Real Estate Investing in Milwaukee, Wisconsin (53204)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 53204 (Milwaukee, WI)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
- Elevated vacancy: 8.9% vacancy may signal weakening demand.
- Elevated poverty: 30.2% poverty rate — can affect rent collection.
What’s happening in Milwaukee, WI (53204)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 53204 Milwaukee
ZIP 53204 in Milwaukee, WI carries a durable set of headwinds. Home values near $166K and rents of $1,459/mo sit inside a market where underwriting has to be tight.
The 53204 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Statewide comparisons place 53204 among WI's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
From an investor standpoint, 40,008 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Experienced landlords with local relationships tend to find 53204 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Milwaukee:
Property Strategy for 53204
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $288,245 | $960 | 2.4% | +5.5% | $288,245 |
| 2BR | $131,161 | $1,140 | 6.3% | +12.4% | $65,580 |
| 3BR | $143,873 | $1,410 | 7.1% | +12.6% | $47,958 |
| 4BR | $159,182 | $1,540 | 7.0% | +12.4% | $39,796 |
| 5BR | $172,958 | — | — | +12.3% | $34,592 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 53204 Compare?
| Metric | 53204 | Milwaukee | Milwaukee-Waukesha, WI | Wisconsin |
|---|---|---|---|---|
| Home Value | $165,636 | $220,617 | N/A | $320,446 |
| 5-Year CAGR | 9.2% | 6.6% | N/A | 7.3% |
| Avg Rent | $1,459 | $1,381 | N/A | - |
| Cap Rate | 6.9% | 5.0% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 53204 (Milwaukee, WI). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 53204 (Milwaukee, WI)?
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Property managers serving Milwaukee County
Manage rentals here? List your business →Bodner Properties offers great apartments for rent in the Greater Milwaukee area. summary from their website
Home Path Property Management offers home rentals, build-to-rent options, and vacation rentals in the Milwaukee Area. summary from their website
MPC Property Management offers a wide range of property management services for residential, commercial, and association properties in Wisconsin. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $165,636 |
| Monthly Rent | $1,459 |
| Price-to-Rent | 9.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 10.6% |
| Cap Rate | 6.9% |
| 5-Year IRR | 16.1% |
📈 Home Appreciation
| 1-Year | +9.6% ▲ |
| 3-Year CAGR | +11.4% ▲ |
| 5-Year CAGR | +9.2% ▲ |
| 10-Year CAGR | +13.3% ▲ |
🏠 Rent Trends
| 1-Year | +20.8% ▲ |
| 3-Year CAGR | +9.7% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) is close to the estimated cap rate (6.9%). Financing this market at current rates produces a cash-on-cash return near the cap rate. Appreciation and tax benefits may still support the investment.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 53204
Population: 40,008
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 53204
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 6,529 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What approach is best for Milwaukee, WI real estate?
Most investors in Milwaukee, WI run a careful cash-flow rentals with hands-on management strategy. It aligns with the 4.0/5 investability profile and the market fundamentals.
Are renters plentiful in Milwaukee, WI?
Tenant demand in Milwaukee, WI is solid. The local workforce $1,459/mo rents across most rental classes.
What monthly rent should investors expect in Milwaukee, WI?
Rent in Milwaukee, WI is around $1,459/mo. The resulting rent-to-value relationship with $166K pricing is reasonable for most investor models.
Does house hacking work in Milwaukee, WI?
House hacking in Milwaukee, WI is a challenging. With home values around $166K and rents at $1,459/mo, owner-occupants can offset a meaningful share of PITI.
What price range are homes in Milwaukee, WI?
Typical homes in Milwaukee, WI go for around $166K. The 5-year CAGR of 0.0% consistent price movement.
You know 53204 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 53204 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 53204 ranks in Milwaukee-Waukesha, WI
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