Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 569,330 people, 229,470 houses or apartments, and a median cost of homes of $165,824, house prices in Milwaukee are solidly below the national average.
Single-family detached homes are the single most common housing type in Milwaukee, accounting for 39.38% of the city's housing units. Other types of housing that are prevalent in Milwaukee include duplexes, homes converted to apartments or other small apartment buildings ( 29.56%), large apartment complexes or high rise apartments ( 26.21%), and a few row houses and other attached homes ( 4.35%).
People in Milwaukee primarily live in small (one, two or no bedroom) single-family detached homes. Milwaukee has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Milwaukee's housing was primarily built during this period, from the '40s through the '60s. A full 41.26% of the city's housing hails from this era. Other housing ages represented in Milwaukee include homes built before 1939 ( 36.51%) and housing constructed between 1970-1999 ( 16.08%). There's also some housing in Milwaukee built between 2000 and later ( 6.15%).
Vacant housing appears to be an issue in Milwaukee. Fully 10.80% of the housing stock is classified as vacant. Left unchecked, vacant Milwaukee homes and apartments can be a drag on the real estate market, holding Milwaukee real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Appreciation rates for homes in Milwaukee have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 78.67%, which ranks in the top 50% nationwide. This equates to an annual average Milwaukee house appreciation rate of 5.98%.
Over the last year, Milwaukee appreciation rates have trailed the rest of the nation. In the last twelve months, Milwaukee's appreciation rate has been -2.36%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Milwaukee were at 4.14%, which equates to an annual appreciation rate of 17.60%.
Importantly, this makes Milwaukee one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Wisconsin, our data show that Milwaukee's latest annual appreciation rate is lower than 90% of the other cities and towns in Wisconsin.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Milwaukee differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Milwaukee - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Milwaukee real estate investment or home purchase decisions.
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