Income needed to buy a house in Wisconsin
A median-priced home in Wisconsin costs $294,700. With 20% down you'd need about $86,030 a year, $8,542 more than the state's median household income of $77,488. Wisconsin ranks #20 of 51 for the lowest income needed.
Income needed: $86,030 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 7.24% (Freddie Mac, week of 2026-10-29).
Estimated household income: about $86,030 a year for a $294,700 home in Wisconsin with $58,940 down.
Uses a 28/36 planning rule: modeled housing costs at 28% of gross income, housing plus other debt payments at 36%. Mortgage approval depends on the lender, loan program, credit and other circumstances. Excludes maintenance, repairs and utilities.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $1,607 |
| Property tax | $307 |
| Homeowners insurance | $94 |
| Total | $2,007 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $14,735 | $2,425 | $103,940 |
| 10% | $29,470 | $2,319 | $99,374 |
| 20% | $58,940 | $2,007 | $86,030 |
Income benchmarks use the 28/36 planning rule with no HOA or other debt payments. Mortgage approval depends on the lender and loan program. Monthly costs exclude maintenance, repairs and utilities. Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Wisconsin: what's different
- Transfer tax
- 0.3% transfer fee (seller)
- On the median home
- $880
- Homestead break
- Lottery and gaming credit
- First-time buyer help
- Wisconsin Housing and Economic Development Authority (WHEDA)
- Transfer and recording taxes. The seller pays a real estate transfer fee of 30 cents per $100 of value (0.3%). On the median Wisconsin home ($294,700), that's about $880 in transfer fee.
- Property tax breaks for your home. Wisconsin has no homestead exemption, but a home you own and live in on January 1 gets the lottery and gaming credit on that year's tax bill. If the credit is missing, claim it from the treasurer by January 31.
- First-time buyer help. The Wisconsin Housing and Economic Development Authority (WHEDA) offers WHEDA Advantage through participating lenders. Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the Wisconsin metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Milwaukee, WI | $96,535 | $331,100 | $77,919 |
| Madison, WI | $122,459 | $415,500 | $89,714 |
With 20% down, the median home takes about $96,535 a year in the Milwaukee area and $122,459 in the Madison area, compared with $86,030 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 7.24%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Wisconsin less expensive than most states
- Home prices: the median value of $294,700 is 18% below the U.S. median of $360,600.
- Property tax: about 1.25% of value a year ($307 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,128 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $163 a month on this loan.
9 states need at least 20% less income to buy their median home. States with a similar income requirement:
- South Dakota $84,417
- Tennessee $88,036
- Nebraska $82,486
- Illinois $89,823
- North Carolina $89,940
- Pennsylvania $80,370
Frequently asked questions
How much do you need to make to buy a house in Wisconsin?
About $86,030 a year for the median home of $294,700 with 20% down at 7.24%. With 10% down it's about $99,374.
What is the property tax rate in Wisconsin?
The median Wisconsin homeowner pays $3,680 a year, about 1.25% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Wisconsin?
Median rent is $1,142 a month, while owning the median home costs about $2,007 a month with 20% down, before maintenance. Renting affordably takes about $45,680 a year under the 30% rule.