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Metro Milwaukee homeowners pay more than nation for their properties

MILWAUKEE (WTAQ) - Homeowners in Metro Milwaukee paid more than the national average for their properties – and their mortgage payments and property taxes are also above the norms.

The U.S. Census Bureau released housing cost figures Thursday for the country’s largest metro areas.

The report said Milwaukee area residents paid a median of $125,000 for their homes as of 2011. That’s about $15,000 higher than the national average.

Homes built in the last four years went for a median of $315,000, well above the national norm of $235,000. The national housing prices rose 2.3 percent from a similar survey two years earlier.

The Census Bureau also said the median mortgage payment was $1,100 a month in Metro Milwaukee, about $85 more than the national figure. Property taxes averaged $300 a month in the area, twice the national median of $151.

The Milwaukee Metro area includes Milwaukee, Waukesha, Ozaukee, and Washington counties.