Wisconsin is a state like no other. Home to “cheeseheads” (fans of the Green Bay Packers and cheese fanatics alike), it has long been known for its low cost of living and affordable housing prices. Recently, however, there has been an uptick in home prices and a decline in the number of available homes compared to the previous year.
Despite this, Wisconsinites are actually faring much better than the rest of the country in the wake of the pandemic. The state ranks 15th for consumer credit card debt, with residents carrying an average credit card balance of just $4,376.
Wisconsin Income & Employment Stats
In Wisconsin, workers have the right to choose whether or not to join a union. They cannot be forced to join or leave a union against their will, and they are not required to pay union dues. Regardless of their union membership, employees are still allowed to enjoy union benefits.
It’s important to know your rights as an employee. In the state of Wisconsin, employers are allowed to terminate employment at any time and for any reason. Employees also have the same ability to resign without notice. This is known as employment-at-will. Essentially, neither the employer nor the employee is obligated to uphold the employment agreement.
Fortunately, Wisconsin has maintained low unemployment rates throughout 2020, averaging around 3.9%. And by January 2022, that percentage had dropped even lower to 3%. This was 1 point below the national average.
Unemployment benefits provide financial support to workers who have lost their jobs. Benefits are available for up to 26 weeks and are calculated based on your previous earnings.
Taxes & Banking
Income taxes in the state of Wisconsin can range from as low as 3.44% to as high as 7.65%. In addition to this, the state also imposes a 5% sales tax. However, when taking into account local taxes, the total sales tax rate can be anywhere between 5% and 5.5%.
Banking is fairly common in Wisconsin, with only 2.9% of residents not having a checking or savings account.
Real Estate Market
In February 2020, the average price of a home in Wisconsin was $235,000, which was a 9.3% increase from the previous year. This rise in prices can be attributed to the tightening up of the housing market, with fewer homes available for sale. According to the Realtors Association, there was a 17% drop in active listings compared to 2019. This trend continued into 2021, with an even higher average price of $260,000.
Housing markets in many parts of the country are extremely tight right now, and nowhere is this more true than in the city of Milwaukee. There are a number of reasons for this housing shortage in Milwaukee. One is that the city has seen a boom in its population of young people from the Millennial and Gen Z generations in recent years. Additionally, low loan rates and a strong economy have made buying a home an attractive option for many people. And finally, compared to other cities in Wisconsin like Madison and Lake Geneva, average home prices in Milwaukee are much more affordable.
Filing for bankruptcy jointly with your spouse in the state of WI will protect $150,000 of your home equity- twice the amount that is protected when filing individually.
- 67% of Wisconsinites are homeowners
- Median mortgage payment: $1,418
- Median rent payment: $856
There are many reasons why people are drawn to the state of Wisconsin, from its exquisite lakes and forests to the presence of all four seasons. However, one factor that may deter some people from retiring here is the state income tax rate, which ranges from 3.44% to 7.65%. Given that the average retiree needs $925,000 saved to live comfortably in retirement, and that the average Wisconsinite has only $428,872 saved for retirement, this could make it difficult for some people to make ends meet in retirement. Additionally, nearly one in four retirees rely on Social Security for at least 90% of their income, so states with no income taxes may be more appealing to those nearing retirement age.
Insurance Premiums Average
Different states have different laws when it comes to car accidents. In some states, like Florida, a no-fault system is used. This means that each driver’s insurance company pays for their own damages and injuries, regardless of who is determined to be at fault. Other states, like New York, have a hybrid system where both fault and no-fault rules are used. And still, other states, like California, use an at-fault system. This means that the person who is found to be responsible for causing an accident will also be responsible for any damages or injuries sustained by the other drivers involved.
Debt consolidation can help you get your finances under control. By combining all your debts into one payment, you can save money on interest and fees and make it easier to stay on top of your payments. With a lower monthly payment, you can free up extra cash each month to put toward other bills or expenses.
Approximately 5.82 million people are living in Wisconsin, which is ranked 20th in terms of population size when compared to other states in the US. The cost of living is slightly below the average, and the housing market favors buyers more than usual. However, many Wisconsin residents still struggle with debt.
Credit card debt is a huge problem for many families in the United States. In Wisconsin, the average household has $6,484 in credit card debt, which ranks the state 42nd for credit card debt. This type of debt can be extremely difficult to pay off, especially with other types, such as car loans, student loan payments, and mortgages. Everyday expenses and debt with collateral quickly take priority over credit card debt.
It can be incredibly stressful to try and tackle a pile of debt built up over time. And for many people, the situation is made even worse by having a low credit score. This can make it feel like there are very few options available. However, some avenues of debt relief don’t consider credit scores. So, even though your options may seem limited, there is still help.