Rankings/Milwaukee-Waukesha, WI

Milwaukee-Waukesha, WI

NeutralTier 1CBSA 33340Compare

Risk Rank: #74 of 274Month: 2026-05Score change (12m):↓ -13

56score

Composite risk percentile vs 274 metros (higher = higher risk)

Executive Summary

Milwaukee's housing market shows average risk, ranking 74th of 274 metros. The market recently entered Recovery. Inventory is growing moderately (+11% YoY) with stable liquidity. Early signs of stabilization — conditions may favor patient buyers.

Milwaukee experienced a market correction from mid-2024 through mid-2024. The market is currently recovering.

Inventory is growing at a moderate +11% pace with homes taking +10% longer to sell — within normal ranges.

Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.

Cycle Phase

RecoveryExpansionHypersupplyRecession

1 month in current phase

Market conditions are rebuilding after a correction period

Key Dynamics

Risk is primarily driven by migration and employment, while permits per capita provides the most support.

Top Drivers

Migrationp97

Net AGI migration (risk inverted)

Employmentp84

12-month employment change (risk inverted)

Price Momentump71

12-month HPI change

Market Signals

Inventory is growing at a moderate +11% pace with homes taking +10% longer to sell — within normal ranges.

Liquidity

Stable↓

Active Listings YoY

+10.7%p60

Days on Market YoY

+10.3%p68

Months in status1

Data through May 2026

Valuation

Balanced—

Rent vs. Price Growth

+1.4%p83

Months in status1

Data through May 2026Rent growth vs price growth (rent support). Note: Affordability and Valuation measure different structural dimensions and can diverge.

Factor Details

Lower riskHigher risk

Low RiskBelow AvgNeutralElevatedHigh Risk

Price MomentumElevated

+2.4%p71

12-month HPI change — higher = overheating

Permit GrowthBelow Avg

-11.5%p32

YoY permit change — higher = supply pressure

Permits per CapitaLow Risk

2.00p19

Permits per 1,000 residents — higher = overbuilding risk

AffordabilityBelow Avg

0.26p30

Mortgage payment / income — higher = more burdened

EmploymentHigh Risk

-0.9%p84

12-month employment change (risk inverted)

MigrationHigh Risk

-$293Kp97

Net AGI migration (risk inverted)

National Context

Credit Conditions

Credit Regime

Stable—

Healthy recovery. Credit is flowing normally and transactions are steady — conditions favor continued rebuilding.

Bank Lending Standards

-3.7Normal

Rate Change (YoY)

-38 bpsNormal

Mortgage Risk Premium

+199 bpsElevated

Stable for 9 quartersData through 2026-Q2

Supply Pipeline

Supply Regime

Accumulating—

Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.

Pipeline Ratio

0.90Elevated

Completion-Permit Divergence

-5.9 ppNormal

Accumulating for 5 quartersData through 2026-Q2

Local Signals

Metro Permit Activity

Permit Activity

Cooling

YoY Permit Growth

-11.5%Below norm

Raw signal — not the composite percentile

Relative to 2016–2019 norms for this metro

Builders are pulling back but demand remains healthy. A supply constraint could form — fewer new units entering a market that is still absorbing well.

Employment Concentration

Employment

Diversified

Largest SectorHealth Care 18%

QCEW 2024 annual averages

Internal Structure

Milwaukee's 4 counties show similar risk profiles — the metro-level score is broadly representative.

Low4.5Limited data

4 of 4 counties scored

Milwaukee, WI shows Low internal divergence — county-level differences are minor and the metro composite is broadly representative. Washington County contributes the most structural risk (Elevated, driven by price momentum), while Waukesha County anchors the lower end (Below Average).

Within-metro factor percentiles (0 = lowest risk, 100 = highest risk)

County	Score ▼	Band	Pop %	Price	Permits	Afford
Washington CountyRisk Driver	58	Elevated	8.8%	100	67	0
Milwaukee County	50	Average	59.0%	67	100	33
Ozaukee County	50	Average	5.9%	0	33	67
Waukesha CountyStabilizer	42	Below Average	26.2%	33	0	100

Score History

Month	Phase	Score	Price	Permits	Afford	Employ	Migr
2025-12	Exp	58	80	30	29	90	97
2025-11	Rec	70	83	86	28	96	94
2025-09	Rec	70	86	86	28	92	94
2025-08	Exp	70	85	86	28	94	94
2025-06	Exp	70	89	86	29	88	94
2025-04	Rec	68	87	86	29	84	94
2025-02	Rec	66	81	86	27	75	94
2024-12	Exp	65	70	86	25	85	94
2024-10	Exp	64	74	86	25	76	94
2024-09	Rec	65	76	86	25	79	94
2024-07	Rec	63	65	86	25	76	94
2024-06	Ress	63	64	86	24	78	94
2024-05	Exp	64	68	86	24	83	94
2024-04	Rec	64	68	86	24	84	94
2024-02	Rec	66	77	86	23	88	94
2024-01	Exp	66	79	86	23	85	94
2023-11	Exp	65	83	86	17	79	94
2023-08	Exp	67	89	86	19	85	94
2023-06	Rec	65	76	86	18	83	94
2023-04	Rec	63	69	86	18	79	94
2023-02	Exp	60	59	86	17	76	94
2022-12	Exp	58	49	86	21	68	94
2022-10	Rec	59	46	86	21	77	94
2022-08	Rec	58	44	86	22	73	94
2022-05	Rec	58	31	86	22	86	94
2022-03	Exp	52	13	86	21	70	94
2022-01	Exp	55	17	86	21	83	94
2021-11	Rec	54	14	86	16	82	94
2021-09	Rec	55	22	86	18	81	94
2021-08	Exp	56	22	86	18	84	94
2021-06	Exp	55	27	86	18	74	94
2021-03	Rec	53	20	86	18	70	94
2021-01	Rec	52	22	86	18	65	94
2020-10	Exp	54	31	86	15	68	95
2020-08	Exp	53	29	86	16	61	95
2020-06	Rec	54	27	86	16	68	95
2020-04	Rec	52	26	86	16	59	95
2020-03	Exp	55	27	86	16	78	95
2020-01	Exp	58	38	86	16	83	95
2019-10	Rec	57	33	86	16	84	94
2019-08	Rec	58	40	86	16	84	94
2019-07	Exp	58	42	86	16	82	94
2019-05	Exp	59	44	86	16	82	94
2019-02	Exp	61	49	86	16	89	94
2019-01	Exp	61	51	86	16	87	94

Data Vintages

Price (HPI)2026-Q1

Permits2026-05

Income2024

Employment2026-05

Migration2023