Did you know Milwaukee has largest rent increase in nation? I read an article dated back from 2016 in the Milwaukee Business News that talked about the average price for a one bedroom being $880, which is comparable to Chicago and even Columbus.
Price controls are described as attempts to set prices through government involvement in the market. Rent control is the most familiar one to me. Minimum wage and the price of living vary state to state. Now again, we live in Milwaukee, WI and minimum wage is $7.25. The city’s poverty rate sits at about 29%, and the median income is $35,049 (2015).
What’s hard to believe is that the average rent in Milwaukee is $1,010 a month—something a person making $7.25 an hour cannot possibly afford. To bridge the housing gap to those making the bare minimum, the city has launched a new series of low income housing. Not your tradition project style housing, grants have been provide to contractors willing to take nuisance properties around the city and restore them.
The typical result of such efforts is that high-quality, affordable housing is returned to the community and rent is controlled by a household gross income. It’s shocking to see on paper because we know that the majority of jobs in the inner city don’t even pay wages that would allow a person the financial freedom to maintain.
As a student currently learning real estate, I’m learning that the need to inform our people about such topics is beyond necessary. We need to take a deeper look at this issue, collectively. It’s so easy for us to get caught up in living a lifestyle that keeps us stressing, robbing Paul to pay Peter, and unhealthy.
Our city deserves to live and thrive. We deserve to have better living systems and more money in our pocket. We need to learn how to manage our financial lifestyle structure. We must learn ownership and the power in it.
I recently visited an event put together by Social X. The event discussed Wealth, Ownership, and Equity. In the room were seats filled with our community eager to know more about finances. One of the biggest topics of discussion was real estate. It’s truly the market to get in if we want to achieve wealth.
It’s all about making our dollars count. But without education we won’t know when or how we are being cheated.
Educate yourself Milwaukee.