I
n Milwaukee, monthly mortgage payments are rising steadily despite some relief for homebuyers in other parts of the country. According to Redfin's analysis, a typical Milwaukee-area buyer who purchased a home in March has a monthly mortgage payment of $2,299. This represents a 4.8% increase from what buyers would have paid in March 2024. The analysis assumes a median-priced home with a 15% down payment and a 6.65% mortgage rate, factoring in local property taxes and insurance costs.

    While many Sunbelt cities like Jacksonville, Tampa, and Austin are seeing falling prices due to decreased demand and increased construction, Rustbelt cities like Milwaukee continue to experience rising prices. Strong buyer demand and a slow supply of homes contribute to this trend. Redfin's analysis suggests that housing costs in Rustbelt cities remain relatively affordable compared to other regions, leaving room for further price growth.