Minneapolis vs Milwaukee: Mortgage Cost Comparison
Thinking about buying in Minneapolis or Milwaukee? Here's a side-by-side comparison of mortgage costs in both cities.
$2,220
Minneapolis PITI
$1,606
Milwaukee PITI
$614/mo
Difference
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? Monthly payment PITI with taxes & insurance included
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? Bi-weekly payment PITI if paid every other week
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Minneapolis vs Milwaukee: Full Mortgage Comparison
Buying a home in Milwaukee is $614/month cheaper based on average home prices and local costs.
| Minneapolis, MN | Milwaukee, WI | |
|---|---|---|
| Avg. Home Price | $340,000 | $220,000 |
| Down Payment (20%) | $68,000 | $44,000 |
| Loan Amount | $272,000 | $176,000 |
| Property Tax Rate | 1.18% | 2.1% |
| Annual Property Tax | $4,012 | $4,620 |
| Annual Insurance | $2,000 | $1,300 |
| Monthly P&I | $1,719 | $1,112 |
| Monthly PITI | $2,220 | $1,606 |
| Total Interest (30yr) | $346,921 | $224,478 |
What Drives the Difference?
Home prices are the biggest factor — Minneapolis’s average home costs $120,000 more than Milwaukee’s.
Property taxes also favor Minneapolis — Milwaukee’s 2.1% rate is higher than Minneapolis’s 1.18%.
Insurance is $700/year more in Minneapolis.
Income Needed to Buy
Using the 28% rule (PITI under 28% of gross income):
| Minneapolis | Milwaukee | |
|---|---|---|
| Monthly PITI | $2,220 | $1,606 |
| Income needed | $95,153 | $68,819 |
Try Your Own Numbers
The calculator above is pre-filled with Minneapolis’s averages. Adjust the values to match your situation, or try the Milwaukee calculator for Milwaukee-specific numbers.