Wisconsin offers Midwest affordability with better-than-average public services — the state consistently ranks in the top 15 for education, healthcare access, and infrastructure quality. The cost of living is about 7% below the national average, and housing remains affordable outside of Madison. The economy is anchored by manufacturing, healthcare, agriculture, and a growing tech sector in the Madison metro. Wisconsin’s income tax is progressive (3.5% to 7.65%), and the state recently cut its middle bracket from 6.27% to 5.30%. Property taxes are above average, which partially offsets the affordable home prices. Milwaukee and Madison offer very different financial profiles, and the right choice depends on career field and lifestyle priorities.
Wisconsin at a Glance
| Metric | Value | National Rank |
|---|---|---|
| Population (2024) | 5.9 million | 20th |
| Median household income | $72,458 | Average |
| Median home price | $270,000 | Below average |
| Cost of living index | 92 | Below average |
| State income tax | 3.50-7.65% | Above average |
| Sales tax | 5% (+ county 0.5%) | Below average |
| Property tax (effective rate) | 1.51% | Above average |
Income and Housing
| City/Area | Median Income | Median Home Price | Median Rent (2BR) |
|---|---|---|---|
| Madison | $75,000 | $400,000 | $1,400 |
| Milwaukee | $48,000 | $230,000 | $1,050 |
| Waukesha | $80,000 | $360,000 | $1,350 |
| Green Bay | $55,000 | $240,000 | $1,000 |
| Appleton | $62,000 | $250,000 | $1,000 |
| Kenosha | $58,000 | $260,000 | $1,150 |
| Eau Claire | $55,000 | $250,000 | $1,000 |
| La Crosse | $50,000 | $235,000 | $950 |
Madison vs. Milwaukee: Madison is the state’s economic engine with UW-Madison, state government, and a growing tech scene. Milwaukee is much more affordable but has lower incomes and a shrinking population.
Tax Brackets (2025)
| Taxable Income (Single) | Rate |
|---|---|
| Up to $14,320 | 3.50% |
| $14,321-$28,640 | 4.40% |
| $28,641-$315,310 | 5.30% |
| Over $315,310 | 7.65% |
Wisconsin recently reduced its middle bracket from 6.27% to 5.30%, providing meaningful tax relief for most earners.
Wisconsin Pros and Cons
| Financial Pros | Financial Cons |
|---|---|
| 8% below national COL | Above-average property tax (1.51%) |
| Affordable housing (especially Milwaukee) | 7.65% top income tax rate |
| Low sales tax (5%) | Cold winters (heating $2K-$3K/yr) |
| Madison has strong job market and quality of life | Milwaukee losing population |
| Manufacturing and healthcare jobs stable | Limited large metro options |
Related: Cost of Living by State | State Income Tax Rates | Property Tax by State