What a difference 5 years has made in Wisconsin home affordability

There’s been a lot of talk about how affordable Wisconsin housing is lately.   If you have good credit, a stable job and plan to stay put for a while, buying now is something to seriously consider. The cost of owning a median priced home in Wisconsin has decreased by around 20% compared to 2005, according to this Monthly Payment 2005 vs 2010 article on the Economists outlook blog

The two Wisconsin areas included in this research are Milwaukee and Madison. Take a look at the difference in cost a lower median price and lower interest rates creates. (Milwaukee and Madison are near the top of the list in the image above and recreated below for better readability.)

Metro Area Median price 2010 Q2 Estimated monthly payment (2010) Median price 2005 Q2 Estimated monthly payment (2005) Difference in monthly payment Percentage difference
Milwaukee-Waukesha-West Allis $200,200 $797 $216,800 $1,014 -$217 -21%
Madison $231,200 $849 $220,100 $1,030 -$181 -18%

Those are some huge savings!  But remember, buying a home is not all about the money. People often buy with emotion rather than paying attention to figures, charts and graphs.  Homeownership matters. When you look at the positive effect homeowning has upon people’s lives and combine them with cost savings like this, that’s a powerful argument to share with anyone who is thinking about buying a home now. Please "share" this article with someone you think would benefit from it. Or "Like" it to share with your facebook friends.

Thank you for reading the First Weber Wisconsin real estate blog about affordable housing in Wisconsin: Comparing 2005 and 2010. What a difference 5 years have made.

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