An Overview of Cost of Living in Milwaukee, WI
Getting a feel for the cost of living in Milwaukee is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Milwaukee is 93, which is 7% lower than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Milwaukee aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, goods and services, health care and utility bills are priced at a level consistent with the average in similar urban areas. Milwaukee residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
What Do Locals Say About the Cost of Living in Milwaukee?
The real experts on a city are its residents. That's why we reached out to 19 locals to get their views on the cost of living in Milwaukee. We surveyed the residents and asked them if they felt like prices were affordable or out of reach. The results were as follows. 47% found it budget-friendly with decreasing prices, while 53% said it's simply not affordable as prices have continued to rise.
Is Milwaukee Affordable?
Wondering if Milwaukee is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Milwaukee, for example, the median home price is 30.5% lower than what folks pay nationally, and monthly rent is 8.7% lower than the usual rates. Plus, income levels matter too, with Milwaukee boasting a median household income of $43,125, which is 22% lower than the national average.
What Factors can Influence the Cost of Living in Milwaukee?
Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Milwaukee, the baseline sales tax rate begins at 5%, and income tax rates start at 3.54%.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Milwaukee, the utilities index registers 5.1% higher than the national average.
Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Milwaukee, is 24% lower than the national average.
Where is the Data From?
The cost of living data in Milwaukee displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.