54138, Lakewood, WI

Lakewood, WI is located in the southeastern corner of the state, just north of Milwaukee. As of the 2010 census, the city had a population of 74,851. The zip code 54138 has a population of just over 100,000 and covers an area of about 10 square miles.

As you would expect in a suburb of Milwaukee with such a large population and such a diverse economic base, home prices in Lakewood are quite varied. The median home price as of February 2015 was $157,500. However, this is only one measure that can be used to evaluate home equity and home prices in Lakewood. In fact, there are several other factors that should be taken into account when trying to understand how well people are doing financially in Lakewood: annual percentage rate (APR), mortgage balance as a percentage of household income (MBI), and monthly payment as a percentage of household income (PMPI).

According to data from Zillow®, as of February 2015 the median MBI for homes in zip code 54138 was $161,000. This means that half the homes in this zip code had an MBI greater than $161,000 and half had an MBI less than $161,000. Similarly, according to data from Trulia®, as of February 2015 the median PMPI for homes in zip code 54138 was 3%. This means that on average homeowners were paying 33% percent or more on their mortgages relative to their incomes. Taken together these two measures suggest that while many homeowners in this zip code are doing well financially overall due to relatively high levels of equity and low monthly payments*, not everyone is doing so well – particularly those who have mortgages with higher MBIs or PMPI rates*.

However despite these variations within the zip code there is some general consensus about what it takes for someone to be successful when buying or selling a home here: it typically takes at least three years worth of consistent income growth* before you can expect your housing costs – including your mortgage payments – will decline by enough value for you to consider selling your home*. So while there may be some pockets within Lakewood where housing values are soaring*, on average people are doing fairly well when it comes to making ends meet* by owning their own homes*.