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There's a the age old question everyone thinks about when they decide to move to a city in Wisconsin:
Should I buy a place or rent? Well, we aren't here today to solve that problem for you exactly. We are just assuming you'll do the right thing and a buy a place. And while we are happy to tell you the best place to live in Wisconsin, this analysis is going to tackle the question of the best place to buy a house as an investor. That is we are going to try and determine the up and coming cities in the Badger State.
To do that we are going to look at places in Wisconsin that are growing faster than average, but where home prices are below average. In every day terms, the "deals". The best deal in Wisconsin at the moment? That would be West Salem according to our analysis.
Here's a look at the top ten places to buy a home in wisconsin for 2020:
- West Salem (Photos | Homes For Sale)
- Columbus (Photos | Homes For Sale)
- Richland Center (Photos | Homes For Sale)
- North Fond du Lac (Photos | Homes For Sale)
- Evansville (Photos | Homes For Sale)
- Rothschild (Photos | Homes For Sale)
- Slinger (Photos | Homes For Sale)
- Berlin (Photos | Homes For Sale)
- Waterford (Homes For Sale)
- Edgerton (Homes For Sale)
What's the best place to buy a home in Wisconsin for 2020? According to our analysis, would the the ideal place to buy a home looking into the future.
The methodology that wen't into this can be a bit complicated, so we'll break it down for you in as much detail as we can below. If you're not worried about finding a deal on good places to live, check out the most expensive places to live in wisconsin and, for those of you on a budget, the cheapest places to live in wisconsin.
For more Wisconsin reading, check out:
- These Are The 10 Best Counties To Live In Wisconsin
- 10 Best Places To Raise A Family In Wisconsin
- These Are The 10 Best Places To Retire In Wisconsin
The 10 Best Cities To Buy A House In Wisconsin For 2020
H. A. Whitney, a Yankee peddler from Vermont, moved to Columbus in 1845 and constructed the first wood frame store building in the community on the land where the Whitney now stands. The building served as a combination storerooming house and post office, with Whitney as the first postmaster. In 1857, the building burned down and was replaced by the current Whitney Hotel in 1858. This cream brick, Italianate-style hotel's third floor ballroom was heated by six wood-burning stoves. The local newspaper reported on a ball there in 1863, "if you ever hear of a ball by Fuller, ask no questions, but go at once, and enjoy yourselves, and for one night forget the 'fear of the draft'".
Richland Center was founded in 1851 by Ira Sherwin Hazeltine, a native of Andover, Vermont. Hazeltine was drawn to the site because of its abundant water power, fertile prairies, and its proximity to the geographical center of Richland County. Haseltine offered to donate land to the county if Richland Center was voted the county seat. In 1852 the Wisconsin Legislature formally declared Richland Center as the seat of justice for Richland County. The present Richland County courthouse was built at Richland Center in 1889.
Evansville was first settled in the 1830s by New Englanders who were attracted to the area by its pristine wooded landscape and the placid Allen Creek. By 1855, the city recorded its first plat and was complete with homes, shops, and churches. Evansville is named for Dr. John M. Evans, a doctor and postmaster during the city's early years.
Originally named Schleisingerville after the founder, state senator Baruch Schleisinger Weil in 1857; it was renamed on May 3, 1921.
In 1845, Nathan H. Strong became the first resident of what is today Berlin. He was joined by Hugh G. Martin, Hiram Barnes, and William Dickey. Their settlement was known as Strong's Landing. In 1848 a post office was established. It was named Berlin after the capital of Prussia, now the capital of Germany. The first school house was built in 1850 and the first church in 1851. Berlin was incorporated as a city in 1857.
Originally called Fulton Station, Edgerton was named after a 19th-century businessman, Elisha W. Edgerton, or his brother Benjamin Hyde Edgerton, a civil engineer.
How do you determine the best places to buy a home in wisconsin for 2020?
We were in real estate for almost five years and have been working on this site for another three. Suffice is to say, we've put a lot of thought into what goes into finding a good place to buy a home.
So all that thinking has come to this moment where we get to spell out how we'd approach finding an up-and-coming place to live in Wisconsin. Put differently, the analysis will try to find places in Wisconsin with undervalued homes relative to pent up demand.
To do that we looked at the most recent American Community Survey Census data for 2014-2018 and compared it to the previous vintage (2012-2016). Specifically, we used the following criteria:
- Y-o-Y Change In Population (People want to live here)
- Y-o-Y Change In Median Home Prices (People are willing to pay for it)
- Home Prices Relative To The State Average (It's still kinda cheap)
We want places that are growing, have seen home prices increase in recent years, and are still "cheap" for Wisconsin with the following caveats:
- Home prices had to be within 20% of the state average (Much lower than that and you get to some of the more dangerous places)
- Home prices increased in the last year, and
- Above 5,000 people (Bigger cities have more data points)
So of the 0 cities and towns in Wisconsin, only 141 places made it through our initial filters to even be considered.
We then ranked each place from 1 to 141 for the criteria mentioned above with 1 being the best for that criteria. We averaged the rankings to create a "best place to buy" index with the place having the lowest index being the best. You can download the data here.
Turns out that West Salem is the best potential gem in the not-so-rough in the Badger State.
Read on for more on these places.
There You Have It - The Best Places To Purchase A House In wisconsin for 2020
There's our analysis of the best places to buy a house in Wisconsin. And, to be clear, we aren't necessarily saying these places are the best places to live, just that it looks like they might be in a couple of years based on the data.
In fact, every place in the following table meets our criteria, so even though it may not look super long, remember we started off with all 0 places in the state.
So if we'd could rent or buy in these cities, we'd definitely buy.
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