That 7.65% Wisconsin income tax applies on income over $266,930 (singles). A 6.27% Wisconsin income tax rate applies on income from $24,250 to $266,930 (singles). A 4.65% Wisconsin income tax rate applies on income from $12,120 to $24,250 (singles).
Thanks for the suggestion Tony! Excellent idea, I am waiting for spring to do some more neighborhood videos and will definitely add downtown. We used to have a condo in the Third Ward and we miss our downtown pad! Until then, I can tell you a few things personally and set you up with MLS access! Drop me a line, contact info in the description below!
One thing that those who complain about the cost of living in Milwaukee and Wisconsin don't mention is which services you get and the quality of those services (usually good.) Nobody likes taxes. But you get alot for your tax dollars. Milwaukee and Wisconsin is clean. Compare value for your taxes in Milwaukee and Wisconsin. Sure, taxes are less, say in Arkansas. But what do you get for those taxes? Cultural offerings are many and diverse. While crime has increased somewhat in Milwaukee and perhaps the rest of Wisconsin, it is still a low crime area. As far as remodeling goes, not all homes need to be remodeled. There is kind of a quaintness in NOT remodeling. Some of the older homes were built very well. Keeping them original is often a good idea. Healthcare is high, but that's a U.S. thing, not a state thing. Education is good for the most part. There are things that could be better. But many places are far worse.
Thanks for your comment! I have started working on videos comparing MKE with other cities and that really puts our taxes in perspective, also other things, both pros and cons
Hey Marcus, great stuff and very informative. I went to the website to try to get access to the contractors that you recommend but couldn't find the list
This was super helpful, thank you! The company I work for has gone fully remote, so I'm looking to relocate. Im really into film and art, would you say that Milwaukee has a good art scene?
Well, I am not sure if I am the most qualified person to answer this question! As metro area with 1.6 million people Milwaukee certainly has an art scene. The icon of Milwaukee is the Art Museum on the lake front (you have seen it, was featured in a Transformers movie lol, it has wings like a butterfly) - google it, very cool. Bayview is probably the most artsy part of town, of course there is the Marcus Center for the Performing Arts and Milwaukee Film. And if that's not enough we sometimes go to Chicago for a weekend, it's a short drive. Send me an email if I can assist further!
Correct, property taxes are very high in Milwaukee, especially for bigger homes (that's why I live in the suburbs..), sales tax on the other hand very low. I think the city is stupid for funding this way, the public tolerates sales tax much better than property taxes! But renting is more expensive (the difference is profit for the owner). Do the math: a median single family home with 10% down and 3.0% over 30 years including taxes is about $1,244 - typical rent would be $1,600 or more. Plus as a homeowner you get to write off your mortgage interest, participate on appreciation and you pay down your loan principal about 3% every year. Renters don't get any of that. Plus at the moment (and there is no end in sight) homes appreciate currently 1% a month in Milwaukee. A typical home that sold for 150k in 2015 will sell now for well over 200k.
@Steven Kirchstein not cherry picked! Same house. But of course you can rent an apartment for less than a house,, but that would not be apples to places. You can run the numbers yourself. This would be a typical example for a home in West Allis or in Brown Deer. I know the numbers so well because we own rented single family homes. You are correct though on expenses, like a new roof etc, tenants don't have to worry about that. But Google typical net worth of a tenant vs home owner. Hm. That's a whole nother video I should make.....
@Steven Kirchstein my numbers are based on a 200k single family home, there are many good neighborhoods in the city of Milwaukee where you can buy a house for that price, or less. But that is going to change from what I can see. The cost of new construction is too high and demand for existing homes is ever increasing, while we only have as many as we have. I am not sure how old you are, but the single best way to get started in Milwaukee is house hacking a duplex. The income from the rent will pay most of your expenses, I have made a few videos about the topic
Aww, wish I could help you. You need 3.5% down with FHA, we can look into WHEDA to cover the difference. So there are ways, but a word of caution here as well: owning a home also comes with expenses. You want to paint, or you need a new water heater. You can feel confident about those things when you are able to save up for a down payment. Renting for more than a year is about as financially smart as eating out every day - yes it keeps you flexible, but you have nothing to show for the money you spent. Most people spend at least 250k in rent before they buy their first home...
@@MarcusMKE I’m from California so my perception of real estate and down payments are warped. Here, a down payment can equal what some houses do in MKE. I think I can get 10-15k together for a down in about a year- would that be feasible for a decent house in MKE market? Thank you for all your insight!
Hi Jeff, not intentionally - I try to think of relocation clients and the questions they have asked me in the past - but I guess you are right, people who relocate often have a considerable income, many move because of a job they have been offered. Is there anything I can answer specifically?
I watched a different video from other realtors in Wisconsin who said that in Wisconsin there is a huge problem with mosquitos and ticks or bugs that live on deer and that there is lots of deer hunting during November. Being from California, I'm not really pro-deer hunting, but I am more concerned with the ticks. How bad do you think is the tick problem in Wisconsin?
If you spend all day in the woods, you better check yourself for ticks - but I have not heard anyone call it a tick problem. We also have mosquitos who come out when the sun sets, but much less than for example Florida. Sorry about the deer hunting, that is a thing and a lot of people take a few days off and drive up north during gun season. The DNR manages the population and sets a limit every year - apparently we don't have as many wolves anymore as we used to. A bigger problem is deer running on streets and getting hit by cars, you want to drive careful at dusk and dawn in rural areas
@@MarcusMKE Very good to know! Thanks so much for sharing this and all of the valuable information you share in your videos! Your videos are awesome!! :)
I have a question about the water quality in Wisconsin. I have been to Germany (Köln) and I recall drinking faucet water and it was delicious and seemed so much cleaner than the water here in Los Angeles, CA. How would you compare the quality of the tap/faucet water compared to tap water in Austria? Do you use a filter for your tap water? Do you purchase bottled water for drinking and cooking? Here in L.A., CA many people buy bottled water and we take the bottles to the recycling center for the bottle deposit refund.
Water in my home town in Austria is also delicious! Milwaukee city water takes second place, but I think most people will still rate it very good and use it to drink and cook. If you live in the suburbs on larger parcels like me you may have your own well. I also have an RO system to filter my drinking water, $300 well spent!
I live in the inner city of Milwaukee and I have a filter because our house is old and has lead pipes apparently although we didn't know until I was like 12 so until then I was drinking without a filter lol
Hi, thanks for the content I’m been watching your videos, I’m probably receiving an offer at Sheboygan county but I would rather to live in Milwaukee due to I’m moving with my family wife and my kid I think it’s better living in Milwaukee but since I have never lived in the US im insure If can afore living there, how I can properly calculate cost of living there ?
My husband's company is offering him to relocate within the company to New Berlin, West Allis or Pauwakee. Which place would be the lowest cost for living. With a house with a fenced yard. We are renting now. Our current rent is 1050 outside of Effingham IL.
Hi Alisha, cost of living is about the same (food, energy etc) but real estate will be the lowest in West Allis. You could also consider Greenview and maybe a few others. Are you looking to rent or to buy?
How much is the average YOY return after deducting insurance/taxes/maintenance for every 100k an investor plunks down in Milwaukee real estate? Here in Vegas, you can still get ~5% returns if you buy a condo. The taxes in Wisconsin are very high, almost the highest in the nation. Are landlords there shifting that tax burden to the tenants mostly?
Property taxes are very high in Milwaukee, sales tax is very low (benefits mostly the tenant) - I think Vegas is 8.5%? Nobody would touch an investment in Milwaukee for 5% CoC here, we are spoiled. Leveraged you should be at least 10% CoC plus another 12% for principal pay down and then whatever you expect for appreciation. But it is getting very difficult to buy a quality investment grad property. Condos are not desirable, not enough control; and condo fees eat into cash flow. Returns includes property tax of course, but not maintenance, which is so different for each property, hard to generalize. And we do have unlimited fresh water LOL
@@MarcusMKE Yes. I was looking at some properties through zillow and I saw that the HOA fees for a $120k condo was $350/month. That's...high. In Vegas a condo at $150k will have an HOA ~$200/month. I don't plan on leveraging. I plan on liquidating my portfolio here in Vegas(let's just say it's over 2 million in assets, all owned free and clear). Right now I'm netting ~11k/month after all my expenses are calculated. I'm sick of the heat and it's only going to get worse as global warming is not addressed by this country. Milwaukee is one of my top targets. Fargo, ND and Coeur D'Alene, ID are also on my radar. I could make Portland, OR work, but I see that as a hotly contested housing market and I want to scoop up deals if possible. The only reason I mention condos is because I don't believe in a suburban lifestyle. I want to live in a walkable, bikeable, transit oriented developed neighborhood. Milwaukee has a lot of good bones. The streets don't seem over engineered. Perhaps I can "hack" a duplex as you've said in your other vids if I ever pull the trigger and move there.
@@ddrhazy You speak my mind, every time I make it to the hoover dam the water is lower. Will make a video about how Milwaukee is becoming a climate refuge, i.e. people in CA are tired of the smoke from fires. The south gets hit with storms and who knows what will happen to sea levels? The only change here is that winters seem to be milder, I am okay with that! From one investor to another: leave your portfolio in Vegas, at least for now. Liquidating is expensive, buying a lot of work. You are underleveraged; I know, but that's a thing that shareholders tell you when you are not expanding as you could with modest leverage. Plus, chances are we will see more inflation, which benefits debt positions locked in at low rates.
@@MarcusMKE I'm aware that selling everything is expensive. Even if I collect the sales commission on the selling end, I'm still losing ~3% per transaction. But there's no way that I can keep portfolios in two metros so far away from each other. And my income is all from my rentals so a mortgage company isn't going to be lending to me like a normal buyer. I think the best I can get are loans for 50% of the property value. That coupled with the higher property taxes and the state income taxes means I'm looking at a 10% loss of income out the gate, but Vegas doesn't appeal to me. I don't smoke, don't drink, don't go to concerts and don't gamble. Even if Vegas's weather magically became milder in the summer the city is a waste on me. I like being around nature and green. I want to be in a place where I can cycle year round. I can cycle in snow. You can't be outside in 110+ degree weather. I've been raised to be very cautious in investing. My family has almost no mortgages on our portfolios. Perhaps that was a mistake and not ambitious. But we always made money by being cautious. I wouldn't sell everything immediately. I'd do it slowly, over the course of 15 years. I don't believe in having a property management company handle my stuff, nobody takes care of your stuff as good as you, right?
@@ddrhazy nobody does quite as good as you would, that's why we manage in house and I only provide oversight and final decision on new tenants, but I have a very good PM lined up as a plan B if I were in a position that I had to. And some day I will. You are big enough to be considered a commercial investor, so you'll get a commercial loan for 75% of value if you wanted, but 50% is very healthy. Financing is like a chainsaw - it is dangerous if you don't know what you are doing, but it also helps a lot if you have to cut down a lot of trees. If I would be you I would probably hire a good PM in Vegas and fly out there 2-3 times a year to keep an eye on things personally. There are many bad PM here, but we do have some excellent ones, so you have to put some effort in interviews. We do have snow, but I think this winter we had maybe 10 days total we had actually snow on the roads.
@@GreatJ77 of course! Good catch! Yes that is Cafe Hollander in Mequon. There is one downtown, one on the East Side, one in Brookfield, prices are all the same... the point of the video is to give people a sense of cost of living when they move for example from California. Does that make sense?
@@MarcusMKE I understand, but if the title says Cost of living in Milwaukee, Show everything Milwaukee or Specify you're also talking about surrounding suburbs
Inflation has made things tougher for everyone. And also rents keep going up, from the data I have about 6.1% on average this year alone. We are still better off than other cities in the US where rents have gone up over 30% this year (Austin, Seattle, Denver..) and of course you have places like NY where the median apartment is $4,400 per month plus one month broker fee!
That 7.65% Wisconsin income tax applies on income over $266,930 (singles).
A 6.27% Wisconsin income tax rate applies on income from $24,250 to $266,930 (singles).
A 4.65% Wisconsin income tax rate applies on income from $12,120 to $24,250 (singles).
Thank you, your video helped me understand more about Milwaukee.
Awesome! Was there anything in particular that you wanted to know?
Could you do a video on the downtown condo market? Things to look out for, old buildings vs new, parking, amenities, etc. Thanks! Great channel!
Thanks for the suggestion Tony! Excellent idea, I am waiting for spring to do some more neighborhood videos and will definitely add downtown. We used to have a condo in the Third Ward and we miss our downtown pad! Until then, I can tell you a few things personally and set you up with MLS access! Drop me a line, contact info in the description below!
Thanks for all your videos. It’s extremely helpful.
Good information! Thank you.
One thing that those who complain about the cost of living in Milwaukee and Wisconsin don't mention is which services you get and the quality of those services (usually good.) Nobody likes taxes. But you get alot for your tax dollars.
Milwaukee and Wisconsin is clean. Compare value for your taxes in Milwaukee and Wisconsin. Sure, taxes are less, say in Arkansas. But what do you get for those taxes?
Cultural offerings are many and diverse. While crime has increased somewhat in Milwaukee and perhaps the rest of Wisconsin, it is still a low crime area.
As far as remodeling goes, not all homes need to be remodeled. There is kind of a quaintness in NOT remodeling. Some of the older homes were built very well. Keeping them original is often a good idea.
Healthcare is high, but that's a U.S. thing, not a state thing.
Education is good for the most part. There are things that could be better. But many places are far worse.
Thanks for your comment! I have started working on videos comparing MKE with other cities and that really puts our taxes in perspective, also other things, both pros and cons
Hey Marcus, great stuff and very informative. I went to the website to try to get access to the contractors that you recommend but couldn't find the list
Hi Michael, it's currently worked on, but it should have been there. Will look into that.. However, feel free to email me at m.auerbach@kw.com
This was super helpful, thank you! The company I work for has gone fully remote, so I'm looking to relocate. Im really into film and art, would you say that Milwaukee has a good art scene?
Well, I am not sure if I am the most qualified person to answer this question! As metro area with 1.6 million people Milwaukee certainly has an art scene. The icon of Milwaukee is the Art Museum on the lake front (you have seen it, was featured in a Transformers movie lol, it has wings like a butterfly) - google it, very cool. Bayview is probably the most artsy part of town, of course there is the Marcus Center for the Performing Arts and Milwaukee Film. And if that's not enough we sometimes go to Chicago for a weekend, it's a short drive. Send me an email if I can assist further!
The income tax info is the highest marginal tax rate. It might be more helpful to show how it varies at different income levels.
Good point, this is the max and therefore a simplification, could be lower for some households!
I don't think owning is cheaper than renting in MKE when you add in the obsurd property taxes
Correct, property taxes are very high in Milwaukee, especially for bigger homes (that's why I live in the suburbs..), sales tax on the other hand very low. I think the city is stupid for funding this way, the public tolerates sales tax much better than property taxes! But renting is more expensive (the difference is profit for the owner). Do the math: a median single family home with 10% down and 3.0% over 30 years including taxes is about $1,244 - typical rent would be $1,600 or more. Plus as a homeowner you get to write off your mortgage interest, participate on appreciation and you pay down your loan principal about 3% every year. Renters don't get any of that. Plus at the moment (and there is no end in sight) homes appreciate currently 1% a month in Milwaukee. A typical home that sold for 150k in 2015 will sell now for well over 200k.
@Steven Kirchstein not cherry picked! Same house. But of course you can rent an apartment for less than a house,, but that would not be apples to places. You can run the numbers yourself. This would be a typical example for a home in West Allis or in Brown Deer. I know the numbers so well because we own rented single family homes. You are correct though on expenses, like a new roof etc, tenants don't have to worry about that. But Google typical net worth of a tenant vs home owner. Hm. That's a whole nother video I should make.....
@Steven Kirchstein my numbers are based on a 200k single family home, there are many good neighborhoods in the city of Milwaukee where you can buy a house for that price, or less. But that is going to change from what I can see. The cost of new construction is too high and demand for existing homes is ever increasing, while we only have as many as we have. I am not sure how old you are, but the single best way to get started in Milwaukee is house hacking a duplex. The income from the rent will pay most of your expenses, I have made a few videos about the topic
You can get whole house or apt for $500-1k thats nice
Thank you
We want to buy but we’re first time buyers from CA and we don’t have anything for a down. So renting it is for now.
Aww, wish I could help you. You need 3.5% down with FHA, we can look into WHEDA to cover the difference. So there are ways, but a word of caution here as well: owning a home also comes with expenses. You want to paint, or you need a new water heater. You can feel confident about those things when you are able to save up for a down payment. Renting for more than a year is about as financially smart as eating out every day - yes it keeps you flexible, but you have nothing to show for the money you spent. Most people spend at least 250k in rent before they buy their first home...
@@MarcusMKE I’m from California so my perception of real estate and down payments are warped. Here, a down payment can equal what some houses do in MKE. I think I can get 10-15k together for a down in about a year- would that be feasible for a decent house in MKE market?
Thank you for all your insight!
Angelica maria(voluntarios causas en comun)
Having 60k-65k per Annum Will be sufficient enough to run a normal life in Milwaukee? What's the average Salary to live in Milwaukee?
I think you are targeting people with incomes of at least $75,000 plus. This is just my experience here.
Hi Jeff, not intentionally - I try to think of relocation clients and the questions they have asked me in the past - but I guess you are right, people who relocate often have a considerable income, many move because of a job they have been offered. Is there anything I can answer specifically?
I watched a different video from other realtors in Wisconsin who said that in Wisconsin there is a huge problem with mosquitos and ticks or bugs that live on deer and that there is lots of deer hunting during November. Being from California, I'm not really pro-deer hunting, but I am more concerned with the ticks. How bad do you think is the tick problem in Wisconsin?
If you spend all day in the woods, you better check yourself for ticks - but I have not heard anyone call it a tick problem. We also have mosquitos who come out when the sun sets, but much less than for example Florida. Sorry about the deer hunting, that is a thing and a lot of people take a few days off and drive up north during gun season. The DNR manages the population and sets a limit every year - apparently we don't have as many wolves anymore as we used to. A bigger problem is deer running on streets and getting hit by cars, you want to drive careful at dusk and dawn in rural areas
@@MarcusMKE Very good to know! Thanks so much for sharing this and all of the valuable information you share in your videos! Your videos are awesome!! :)
I live in Milwaukee
I have a question about the water quality in Wisconsin. I have been to Germany (Köln) and I recall drinking faucet water and it was delicious and seemed so much cleaner than the water here in Los Angeles, CA. How would you compare the quality of the tap/faucet water compared to tap water in Austria? Do you use a filter for your tap water? Do you purchase bottled water for drinking and cooking? Here in L.A., CA many people buy bottled water and we take the bottles to the recycling center for the bottle deposit refund.
Water in my home town in Austria is also delicious! Milwaukee city water takes second place, but I think most people will still rate it very good and use it to drink and cook. If you live in the suburbs on larger parcels like me you may have your own well. I also have an RO system to filter my drinking water, $300 well spent!
@@MarcusMKE Oh that's interesting about having your own well! I hope well water is delicious and clean for drinking and cooking.
I live in the inner city of Milwaukee and I have a filter because our house is old and has lead pipes apparently although we didn't know until I was like 12 so until then I was drinking without a filter lol
Hi, thanks for the content I’m been watching your videos, I’m probably receiving an offer at Sheboygan county but I would rather to live in Milwaukee due to I’m moving with my family wife and my kid I think it’s better living in Milwaukee but since I have never lived in the US im insure If can afore living there, how I can properly calculate cost of living there ?
My husband's company is offering him to relocate within the company to New Berlin, West Allis or Pauwakee. Which place would be the lowest cost for living. With a house with a fenced yard. We are renting now. Our current rent is 1050 outside of Effingham IL.
Hi Alisha, cost of living is about the same (food, energy etc) but real estate will be the lowest in West Allis. You could also consider Greenview and maybe a few others. Are you looking to rent or to buy?
How much is the average YOY return after deducting insurance/taxes/maintenance for every 100k an investor plunks down in Milwaukee real estate? Here in Vegas, you can still get ~5% returns if you buy a condo. The taxes in Wisconsin are very high, almost the highest in the nation. Are landlords there shifting that tax burden to the tenants mostly?
Property taxes are very high in Milwaukee, sales tax is very low (benefits mostly the tenant) - I think Vegas is 8.5%? Nobody would touch an investment in Milwaukee for 5% CoC here, we are spoiled. Leveraged you should be at least 10% CoC plus another 12% for principal pay down and then whatever you expect for appreciation. But it is getting very difficult to buy a quality investment grad property. Condos are not desirable, not enough control; and condo fees eat into cash flow. Returns includes property tax of course, but not maintenance, which is so different for each property, hard to generalize. And we do have unlimited fresh water LOL
@@MarcusMKE Yes. I was looking at some properties through zillow and I saw that the HOA fees for a $120k condo was $350/month. That's...high. In Vegas a condo at $150k will have an HOA ~$200/month.
I don't plan on leveraging. I plan on liquidating my portfolio here in Vegas(let's just say it's over 2 million in assets, all owned free and clear). Right now I'm netting ~11k/month after all my expenses are calculated.
I'm sick of the heat and it's only going to get worse as global warming is not addressed by this country. Milwaukee is one of my top targets. Fargo, ND and Coeur D'Alene, ID are also on my radar. I could make Portland, OR work, but I see that as a hotly contested housing market and I want to scoop up deals if possible.
The only reason I mention condos is because I don't believe in a suburban lifestyle. I want to live in a walkable, bikeable, transit oriented developed neighborhood. Milwaukee has a lot of good bones. The streets don't seem over engineered. Perhaps I can "hack" a duplex as you've said in your other vids if I ever pull the trigger and move there.
@@ddrhazy You speak my mind, every time I make it to the hoover dam the water is lower. Will make a video about how Milwaukee is becoming a climate refuge, i.e. people in CA are tired of the smoke from fires. The south gets hit with storms and who knows what will happen to sea levels? The only change here is that winters seem to be milder, I am okay with that! From one investor to another: leave your portfolio in Vegas, at least for now. Liquidating is expensive, buying a lot of work. You are underleveraged; I know, but that's a thing that shareholders tell you when you are not expanding as you could with modest leverage. Plus, chances are we will see more inflation, which benefits debt positions locked in at low rates.
@@MarcusMKE I'm aware that selling everything is expensive. Even if I collect the sales commission on the selling end, I'm still losing ~3% per transaction.
But there's no way that I can keep portfolios in two metros so far away from each other. And my income is all from my rentals so a mortgage company isn't going to be lending to me like a normal buyer. I think the best I can get are loans for 50% of the property value.
That coupled with the higher property taxes and the state income taxes means I'm looking at a 10% loss of income out the gate, but Vegas doesn't appeal to me. I don't smoke, don't drink, don't go to concerts and don't gamble. Even if Vegas's weather magically became milder in the summer the city is a waste on me.
I like being around nature and green. I want to be in a place where I can cycle year round. I can cycle in snow. You can't be outside in 110+ degree weather.
I've been raised to be very cautious in investing. My family has almost no mortgages on our portfolios. Perhaps that was a mistake and not ambitious. But we always made money by being cautious.
I wouldn't sell everything immediately. I'd do it slowly, over the course of 15 years. I don't believe in having a property management company handle my stuff, nobody takes care of your stuff as good as you, right?
@@ddrhazy nobody does quite as good as you would, that's why we manage in house and I only provide oversight and final decision on new tenants, but I have a very good PM lined up as a plan B if I were in a position that I had to. And some day I will. You are big enough to be considered a commercial investor, so you'll get a commercial loan for 75% of value if you wanted, but 50% is very healthy. Financing is like a chainsaw - it is dangerous if you don't know what you are doing, but it also helps a lot if you have to cut down a lot of trees. If I would be you I would probably hire a good PM in Vegas and fly out there 2-3 times a year to keep an eye on things personally. There are many bad PM here, but we do have some excellent ones, so you have to put some effort in interviews. We do have snow, but I think this winter we had maybe 10 days total we had actually snow on the roads.
I’m from Wisconsin bro 😎
You're not even showing Milwaukee, you are showing Mequon which is about 40 minutes away.
Where did you spot Mequon?
@@MarcusMKE IDK if your serious or not but its on the restaurant receipt
@@GreatJ77 of course! Good catch! Yes that is Cafe Hollander in Mequon. There is one downtown, one on the East Side, one in Brookfield, prices are all the same... the point of the video is to give people a sense of cost of living when they move for example from California. Does that make sense?
@@MarcusMKE I understand, but if the title says Cost of living in Milwaukee, Show everything Milwaukee or Specify you're also talking about surrounding suburbs
First! :)
Funny, it's only low cost rent for the well off!
Rent everywhere here is high for the.upper 95 percent of people living here!
Inflation has made things tougher for everyone. And also rents keep going up, from the data I have about 6.1% on average this year alone. We are still better off than other cities in the US where rents have gone up over 30% this year (Austin, Seattle, Denver..) and of course you have places like NY where the median apartment is $4,400 per month plus one month broker fee!