BELOIT — It’s no secret that there’s a housing affordability crisis in America and that includes Wisconsin and Beloit.
According to a Wisconsin Policy Forum report last year, the median sale price of homes grew by 50% from 2017 to 2022 while median household income grew by just 19.7%. There wasn’t good news for renters either. In 2022 the share of renters paying more than 30% of their gross income on housing — which means they are “cost-burdened — had grown to 45.4%.
Drilling down further, according to the Census Bureau, the median family income of families in the city of Beloit grew from $55,442 in 2020 to $59,975 in 2023, an 8.1% increase. At the same time, the median sale price of homes in Rock County soared from $185,000 at the end of 2020 to $250,000 at the end of 2023, a 35% jump. The median sale price of homes at the end of 2024 jumped again to $269,950....
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Ken Notes: I like these projects but have to note that the cost of remodeling nonresidential properties can be more that building from scratch...
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- - Volume: 25 - WEEK: 11 Date: 3/10/2025 2:17:07 PM -