Philadelphia - PA vs Milwaukee - WI: 2026 Housing Comparison

What this means for buyers

Philadelphia - PA is roughly 0% more expensive than Milwaukee - WI in typical home value. Homes sit on market longer in Milwaukee - WI (22 days vs 15), suggesting more buyer leverage there. Philadelphia - PA sees more listings with price cuts (26.3% vs 20.5%), a sign of softening seller expectations.

Philadelphia vs Milwaukee: what the numbers say

At today's 7.24% average 30-year rate with 20% down, the typical home would cost about $2,105 a month in principal and interest in Philadelphia and $2,096 in Milwaukee, a gap of $8 a month.

Typical rent runs $1,903 in Philadelphia and $1,549 in Milwaukee, so the mortgage payment alone is 1.1 times rent in Philadelphia and 1.4 times rent in Milwaukee, before taxes and insurance.

Home prices are 16.9 years of rent in Philadelphia and 20.7 in Milwaukee; the lower ratio in Philadelphia means buying there is cheaper relative to renting.

Over the last 23 months typical values moved +5.4% in Philadelphia and +8.5% in Milwaukee; over just the last three months the change was +0.7% in Philadelphia and +1.0% in Milwaukee.

Homes sell for 100.1% of list price in Philadelphia and 101.6% in Milwaukee, after 15 and 22 days on the market, with price cuts on 26% and 20% of listings. The signs are mixed: Philadelphia has more price cuts and sales further below list, while Milwaukee has longer time on the market.

The number of homes for sale is up 9% on a year ago in Philadelphia and up 8% on a year ago in Milwaukee.

Payments assume a 30-year fixed loan at the Freddie Mac weekly average rate (2026-10-29), 20% down, principal and interest only. Home values, rents and market figures are Zillow Research metro data.