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Everyone wants a home that mixes affordability with comfort and Wisconsin does this very well. Families love the Badger State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Wisconsin that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Wisconsin for 2021.
So where is the most expensive place to live in Wisconsin? That would be Madison.
the 2015-2019 American Community Survey for the 141 places in Wisconsin with more than 5,000 people.
What's the most expensive place to live in Wisconsin? Well, HomeSnacks crunched the numbers and discovered that Madison is the most expensive place to live in Wisconsin.
So hopefully Waupaca (the cheapest place to live in Wisconsin) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Wisconsin and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Wisconsin For 2021
The median income in Madison comes in at $65,332 and the median home value is $246,300 for 2021.
The median income in Delafield comes in at $86,897 and the median home value is $387,200 for 2021.
The median income in Fitchburg comes in at $72,324 and the median home value is $315,900 for 2021.
The median income in Lake Geneva comes in at $51,875 and the median home value is $197,300 for 2021.
The median income in Middleton comes in at $76,011 and the median home value is $336,900 for 2021.
The median income in Whitewater comes in at $36,176 and the median home value is $168,700 for 2021.
The median income in Pewaukee comes in at $60,909 and the median home value is $211,100 for 2021.
The median income in Hudson comes in at $75,000 and the median home value is $243,400 for 2021.
The median income in Shorewood comes in at $74,745 and the median home value is $338,400 for 2021.
The median income in Mequon comes in at $116,486 and the median home value is $407,000 for 2021.
How We Determined The Most Expensive Places To Live In The Badger State For 2021
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2015-2019 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Wisconsin to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 141 places in Wisconsin that have more than 5,000 people.
The place with the highest cost of living in Wisconsin according to the data is Madison. You can download the data here.
Taking A Chunk Out Of Your Paycheck In Wisconsin For 2021
Well there you have it, the places in Wisconsin that have the highest cost of living, with Madison ranking as the most expensive city in the Badger State.
Here's a look at the most affordable cities in Wisconsin according to the data:
For more Wisconsin reading, check out:
- Best Places To Live In Wisconsin
- Cheapest Places To Live In Wisconsin
- Most Dangerous Cities In Wisconsin
- Best Places To Raise A Family In Wisconsin
- Safest Places In Wisconsin
- Worst Places To Live In Wisconsin
Detailed List Of The Most Expensive Cities In Wisconsin