Can You Afford a House in the No. 1 Most Desirable Market in the US?
By Andrea Norris,
2024-09-05
In July, Oshkosh, Wisconsin, became the most desirable housing market in the U.S., at least according to the Realtor.com hottest housing markets rankings. The company bases its rankings on housing market demand and the length of time home listings remain active on its platform. Oshkosh has been in the top 20 for much of the past year and finally landed the top spot.
Per Realtor.com, the median list price of an Oshkosh home in July was $374,000. The national median was $439,950. Home price data from BestPlaces, which uses the average rather than the median, indicates an Oshkosh home averages $206,900. That’s 38.8% below the national average and 15.2% below the Wisconsin average. However you look at the numbers, it seems homebuyers can maximize their purchasing power in Oshkosh right now.
Oshkosh home listings are down about 72.8% from pre-pandemic availability, but home inventory is increasing — 24.2% over the past year. Zillow had 243 listings at the end of July.
Potential Oshkosh buyers currently outnumber sellers, so it’s a seller’s market, although not a strong one, per Zillow. However, just over 76% of Oshkosh homes sell for more than the list price.
According to Zillow, home values have increased by 6.5% over the past year. Still, Oshkosh seems to have housing opportunities for every budget, from small starter homes to spacious family residences, based on the following Zillow listings.
PRICE
HOME DETAILS
$189,900
Four bedrooms, two bathrooms, 1,749 square feet, built in 1920
$274,900
Four bedrooms, two bathrooms, 2,114 square feet, built in 1932
$369,500
Five bedrooms, two bathrooms, 3,643 square feet, built in 1898
$529,900
Three bedrooms, two bathrooms, 2,786 square feet, built in 1979
$1,195,000
Four bedrooms, three bathrooms, 5,212 square feet, built in 2007
Oshkosh Cost of Living and Job Market
The Oshkosh cost of living is below the national average. The job market also looks promising for potential homeowners.
BestPlaces scores the cost of living of U.S. cities based on housing, transportation, healthcare, food and other essential expenses. The BestPlaces cost of living score for Oshkosh is 81.5, 18.5% lower than the U.S. average. The Economic Research Institute data also puts the Oshkosh cost of living below the national average, though only 13% lower.
Per the latest data from the U.S. Bureau of Labor Statistics, the average hourly wage for workers in the Oshkosh-Neenah metro area is $28.28. You can find over 11,000 job listings for the Oshkosh area on ZipRecruiter, which says the average Oshkosh salary is $50,526.
Can You Afford a Home in Oshkosh?
The following table provides the approximate monthly mortgage payment across seven different Oshkosh neighborhoods to give you an idea of affordability. Calculations are based on a 30-year fixed mortgage with a 5.97% APR — the national average mortgage rate as reported by Zillow — and a 20% down payment. The mortgage amount doesn’t include property taxes or homeowners insurance costs.
NEIGHBORHOOD
MEDIAN HOME VALUE
MORTGAGE PAYMENT
River East
$164,222
$785
Marina District
$183,637
$878
Menominee South
$197,305
$943
Algoma Park
$229,312
$1,096
Lumber River
$238,019
$1,138
Millers Bay
$272,017
$1,301
Northshore
$353,853
$1,692
Whether you’re home shopping in Oshkosh or someplace else, to avoid buying more house than you can afford, most financial experts recommend keeping housing costs to 30% or less of your pretax income. If you’re waiting for mortgage rates to drop significantly before buying, unfortunately, you could be waiting awhile. Economists expect rates to remain on a slow decline through the end of 2025.
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