Dane County ranks as the third most expensive area in Wisconsin to finance a home.
A new study looked at the overall cost to finance home purchases in the United States. The study examines the cost of overall loan payments on a 30-year fixed mortgage with a standard 20% down payment. The increase in property costs in Wisconsin outpaces the national trend; the national average in the United States is up 47% since 2020, but the average is up 65% in Wisconsin.
The median home value in Dane County sits at $434,722. Interest estimates at 5.96% for mortgages causes the overall cost of a home to reach $834,563 — almost double the cost of a home. Dane County ranks as the third most expensive county in Wisconsin to purchase a home and the 372nd most expensive in the country.
Milwaukee, which has seen a smaller overall increase in home price since 2020. With a median price of $208,333, Milwaukee County ranks 41st in Wisconsin and 1,181st in the country for total price to finance a home. The end cost to finance the median home is $509,304.
The most expensive counties in Wisconsin are Ozaukee and Waukesha at $906,595 and $880,381 respectively.
Real estate experts in Wisconsin attribute many issues to the rise in costs — but one primary reason in Wisconsin lies home buying currently being a sellers market. The turnaround time for purchasing a home in Wisconsin is in 28 days, nearly a week lower than the national average. Houses are strongly bid over asking in price due to the competitive quick sweep in Wisconsin.
