Total monthly cost of ownership
Cost to Own a Home in Elm Grove, Wisconsin
A $468,000 home here costs
$3,852per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $165,000 a year.
A standard mortgage calculator would have told you $2,552. The real number is $1,300 higher every month, 51% more than the payment most buyers budget for.
Compare Waukesha County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Elm Grove against Waukesha County and Wisconsin
| Measure | Elm Grove | Waukesha County |
|---|---|---|
| Median home value | $468,000 | $373,600 |
| Median property tax | $7,155 | $4,525 |
| Effective tax rate | 1.529% | 1.211% |
| Median gross rent | $1,788 | $1,300 |
| Population | 6,428 | 409,040 |
The weather behind that power bill
Elm Grove sits in Waukesha County, which averages a high of 81.4°F in its hottest month and a low of 11.6°F in its coldest, with 35.95" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 559 cooling and 7,247 heating degree days, which is what sets the $125 electricity line above.
See the full climate breakdown for Waukesha County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Waukesha County
Full Waukesha County cost breakdown · Every county in Wisconsin
Talk to someone who works this market
These are Elm Grove averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Elm Grove every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elm Grove I already own here and may sell
Common questions
How much does it cost to own a home in Elm Grove?
A $468,000 home in Elm Grove, Wisconsin costs approximately $3,852 per month with 20% down at 7.24%. That is $2,552 principal and interest, $596 property tax, $121 homeowners insurance, $193 utilities and $390 set aside for maintenance.
What is the property tax rate in Elm Grove?
Elm Grove has an effective property tax rate of 1.529%, based on a median home value of $468,000 and median real estate taxes of $7,155. That is higher than the Waukesha County average of 1.211%.
What is the average home price in Elm Grove?
The median owner-occupied home value in Elm Grove, Wisconsin is $468,000, against $373,600 across Waukesha County.
Is it cheaper to rent or buy in Elm Grove?
Median gross rent in Elm Grove is $1,788 a month, against $3,852 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Elm Grove?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elm Grove, Wisconsin at today's rate takes a household income of roughly $165,000 a year. That covers the full $3,852 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elm Grove, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Wisconsin.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.