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Cost of Living in Milwaukee

Is it better to rent or buy in Milwaukee? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$54,492
$1,080/mo

Median in area: $1,080

$178,681

Median in area: $178,681

$35,736

If you Rent

🔑
$1,266 /mo
Base Rent$1,080
Est. Utilities$186
% of Income27.9%
Pre-tax Residual$3,275

If you Buy

🏠
$1,451 /mo
P&I (6.839%)$936
Taxes & Ins$329
Est. Utilities$186
% of Income31.9%
Pre-tax Residual$3,090

Cost of Living FAQs

Is it cheaper to rent or buy in Milwaukee?›

Based on median housing data, renting is currently more affordable on a monthly basis in Milwaukee. The estimated all-in monthly cost for renting is $1,266, while owning a median-priced home with a 20% down payment is roughly $1,451 per month (a difference of $185).

How much do utilities cost in Milwaukee?›

The average monthly utility cost (electricity and natural gas) for a typical home in Milwaukee is approximately $186. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Milwaukee?›

To comfortably afford the median rent and utilities in Milwaukee without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $50,640 per year.