DECEMBER 12TH, 2018

Wisconsin Mortgages

Wisconsin has become famous for its agriculture, and for its dairy industry, especially the cheese industry. The housing industry in the state has benefited from the ideals and values that so often are the foundation of agricultural states, as well as the economic success that the dairy industry has encountered. The housing market is of medium, or average size for a state as big as Wisconsin.

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The 2002 US census data showed that Wisconsin had a total of 2,386,848 housing units. The home ownership rate in Wisconsin in 2000 was 68.4%. This is slightly higher than the national average that year, which was 66.2%. The slightly higher home ownership rate in the state could be attributed to the slightly lower cost of housing.

The median value of an owner occupied housing unit in Wisconsin, according to the 2000 census, was $112,200. This is slightly less than the national average that year, which was $119,600. The economy in Wisconsin is also a great boon to the housing market. Wisconsin has traditionally been a hard working, and affluent state by most standards. The 1999 US census showed that the median household income in the state was $43,791, which is larger than the national average that year of $41,994.

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The housing market has been particularly strong in the past two years. In fact, the all time record for home sales in the state was set in the fourth quarter of 2004. This made 2004 the holder of the strongest housing market in state history. The market has not peaked that high since, although 2005 was another great year that saw a healthy appreciation and growth in almost all areas in the state.

Analysts are attributing the robust housing market to low interest rates that have remained low throughout the growth of the market, as well as a vigorous state economy that contributed to a healthy level of home sales as well as construction of new homes. Both the healthy economy and the low interest rates continue to fuel the housing market expansion, and the housing market is looking strong in Wisconsin even as it sags and slows elsewhere.

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