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

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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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

• 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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