How much more expensive is buying a home now vs. 5 years ago in Wisconsin?
A ''For Sale'' sign is outside a residential home in Los Angeles, California, on May 3, 2026. (Photo by Michael Yanow/NurPhoto via Getty Images)
MILWAUKEE, Wis. - Purchasing a home is never cheap, but if you feel like becoming a homeowner is more expensive than in the past, you're right.
A new study from MoneyLion set out to compare how much more it costs to buy a home in 2026 than it did five years ago in 2021.
Buying a home in Wisconsin in 2026 vs. 2021
The backstory:
To compare the difference between now and five years ago, MoneyLion looked at data that showed average home values, mortgage costs and the salary needed to afford a typical single-family home in each state across the U.S. in both 2021 and 2026.
What they found was that the average mortgage rate had jumped from 2.77% to 7.28% on average in the U.S. It also revealed that the average salary needed to afford a home in 2026 was 69% higher than it was in 2021.
By the numbers:
In Wisconsin, MoneyLion found that the average home was now $82,785 more expensive in 2026 versus 2021, a 31.7% increase.
The study also found that Wisconsin homeowners now spend $13,108 more each year on their mortgage on average.
To afford this, Wisconsin residents in 2026 need to make $46,813 more per year in order to afford a single-family home, a 120.1% increase from 2021.
Neighboring states
Dig deeper:
Homeowners in the neighboring states of Wisconsin aren't saving much money either. A home in Illinois is now $70,735 more on average in 2026 than in 2021 and $45,167 more in Minnesota.
In Michigan, the average home is roughly $51,473 more than five years ago, while Iowa residents are paying $51,559 more.
The Source: This story was written using information from a study done by MoneyLion and was reported out of Eden Prairie, Minnesota.