Buying Houses at Different Income Levels in Pewaukee

     

Buying Houses At Different Income Levels: Pewaukee

By: Erin Berg 

As we may all know, housing in Pewaukee, Wisconsin is not very cheap. This is a higher/middle class community which results in higher housing prices. Therefore, I am going to teach you how to hunt for the house that fits your needs and your price range. To make it more realistic, I am going to be looking for houses that could fit a family of 4. 

According to US News, the average lower class income is anywhere between $32,048-$53,413, middle class is $53,413-$106,807, higher class is $106,807- $373,894, and lastly rich is considered anything higher than $373,894. In Pewaukee, the average household income is $104,645, according to the United States Census Bureau. 

First, I am going to be looking for a house that fits a family of 4 for an average income of $50,000. That would mean this family could afford a house between the price range of $190,000- $260,000. According to Mortgage Calculator, the monthly mortgage payment for this family would have to be below $1,500. So this house located on 364 Park Hill Drive, is a 2 bedroom 2 bath with a monthly payment of $1,303. Therefore, this house would be perfect for this family as long the children share a room.

The next income level would be a family of 4 who makes $80,000 a year. The average monthly income for this person would be around $5,000. Therefore a house that has a monthly payment of $2,500-$3,000, would be best fit for this family. This house on 445 High Street is a 4 bedroom 2 bath for $324,900 with a monthly payment of $1,700. So this house would be perfect for this family.

Lastly, to make things fun, let's have someone who makes $400,000 a year. This person would be having a monthly income of $33,000. So this house on Kopmeier drive which is on the lake, is $1.45 million with 3 bedrooms and 4 baths. The monthly payment would be $7,463 for this house so this is surprisingly under budget. 

Overall, everyone makes a different income so it's difficult to guide everyone reading this post. Although with the sources I provided it is very easy to assess how much you can afford. These websites could be: Zillow, Realtor, Mortgage Calculator, and Homes.com.