Are you making enough to live comfortably in Milwaukee? Here's how much you'll need
Living comfortably in the largest cities in the U.S. requires an income of at least $50,000 annually, but in many cities, it turns out residents need to make closer to six figures, according to a new report from GoBankingRates.com.
Researchers determined how much money it takes to live comfortably in the 50 biggest U.S. cities by analyzing the total population, households and the median and mean household income, along with home values and the cost of living.
Here's a look at how much money you'll need to live comfortably in Milwaukee.
How much money do you need to live comfortably in Milwaukee?
You need a household income of about $78,000 per year to live comfortably as a homeowner in Milwaukee and about $80,000 annually per household to live comfortably as renter, according to GoBankingRates.com.
Renters in Milwaukee have total monthly costs of about $3,342, and homeowners spend around $3,257 per month, according to the report.
What is a middle-class income in Milwaukee?
The necessary income to reach middle-class status in Milwaukee is not quite as much as Wisconsin's average. Milwaukee's middle class makes between $32,843 and $98,540. The city's median household income is $49,270.
Milwaukee's low middle-class income range when compared to the state and nation reflects the city's high poverty rate. According to the U.S. Census, 23.9% of Milwaukeeans live in poverty compared to 10.7% of people in the U.S.
For reference, Pew Research defines a middle-class income as two-thirds to double the median income in an area. Nationwide, in a large U.S. city, a middle-class income averages between $52,000 and $155,000, Smart Asset found.
Wisconsin has one of the largest racial wealth gaps in the country
Wisconsin has the third-largest racial wealth gap in the country in 2024, behind Washington D.C. and North Dakota, according to a report from WalletHub.
White Wisconsinites earn about 50% more than their Black neighbors, according to the report. Black residents are around 244% more likely to be in poverty than white residents.
Nationally, the report found that white Americans have a median household wealth of $187,300, compared to $14,100 for Black households and $31,700 for Hispanic households. Factors driving the racial wealth gap include unequal access to higher education and employment for minorities, as well as residential segregation, WalletHub financial writer Adam McCann wrote.
Where are the most expensive cities to live comfortably in the U.S.?
According to the GoBankingRates.com report, these are the top 10 most expensive cities to live comfortably in the U.S.
San Jose, CA
San Francisco, CA
San Diego, CA
Los Angeles, CA
Seattle, WA
Oakland, CA
Long Beach, CA
New York, NY
Boston: MA
Washington, DC
Click here to see the full report from GoBankingRates.com
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Claire Reid contributed to this report.
This article originally appeared on Milwaukee Journal Sentinel: How much do you need to make to live comfortably in Milwaukee?
