Of the 50 largest metro areas in the U.S., the Milwaukee area is the sixth most affordable for renters in the country, according to a
new study from
Clever, a real estate data company.
With a median rent of $963 per month and median income of $67,448, the Milwaukee metro's rent-to-income ratio is 17.1%, the study found using 2021 data. That's below the national median ratio of 20% and the expert-recommended 30% for financial health.
"Tenants looking for an up-and-coming city that is still affordable will find a haven in Milwaukee," the study says.
Further, the metro Milwaukee area has not seen rents increase at the same pace as other major U.S. metro areas.
While fast-growing metro areas like Denver and metro areas on the coasts like San Jose have seen rents increase over 80% since 2009, the median rent in the Milwaukee area has only increased 27% since 2009, the study says. The city ranks 48th out of the 50 most populous metro areas for rent increase during that time, according to the report.
However, between 2022 and 2023 rents increased 6.8% in the Milwaukee metro, ranking 20th out of 50.
Nationally, Miami, Los Angeles and Orlando ranked as the most unaffordable metro areas for renters, all with rent-to-income ratios above 25%. Conversely, Cincinnati, Pittsburgh and St. Louis are the most affordable, according to the study.
