Wisconsin researchers say home prices outpaced wage growth [Video]

(WSAW) – Since 2017, home prices in Wisconsin have risen much faster than incomes, according to recent findings from the Wisconsin Policy Forum.

The organization provides analysis of policy issues affecting local governments, school districts, and the state of Wisconsin.

U.S. Census Bureau data analysis showed that the median sales price of homes in Wisconsin increased by more than half (53.3%) in just five years, from $172,900 in 2017 to $265,000 in 2022.

During those years, the state’s median household income increased by only 19.7%. The state’s home price-to-income ratio reached 3.7 in 2022, its highest point in data extending back to 2007.

A general rule many real estate agents use is that homebuyers can afford to spend roughly 2.6 times their household income on a home. Researchers also found that Wisconsin’s median monthly gross rent rose slightly less between 2017 and 2022 than the median income …