Green Bay is the smallest US city to host a major professional sports franchise — the Green Bay Packers are uniquely owned by the community itself (publicly-held nonprofit corporation, not a billionaire owner). Beyond the NFL franchise, Green Bay is anchored by the paper-manufacturing legacy and a deep healthcare base. The 1.10% cap rate at a $330,000 median price keeps the 0.33% rent-to-price ratio close to functional. Population growth at 0.5%/yr is steady.
Employment is anchored by the paper-and-packaging industry (Green Bay was historically the "Toilet Paper Capital of the World" — Procter & Gamble's major Charmin facility, Georgia-Pacific's major operations including Green Bay Packaging, plus the broader paper-and-pulp economy; significantly smaller than its 20th-century peak but still a meaningful industrial employer), Bellin Health and Aurora BayCare Medical Center (the dominant regional medical systems), the Green Bay Packers and Lambeau Field economy (the franchise plus the broader Titletown District development is a major regional employer and tourism driver — home games produce significant STR demand 8-10 times per fall), Schreiber Foods (private dairy/cheese manufacturer headquartered here), the broader Brown County government, the Port of Green Bay (Lake Michigan / Fox River cargo), the University of Wisconsin-Green Bay, and the broader manufacturing-and-logistics base. Submarkets stratify cleanly: the historic Astor Park / Olde Main Street areas are walkable urban-historic with strong appreciation; the broader Howard and Suamico areas are premium suburban-school zones; the broader Allouez and De Pere south of town extend the metro with strong school districts; the central and east Green Bay zones offer deeper-value workforce inventory.
Wisconsin property tax at 1.88% is on the higher end for the Midwest. Wisconsin state income tax is graduated with a top rate near 7.65%. Insurance is reasonable but verify winter / freeze deductible structure (Green Bay has heavy snowfall and freeze-damage exposure). The structural advantages: Packers game-day STR upside is genuinely meaningful (Lambeau home games produce extraordinary short-term rental demand — investors who own near-stadium properties can effectively monetize 8-10 weekends per fall); paper-and-packaging employment is more durable than the broader industry narrative suggests; healthcare and food-processing employers provide diversification. The structural risks: paper industry has been shrinking for decades; population trajectory has been weaker than Milwaukee or Madison. For investors who want a Wisconsin metro with genuine NFL game-day STR economics plus a stable industrial-and-healthcare base, Green Bay is the most distinctive WI option.
Market data powered by Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) · Updated Feb 2026
Green Bay's 0.3% rent-to-price ratio is well below the 1% rule. At median prices of $330,000, the $1,100/mo rent produces only $303/mo in NOI. Investors here need to target below-median properties or pursue value-add strategies to make the numbers work.
At current rates, a 20% down conventional loan ($66K at 7%) would result in approximately $-1,453/mo cash flow — negative at median prices. Larger down payments, seller financing, or buying 15–25% below median are strategies to turn the numbers positive.
Property taxes consume 47% of gross rent here — one of the highest ratios in our dataset. This significantly compresses margins and makes Green Bay a market where tax-conscious underwriting is essential. Every deal should be stress-tested with potential assessment increases.
All figures below are computed from Green Bay's real market medians. Use them as a baseline; override with property-specific numbers in the calculators.
At 1.88% effective rate on the $330,000 median price, the annual tax bill is $6,204 — that's very high (top 15% of US markets) (+77% vs the national average of ~1.06%). Verify the actual assessed value before purchase; sale-triggered reassessments can push the bill higher than the seller's current statement.
If Green Bay continues appreciating at 2.4%/yr while rents grow at a conservative 3%/yr, cap rate holds roughly steady as price growth outpaces rent. Year-by-year projection at the median:
| Year | Est. Price | Est. Rent/Mo | Cap Rate |
|---|---|---|---|
| Today | $330K | $1,100 | 1.1% |
| Year 1 | $338K | $1,133 | 1.1% |
| Year 2 | $346K | $1,167 | 1.1% |
| Year 3 | $354K | $1,202 | 1.1% |
| Year 4 | $363K | $1,238 | 1.1% |
| Year 5 | $372K | $1,275 | 1.1% |
Same median-priced Green Bay property — different capital structures. All-cash maximizes cap rate. Leverage trades cash flow for higher cash-on-cash return when the spread between cap rate and borrowing cost is positive.
| Scenario | Cash Invested | Monthly Cash Flow | Annual CF | Cash-on-Cash |
|---|---|---|---|---|
| All cash | $330K | $303 | $3,630 | 1.1% |
| 20% down conventional @ 7% | $76K | $-1,453 | $-17,437 | -23.0% |
| 25% down DSCR @ 8.5% | $96K | $-1,601 | $-19,209 | -20.1% |
Properties don't always trade at the median. Lower-priced units typically offer higher cap rates but harder operations; higher-priced properties tend to compress cap rates while attracting better tenants. All-cash assumptions below:
| Tier | Price | Rent/Mo | NOI/Yr | Cap Rate | Monthly CF |
|---|---|---|---|---|---|
| Below median (~75% price) | $248K | $935 | $3,165 | 1.3% | $264 |
| At median | $330K | $1,100 | $2,838 | 0.9% | $237 |
| Above median (~125% price) | $413K | $1,265 | $2,511 | 0.6% | $209 |
Cap rate is just one piece. Real estate returns come from four sources: cash flow, appreciation, principal paydown, and tax benefits. Assuming 20% down conventional financing at 7% and a 5-year hold at Green Bay's historical appreciation rate of 2.4%:
On a $66K down payment, that's a -39.2% total ROI over 5 years (not annualized). Tax benefits from depreciation are additional and depend on your personal tax bracket.
Automated checks against the underlying data — surface only the risks that actually apply to Green Bay, not generic boilerplate:
Pre-filled with Green Bay medians. Adjust to match a specific property.
Factor in financing to see your actual return on invested capital in Green Bay.
Green Bay, WI has a population of 108,800 and has been growing at 0.5% annually — roughly in line with national trends, meaning demand is stable but not exceptional. The median home price of $330,000 paired with median rents of $1,100/mo produces an estimated cap rate of 1.10%.
Property taxes at 1.88% are notably high and represent a significant drag on cash flow — model this expense carefully, as it can make or break a deal. The vacancy rate of 5.5% is moderate and within normal parameters for a healthy rental market.
At a price-to-income ratio of 6.6x, homes cost about 6.6 times the local median income of $50,200. This elevated ratio means homeownership is stretched, supporting rental demand but limiting buyer pools. Home values have appreciated at roughly 2.4% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.
Bottom line: At current median prices, Green Bay is challenging for pure cash flow investing. Consider BRRRR strategies with below-market purchases, or look at neighboring metros with stronger price-to-rent ratios.