Milwaukee began as an operating post for fur traders and trappers in 1795. But there weren't any permanent European settlers until 1822 when Solomon Juneau, the city's founding father, built a log cabin in Milwaukee and made it his home. In 1835, Juneau and a partner subdivided portions of the land and sold them to incoming residents. When the city was incorporated in 1846, it had 9,508 residents, and by 1850, Milwaukee already had a population of over 20,000. During that period, the city saw an influx of German immigrants. Many of them, including Miller, Blatz, Schlitz, and Pabst, learned the craft of brewing beer in their hometown and established breweries in Milwaukee. Before long, the city became known as the "Beer Capital of the World."
These days the economy in Milwaukee is going strong. Its metropolitan area has a GMP of $100.7 billion and was 89th on Forbes' list of best places for business and careers in 2019. While beer and manufacturing are still viable industries in the city, Milwaukee has strong technology, health care, and financial services sectors. Northwest Mutual, WEC Energy Group, Rockwell Automation, A.O. Smith, Harley Davidson, and several other major corporations are headquartered in the city. And the innovative spirit of the original beer manufacturers is still alive and kicking as startup companies continue to emerge out of Milwaukee.
Milwaukee, WI is a great place for affordable rent-to-own homes! With a median household income of over $43,125 and a median rent of $866, the Milwaukee, WI rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Milwaukee, WI. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Milwaukee, WI is seeing rapid growth and Milwaukee, WI's' housing market remains optimal with an average home price that is -41% below the 2023 national average. Milwaukee, WI is part of Milwaukee county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Milwaukee is 2.24% which is above the national average, which is 0.99%.
Milwaukee is more affordable than its surrounding municipalities. The city's cost of living is 6% lower than the state average and 15.1% below the U.S. average. Health, utilities, and transportation expenses are slightly higher than the rest of the country, but groceries and housing are significantly lower. Neighboring cities range from Brown Deer, which is 4.3% more costly, to Whitefish Bay, which is nearly 40% higher.
Good things aren't always expensive. The median cost of a home in Milwaukee is $123,100, which is $55,000 cheaper than Wisconsin's median of $188,100 and $108,100 lower than the U.S. average of $231,200. Houses in the cities surrounding Milwaukee are more expensive. The average price in Brown Deer is $159,700, and in Glendale, Menomonee Falls, Shorewood, and Whitefish Bay, median costs range between $216,500 and $424,700. In addition to its low prices, there are many rent-to-own homes in Milwaukee, making it an excellent option for people looking to relocate.
If you're interested in Milwaukee rent-to-own homes, don't forget to consider important factors in addition to monthly living costs, such as average commute, taxes, crime rates, etc. The following are some common Milwaukee statistics compared to the U.S. national average.
|Milwaukee Averages||National Averages|
|One-Way Commute||22.4 minutes||26.4 minutes|
|Income Tax Rate||6.3%||4.6%|
|Median Household Income||$35,489||$53,482|
|Median Property Taxes||$3,700||$2,200|
|Median Home Cost||$123,100||$231,200|
|Median Home Age||66 years||40 years|
Captain Frederick Pabst paid $254,000 to build and furnish his magnificent mansion by its completion in 1892. The city paid homage to the Milwaukee legend by preserving and restoring his home during its urban renewal period. You can visit the Pabst Mansion to check out the articulate 19th-century architecture and learn about the life and accomplishments of Pabst and the home's subsequent inhabitants. The Miller Brewing Company, founded in 1855, and the Pabst Brewing Company, established in 1844, offer tours that teach the history of Milwaukee's beer industry and everything about old-fashioned and modern brewing and techniques.
Visitors and residents take advantage of the city's location along the Milwaukee River and Lake Michigan. Cruises, fishing, sailing, kayaking, boat tours, and water sports will keep you entertained for days. Stop by the Mitchell Park Horticultural Conservatory, where you'll find plants from around the world, including desert and tropical environments, in this indoor facility. Enjoy a Milwaukee Bucks or Brewers game and choose between close to 100 eateries in the downtown, where you'll also find loads of museums, theaters, ballet, art centers, and festivals.
Milwaukee is a great place to live. Innovative, thriving cities with reasonable housing prices are few and far between. The city has a history of forward-thinking government, a strong economy, and a blend of people from different walks of life who get along happily. The potential for success in this major city with 590,157 residents is endless. The possibility of achieving the American dream is even easier with the many attractive Milwaukee rent-to-own homes available to you.