Total monthly cost of ownership
Cost to Own a Home in South Milwaukee, Wisconsin
A $216,000 home here costs
$1,985per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $85,000 a year.
A standard mortgage calculator would have told you $1,196. The real number is $789 higher every month, 66% more than the payment most buyers budget for.
Compare Milwaukee 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.
South Milwaukee against Milwaukee County and Wisconsin
| Measure | South Milwaukee | Milwaukee County |
|---|---|---|
| Median home value | $216,400 | $216,500 |
| Median property tax | $4,357 | $4,406 |
| Effective tax rate | 2.013% | 2.035% |
| Median gross rent | $1,014 | $1,069 |
| Population | 20,547 | 927,656 |
The weather behind that power bill
South Milwaukee sits in Milwaukee County, which averages a high of 80.2°F in its hottest month and a low of 15.9°F in its coldest, with 36.58" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 662 cooling and 6,679 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for Milwaukee County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Milwaukee County
Full Milwaukee County cost breakdown · Every county in Wisconsin
Talk to someone who works this market
These are South Milwaukee 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 South Milwaukee every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in South Milwaukee I already own here and may sell
Common questions
How much does it cost to own a home in South Milwaukee?
A $216,000 home in South Milwaukee, Wisconsin costs approximately $1,985 per month with 20% down at 7.4%. That is $1,196 principal and interest, $362 property tax, $56 homeowners insurance, $191 utilities and $180 set aside for maintenance.
What is the property tax rate in South Milwaukee?
South Milwaukee has an effective property tax rate of 2.013%, based on a median home value of $216,400 and median real estate taxes of $4,357. That is lower than the Milwaukee County average of 2.035%.
What is the average home price in South Milwaukee?
The median owner-occupied home value in South Milwaukee, Wisconsin is $216,400, against $216,500 across Milwaukee County.
Is it cheaper to rent or buy in South Milwaukee?
Median gross rent in South Milwaukee is $1,014 a month, against $1,985 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 South Milwaukee?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in South Milwaukee, Wisconsin at today's rate takes a household income of roughly $85,000 a year. That covers the full $1,985 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for South Milwaukee, 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.