Milwaukee’s Housing Market Is Laughably More Affordable Than Toronto’s
The Toronto Raptors will face off against the Milwaukee Bucks in the Eastern Conference Finals on Wednesday night. As the team gears up for Game 1 of the NBA playoff semifinals, they’ve no doubt scouted out their competition, but they’ve also inspired us to do the same.
Of course, we’re talking about real estate.
The NBA match had us wondering: how does Milwaukee’s real estate market compare to Toronto’s? Turns out, the Wisconsin city is laughably more affordable.
The median sale price in Milwaukee is roughly $281,998 (or US$210,000), according to an April report published by real estate brokerage Redfin. That’s drastically low compared to Toronto’s average price tag of $789,100. In fact, that’s more than a $500,000 difference!
But what’s even more mind-blowing is that Milwaukee’s home prices are currently at the highest they’ve been in 13 years, according to the Wisconsin Association of Realtors.
Commenting on the market, Mike Ruzicka, president of Greater Milwaukee Association of Realtors, said, “There is a healthy amount of demand for homes by those seeking them. More than 50 per cent of sales occur within 30 days of a home being listed, and most of those are for homes under US$300,000.”
This news is eye-opening for Torontonians, who constantly struggle with affordability. Not only does the city’s lack of supply contribute to this, but the stress test also prevents some prospective buyers from even entering the market.
Toronto was also recently named one of the worst cities in North America for affordable housing. According to data compiled by Zoocasa, a Torontonian would need an income of $92,220 in order to afford a 20 per cent down payment and qualify for a 30-year mortgage at 3.75 per cent fixed rate.
Milwaukee sounds pretty good right about now, but our hearts belong to the North.