Milwaukee, WI housing market
The typical home in the Milwaukee, WI metro area is worth $384,496, up 5.3% from a year ago.
Typical rent is $1,549 a month, up 5.1% in a year.
Builders got permits for 2,249 homes from January to August 2026, up 6.9% on the same months of 2025.
The metro area lost a net 2,255 residents to the rest of the U.S. in the year to July 2025.
The FHFA HPI® (all-transactions) for the Milwaukee, WI metro area is up 6.2% over the year to Q2 2026. Unemployment was 3.8% in August 2026, up 0.2 points from a year earlier. Employers had 858K payroll jobs in September 2026, up 0.2% from a year earlier.
Metro area as defined by the Census Bureau: Milwaukee-Waukesha, WI.
Metro area · Sep 2026
The latest numbers
Typical home value
$384,496
up 5.3% past 12 mo
Median sale price
$355,000
As of Aug 2026
Typical rent
$1,549/mo
up 5.1% past 12 mo
Homes for sale
4,450
Active listings
Days to pending
22
Median, listing to contract
Permits YTD
2,249
up 6.9% vs same months last year
Population growth
+0.2%
Past year · pop. 1.6M
Net domestic migration
−2,255
Past year, net moves from elsewhere in the US
FHFA home prices
+6.2%
Past year · Q2 2026
FHFA, past 5 years
+51.9%
Q2 2021 to Q2 2026
Unemployment rate
3.8%
up 0.2 pts vs Aug 2025
Job growth
+0.2%
Past year · 858K jobs in Sep 2026
Typical home value, 24 months
up 8.5%Typical home value went from $354,226 in Oct 2024 to $384,496 in Sep 2026, a change of +8.5%.
Source: Data Provided by Zillow Group; U.S. Census Bureau, Building Permits Survey; U.S. Census Bureau, Population Estimates · As of Sep 2026
Source: FHFA House Price Index® (All-Transactions, not seasonally adjusted); U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics; U.S. Bureau of Labor Statistics, Current Employment Statistics
BLS figures are not seasonally adjusted; retrieved from BLS.gov Oct 27, 2026. This product uses FHFA data but is neither endorsed nor certified by FHFA. BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.
Metro area · Yearly figures
Renters and movers
Fair Market Rent, 2BR
$1,338/mo
FY 2026, with utilities
Rental vacancy rate
5.6%
No significant change vs 2023 (−0.6 pts, within the margin of error)
2024 survey · ±0.9 pts
Net movers
−3,602
People on tax returns filed 2022–23
Income moving in
−$371M
Movers' 2022 adjusted gross income, net
- Fair Market Rent.
- HUD's rent-plus-utilities benchmark for a modest home in the Milwaukee-Waukesha, WI MSA, set each federal fiscal year (FY 2026 covers Oct 2025 to Sep 2026). HUD uses it to set housing-voucher payment standards, and it trails the market. HUD's FY 2027 rents took effect Oct 1, 2026; they'll appear here once HUD's data service carries them.
- Rental vacancy.
- Rentals that are empty and for rent, as a share of all rentals, from the Census Bureau's 2024 American Community Survey. A survey estimate, shown with its 90% margin of error; a change smaller than the combined margins is marked not significant.
- Movers.
- People on tax returns (filers and dependents) who moved in minus those who moved out between the 2022 and 2023 filing seasons, moves within the U.S. only. Income is the movers' adjusted gross income for 2022, from returns filed in 2023. Moves between counties inside the metro area aren't counted. The Census estimate of net domestic migration above covers a different, more recent year.
Source: U.S. Department of Housing and Urban Development, Fair Market Rents; U.S. Census Bureau, "Tenure" (B25003) and "Vacancy Status" (B25004), American Community Survey 1-Year Estimates; IRS Statistics of Income, U.S. Population Migration Data
Fidelis First is not affiliated with or endorsed by the U.S. Department of Housing and Urban Development. Census files accessed Oct 27, 2026. Rental vacancy rates, their margins of error, year-over-year changes and significance tests, and per-resident figures are calculated by Fidelis First from Census Bureau data; the Census Bureau is the source of the original data only. Fidelis First is not affiliated with or endorsed by the Internal Revenue Service.
How Milwaukee, WI ranks
Each measure next to the national figure, and where Milwaukee, WI places among the 100 largest metros.
| Measure | Milwaukee, WI | U.S. | Rank among the 100 largest metros |
|---|---|---|---|
| Typical home valueZillow ZHVI | $384,496 | $366,157 | 43rd of 100 |
| Home value changePast 12 months | +5.3% | +1.2% | 3rd of 100 |
| Typical rentPer month, Zillow ZORI | $1,549 | $1,932 | 65th of 100 |
| Rent changePast 12 months | +5.1% | +2.7% | 6th of 100 |
| Fair Market Rent, 2BRHUD, per month with utilities | $1,338 | — (HUD sets no U.S. figure) | 77th of 100 |
| Rental vacancy rateCensus ACS; tightest ranks first | 5.6% | 5.7% | 51st of 100 |
| Days to pendingMedian; fastest ranks first | 22 days | 27 days | 41st of 100 |
| Permits per 1,000 residentsHomes authorized, year to date | 1.4 | 2.8 | 77th of 100 |
| Permit changeSame months a year earlier | +6.9% | +0.1% | 36th of 100 |
| Population growthPast year | +0.2% | +0.5% | 79th of 100 |
| Net domestic migrationPer 1,000 residents, past year | −1.4 | — | 72nd of 100 |
| Income moving inNet per resident; Fidelis First calculation from IRS and Census data | −$236 | — (Not applicable to the U.S.) | 80th of 100 |
| FHFA home price changePast year, FHFA HPI® | +6.2% | +3.0% | 5th of 100 |
| FHFA, past 5 yearsFive-year change, FHFA HPI® | +51.9% | +41.3% | 16th of 100 |
| Unemployment rateNot seasonally adjusted; lowest ranks first | 3.8% | 4.3% | 30th of 100 |
| Job growthNonfarm payroll jobs, past 12 months | +0.2% | +0.3% | 68th of 100 |
Source: Data Provided by Zillow Group; U.S. Census Bureau, Building Permits Survey; U.S. Census Bureau, Population Estimates · As of Sep 2026
Source: FHFA House Price Index® (All-Transactions, not seasonally adjusted); U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics; U.S. Bureau of Labor Statistics, Current Population Survey; U.S. Bureau of Labor Statistics, Current Employment Statistics
FHFA figures are for Q2 2026. BLS unemployment is for Aug 2026 and jobs for Sep 2026, not seasonally adjusted; the U.S. figures beside them are for the same months. BLS data retrieved from BLS.gov Oct 27, 2026. This product uses FHFA data but is neither endorsed nor certified by FHFA. BLS.gov cannot vouch for the data or analyses derived from these data after the data have been retrieved from BLS.gov.
Source: U.S. Department of Housing and Urban Development, Fair Market Rents; U.S. Census Bureau, "Tenure" (B25003) and "Vacancy Status" (B25004), American Community Survey 1-Year Estimates; IRS Statistics of Income, U.S. Population Migration Data
Fair Market Rents are HUD's for fiscal year 2026 (FY 2027 rents took effect Oct 1, 2026). Rental vacancy is from the 2024 American Community Survey. Income moving in is movers' net adjusted gross income for 2022 (IRS returns filed in 2023), divided by the latest Census population estimate (July 1, 2025); a Fidelis First calculation. Fidelis First is not affiliated with or endorsed by the U.S. Department of Housing and Urban Development. Rental vacancy rates, their margins of error, year-over-year changes and significance tests, and per-resident figures are calculated by Fidelis First from Census Bureau data; the Census Bureau is the source of the original data only. Fidelis First is not affiliated with or endorsed by the Internal Revenue Service.
Around Milwaukee, WI
Its state, then other large metros centered in Wisconsin.
Who's raising money in Wisconsin
Real estate offerings filed with the SEC on Form D by issuers based in Wisconsin, Sep 27 – Oct 26, 2026.
Filings11
Total offered$164M
- 2200 HKP, LLCMilwaukee, WI · Filed Oct 14, 2026 · 506(b)$1M
- 400 N Progress Rd LLCSt Francis, WI · Filed Oct 14, 2026 · 506(b)$610K
- 3LP Hill Valley Madison MM 1 LLCMilwaukee, WI · Filed Oct 13, 2026 · 506(b)$11.4M
- IC HOLDINGS 6 LLCWauwatosa, WI · Filed Oct 13, 2026 · 506(b)$2M
- IC HOLDINGS 5 LLCWauwatosa, WI · Filed Oct 13, 2026 · 506(b)$2M
Source: SEC EDGAR, Form D
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