Affordable home prices, a large percentage of renters, and a steady increase in rent prices are 3 ingredients real estate investors look for when choosing a market for investment properties. Those are also some of the reasons why the real estate market in Milwaukee has been described as “red-hot.”
Home values in Milwaukee have increased by 14.5% year over year, while rent prices have grown by nearly 17% over the past 3 years. Many popular Milwaukee neighborhoods have more renters than homeowners, even though home values here are still relatively affordable.
Here are 15 Milwaukee neighborhoods and suburbs in which to consider purchasing investment property, including several areas where 70% or more of residents rent their homes.
Key takeaways
- Milwaukee is home to over 577,000 in the city and more than 1.5 million in the metropolitan area.
- Home values in metropolitan Milwaukee have increased by 14.5% over the past year, while rent prices have steadily grown year over year.
- Some of the neighborhoods in Milwaukee with large percentages of renters include Bay View, Miller Valley, and Juneau Town—the best neighborhood in Milwaukee.
>>Explore Roofstock's Milwaukee investment properties.
Why invest in Milwaukee?
While population growth in the city is slow, nearby suburban cities have added tens of thousands of residents since 2010, according to the Milwaukee Journal Sentinel. The economy in metropolitan Milwaukee is growing as well. Between July 2021 and December 2021, unemployment decreased by more than 50% and currently stands at just 2.2% (Bureau of Labor Statistics, Dec. 2021).
Even though home prices in Milwaukee are still relatively affordable, many neighborhoods in Milwaukee and the surrounding suburbs have more renters than homeowners. For example, the Yankee Hill neighborhood near Downtown is popular and nearly 90% of the homes are occupied by renters.
Over the past 12 months, the value of a middle-price-tier home in the Milwaukee area has increased by 14.5% (Zillow through Jan. 31, 2022). Milwaukee is also a popular place for renting. According to Zumper, 56% of households are renter-occupied, and median rents for 3-bedroom homes in Milwaukee have grown by nearly 17% over the past 3 years.
15 great areas in Milwaukee for investment properties
Milwaukee is home to over 170 neighborhoods in the city and surrounding suburbs, each with its own unique charm and appeal.
Here are 15 neighborhoods in the Milwaukee area to consider, based on data from Redfin, Realtor.com, and Niche.com.
Bay View
The Bay View neighborhood in Milwaukee is located south of Downtown, along the shores of Lake Michigan. Bay View has a dense urban feel and more renters than homeowners:
- Population: 15,078
- Median sale price: $275,000
- Change in sales price (year over year): 4.2%
- Days on market: 51
- Median rent: $893
- Renter-occupied households: 51%
- Median household income: $60,253
- ZIP code: 53207
Lower East Side
Located north of Downtown Milwaukee, the Lower East Side neighborhood is bordered by Lake Michigan on the east and is within walking distance of McKinley Park and Veterans Park along the lakefront. The Lower East Side has a dense urban feel, is popular with renters, and is ranked as one of the best neighborhoods in Milwaukee by Niche.com:
- Population: 11,054
- Median sale price: $282,450
- Change in sales price (year over year): 22.8%
- Days on market: 62
- Median rent: $931
- Renter-occupied households: 82%
- Median household income: $48,592
- ZIP code: 53202
Jackson Park
Jackson Park is popular with renters, with nearly half of residents renting their homes. Located southwest of the city near the town of West Allis, Jackson Park has a mixed urban-suburban feel:
- Population: 7,448
- Median sale price: $205,000
- Change in sales price (year over year): 7.9%
- Days on market: 51
- Median rent: $781
- Renter-occupied households: 46%
- Median household income: $48,649
- ZIP code: 53219
Riverwest
Niche.com ranks Riverwest as the fourth best neighborhood in Milwaukee, and it’s a popular area for renters. Riverwest has a mixed urban-suburban feel and is located north of Downtown and the Lower East Side:
- Population: 12,364
- Median sale price: $233,000
- Change in sales price (year over year): 37.9%
- Days on market: 54
- Median rent: $798
- Renter-occupied households: 73%
- Median household income: $44,820
- ZIP code: 53212
Old North Milwaukee
Located northwest of Downtown near Lincoln Park, the Old North Milwaukee neighborhood has a dense suburban feel and more renters than homeowners:
- Population: 11,553
- Median sale price: $93,000
- Change in sales price (year over year): 55.0%
- Days on market: 64
- Median rent: $838
- Renter-occupied households: 65%
- Median household income: $28,517
- ZIP code: 53209
Juneau Town
Niche.com ranks Juneau Town as the best neighborhood in Milwaukee. Juneau Town has a dense urban feel, is located between the Yankee Hill and Historic Third Ward neighborhoods, and has more renters than homeowners:
- Population: 5,606
- Median sale price: $247,500
- Change in sales price (year over year): -4.8%
- Days on market: 61
- Median rent: $1,347
- Renter-occupied households: 66%
- Median household income: $75,154
- ZIP code: 53202
Yankee Hill
Located just south of the Lower East Side, the Yankee Hill neighborhood has a dense urban feel, with nearly all of the homes in the area occupied by renters. The popular Yankee Hill neighborhood has a lot of bars and restaurants:
- Population: 3,430
- Median sale price: $290,000
- Change in sales price (year over year): 5.5%
- Days on market: 45
- Median rent: $910
- Renter-occupied households: 88%
- Median household income: $41,157
- ZIP code: 53202
Historic Third Ward
Niche.com ranks the Historic Third Ward neighborhood as the second best neighborhood in Milwaukee, and it’s another popular area for renters. Historic Third Ward has a dense urban feel and borders Lakeshore State Park:
- Population: 1,068
- Median sale price: $400,000
- Change in sales price (year over year): 13.0%
- Days on market: 51
- Median rent: $1,627
- Renter-occupied households: 57%
- Median household income: $89,737
- ZIP code: 53202
Brewer’s Hill
Brewer’s Hill is located across the Milwaukee River from the Yankee Hill neighborhood and most residents rent their homes. Brewer’s Hill has a vibrant urban feel:
- Population: 2,276
- Median home value: $250,000
- Change in sales price (year over year): 21.4%
- Days on market: No data available
- Median rent: $1,004
- Renter-occupied households: 67%
- Median household income: $54,298
- ZIP code: 53212
Northpoint
The Northpoint neighborhood is a few minutes north of Yankee Hill, bordered on the east by Lake Michigan, McKinley Park, and Lake Park. Northpoint is ranked as one of the best neighborhoods in Milwaukee, has a dense urban feel, and has a large percentage of renter-occupied households:
- Population: 5,847
- Median sale price: $453,000
- Change in sales price (year over year): 5.3%
- Days on market: 48
- Median rent: $1,072
- Renter-occupied households: 78%
- Median household income: $65,129
- ZIP code: 53211
Menomonee River Hills East
The Menomonee River Hills East neighborhood is located northwest of Milwaukee, on the way to the village of Menomonee Falls. The area has a sparse suburban feel:
- Population: 3,428
- Median sale price: $183,000
- Change in sales price (year over year): 11.6%
- Days on market: 83
- Median rent: $763
- Renter-occupied households: 40%
- Median household income: $48,909
- ZIP codes: 53218, 53223
Land Bank
Located immediately northwest of Menomonee River Hills East, the Land Bank neighborhood has a sparse suburban feel, and more than half of residents rent their homes:
- Population: 2,133
- Median sale price: $215,000
- Change in sales price (year over year): 34.4%
- Days on market: 62
- Median rent: $931
- Renter-occupied households: 51%
- Median household income: $41,395
- ZIP codes: 53223, 53224
Miller Valley
The Miller Valley neighborhood is located west of Milwaukee, near the Milwaukee Academy of Science. Miller Valley receives good grades from Niche.com for nightlife:
- Population: 1,543
- Median sale price: $196,000
- Change in sales price (year over year): 5.7%
- Days on market: 24
- Median rent: $798
- Renter-occupied households: 69%
- Median household income: $42,579
- ZIP code: 53208
Granville Station
Located near I-41 on the way to the village of Menomonee Falls, Granville Station has a mixed urban-suburban feel and a large percentage of renters:
- Population: 1,972
- Median sale price: $78,000
- Change in sales price (year over year): 34.1%
- Days on market: 37
- Median rent: $955
- Renter-occupied households: 56%
- Median household income: $45,285
- ZIP code: 53224
Martin Drive
Located between Washington Park and the Miller Valley neighborhood, Martin Drive is another neighborhood where most residents rent their homes. Martin Drive has a mixed urban-suburban feel:
- Population: 1,517
- Median sale price: $121,000
- Change in sales price (year over year): 14.5%
- Days on market: 37
- Median rent: $782
- Renter-occupied households: 72%
- Median household income: $30,745
- ZIP code: 60433
>>Explore Roofstock's Milwaukee investment properties.
