insurance): $1,592/month
- Income needed (28% front-end DTI): $68,229/year
Compare home affordability by city
📍 Los Angeles, CA
Median $900,000 · income needed $244,543/yr · 1.09% tax
📍 Chicago, IL
Median $330,000 · income needed $101,614/yr · 2.1% tax
📍 Houston, TX
Median $290,000 · income needed $89,143/yr · 2.09% tax
📍 Phoenix, AZ
Median $400,000 · income needed $102,429/yr · 0.65% tax
📍 Miami, FL
Median $580,000 · income needed $155,143/yr · 0.97% tax
📍 Seattle, WA
Median $740,000 · income needed $195,257/yr · 0.87% tax
📍 Denver, CO
Median $560,000 · income needed $141,171/yr · 0.54% tax
📍 Austin, TX
Median $525,000 · income needed $161,614/yr · 2.1% tax
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Home affordability Milwaukee — frequently asked questions
How much house can I afford in Milwaukee?
On a $100,000 annual income with no other debt, 20% down, and a 6.5% 30-year mortgage, you can afford approximately $322,278 in Milwaukee. The median home price in Milwaukee is $220,000, which requires approximately $68,229/year in gross income using the 28% front-end DTI rule (principal, interest, property tax, and insurance all within 28% of gross monthly income).
What income do I need to buy a home in Milwaukee?
To afford Milwaukee's median home price of $220,000 at 6.5% on a 30-year loan with 20% down, you need approximately $68,229/year in gross income. This assumes the full PITI payment of $1,592/month (P&I $1,112 + property tax $398 + insurance $82) stays within 28% of gross monthly income. Existing debts reduce this buying power further.
What is the median home price in Milwaukee in 2026?
The estimated median home price in Milwaukee in 2026 is approximately $220,000. This varies significantly by neighbourhood — enter the specific purchase price you are evaluating in the calculator above for a personalised estimate.
What are property taxes in Milwaukee?
Milwaukee, WI's effective property tax rate is approximately 2.17%. On a $220,000 home, that is roughly $398/month or $4,776/year in property taxes. Milwaukee County's effective property tax rate of approximately 2.17% is among the highest in the Midwest and is the most significant ongoing cost variable for buyers in this market. On a $220,000 home, property taxes add approximately $397/month — a larger burden relative to the purchase price than in most comparable metros.
Is Milwaukee affordable to buy in 2026?
Milwaukee's median home price of $220,000 requires an annual gross income of approximately $68,229 to qualify under the 28% front-end DTI rule at 6.5% with 20% down. The estimated total monthly payment (PITI) is $1,592/month. Milwaukee is one of the most affordable large cities in the Midwest by purchase price.