Overview of the Commercial and Residential
Real Estate Market in Wisconsin
The Badger State is the dairy capital of America and has more than 7,446 rivers and streams. According to the U.S. Census, Wisconsin ranks 20th in state population with 5,757,564 people living within its 54,157 square miles. The state's median home value is $167,100 and its median household income is $52,413. The homeownership rate is slightly above 68 percent state-wide. The largest city by far is Milwaukee. It has a population of 599,164, a median home value of $127,400, and a median household income of $35,467. Slightly more than 29 percent of Milwaukee residents live below the poverty line. The city's homeownership rate is 43.7 percent and 52.6 percent of people live in multi-unit structures. The capital city of Madison has a population of 243,344, a median home value of $214,100, and a median household income of $53,464. The homeownership rate and percent of people living in multi-unit structures are each about 50 percent.
The state of Wisconsin has a gross state product of $248.3 billion. Much of that is from agriculture, manufacturing, and health care services. Home to Harley-Davidson and five other fortune 500 companies, Milwaukee has been growing steadily for the first part of 2015. The vacancy rate for office space declined from 19.5 percent in the first quarter of 2014 to 18.8 percent. The industrial market began 2015 with a vacancy rate of 5.8 percent and reached 4.86 percent by the end of March 2015. New retail and multi-family projects are underway to meet the needs created by new residents moving to the area. The unemployment rate for Milwaukee is down by 1.3 percent from last year to 5.7 percent.
Office Rental and Executive Suites in Milwaukee, WI
How to Become a Realtor in Wisconsin
Real estate agents and brokers receive their licenses from the Wisconsin Department of Regulation and Licensing. Headquartered in Madison, it regulates more than 100 professions in the state. Also in Madison, sharing authority over real estate licensees, is the Wisconsin Real Estate Board. Wisconsin has three license levels: Real Estate Apprentice, Real Estate Salesperson, and Real Estate Broker. To obtain an apprentice license, applicants must be at least 18 when they pass the general knowledge test. They must work at least 20 hours a week under the direct supervision of a broker. The time has to be over three or more days and six of those 20 hours must be used to study real estate. Applicants for real estate salesperson need to successfully complete 72 hours of approved real estate classes and pass the state exam. Wisconsin has reciprocity agreements with Indiana and Illinois.