Waukesha County homes scarce, prices up: study
WAUKESHA, Wis. - It's not your imagination: Owning a home in Waukesha County is getting harder.
A new study shows prices are up, while available homes are scarce. Even renting is a challenge.
"Waukesha County has the highest median home value in the state," said Joe Peterangelo.
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Business groups commissioned Peterangelo and the Wisconsin Policy Forum to study Waukesha County's housing challenges.
"We found the median sales price had gone up by 41% in Waukesha County and incomes are not keeping up," he said.
To put that in perspective, researchers say the median rent in Waukesha County is $1,100 a month. Meanwhile, the median monthly cost for homeowners is over $1,900.
"The challenge is, we have less property we can develop, and we have a high rate of people who want to live here," said Waukesha County Executive Paul Farrow.
Farrow said many communities have zoning restrictions that limit the size and number of homes.
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The Wisconsin Policy Forum says teachers and firefighters living in Waukesha County can’t afford to own their own home. Does that open up a whole other problem?
"One of the things you have to keep in mind, the report shows an individual – in Waukesha County, the vast majority of our homes are dual-income," Farrow said.
However, Peterangelo found renters are also struggling.
"Forty-three percent of rental households are spending more than 30% of their income on housing. That’s the maximum recommended," he said.
Farrow said the county has been looking closely at this issue for the last few years. He said communities like Waukesha and Sussex have embraced adding a better mix of homes.
"Others are slowly coming to it. I think as the future rolls through, you’re going to see more and more communities realize we have to look at our zoning and figure out how we engage to create the housing that we need for the workforce that we have in Waukesha County," said Farrow.
The Wisconsin Policy Forum's study on Waukesha County housing affordability is available on the organization's website.