By Hunter Craig
With affordable housing and acting as home to some of America's largest companies, real estate in Milwaukee, WI may not be booming, but it is surviving.
This Lake Michigan metropolis boasts a low cost of living, great school system, numerous post-secondary institutions and magnificent cultural attractions like the Milwaukee Art Museum. If you're considering purchasing Milwaukee real estate, keep reading for more information on housing prices, demographic breakdowns, and surrounding communities.
Housing Prices in Milwaukee
Real estate in Milwaukee, WI is definitely affordable. According to MLS, the median price for homes in early 2008 hovered around $150,000 and despite the national housing market downturn, home prices may not be appreciating, but they are holding steady.
The city also boasts a cost-of-living index of 87, meaning it costs about 13% less to live in Milwaukee when compared to the national average.
Milwaukee Demographics
The population of Milwaukee is just over 600,000. However, the entire metropolitan area encompasses approximately 1.79 million residents. The median income is about $36,000 and the median age is average at 32 years old.
Milwaukee is also known for its well educated populace, particularly when compared to the national average. The workforce is highly educated, with almost 85% of residents holding a high school diploma and close to 30% holding a bachelor's degree.
The city is also home to a number of established universities and colleges like McGill University, Milwaukee School of Engineering, Milwaukee Institute of Art and Design, Marquette University and the University of Wisconsin-Milwaukee.
Unfortunately, Milwaukee is a highly segregated city. According to the 2000 census, 39.5% of respondents from Milwaukee indicated African-American ancestry. In turn, the city has the second highest black male unemployment rate in the United States at 43%. The city is continuing to attempt to reduce racial tensions and decrease pronounced segregation.
Communities in the Milwaukee Area
Real estate in Milwaukee, WI goes beyond the city proper and includes such areas, towns and communities as Brookfield, Elm Grove, New Berlin, Shorewood, Waukesha and Menomonee Falls.
Commercial Real Estate Values in Milwaukee
Rated as fifth in the country for the number of Fortune 500 companies who have their headquarters in the city, Milwaukee is a surprising powerhouse of economic and commercial opportunity.
Lease rates for Milwaukee commercial real estate hovers between $15 and $16 per square foot, with sales sitting at between $150 and $200 per square foot, depending on the area. Thanks to its prevalence as a manufacturing town, the warehouse and factory space market is particularly strong, while office space can typically be found for much cheaper than the national average.
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