{"id":65572,"date":"2019-04-23T16:08:54","date_gmt":"2019-04-23T23:08:54","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65572"},"modified":"2020-10-06T17:07:59","modified_gmt":"2020-10-07T00:07:59","slug":"how-many-homes-powerball-winner-could-buy","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/how-many-homes-powerball-winner-could-buy\/","title":{"rendered":"$768M Powerball Winner Could Buy Every Home for Sale in Madison, Milwaukee AND his Hometown of West Allis"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">With the $326 million he\u2019s taking home after taxes, Manuel Franco has his pick of Wisconsin cities where he could purchase every for-sale home. <\/span><\/i><br \/>\n<span style=\"font-weight: 400;\">What would you do with $326 million worth of lottery winnings?<\/span><br \/>\n<span style=\"font-weight: 400;\">If you\u2019re Manuel Franco of <\/span><a href=\"https:\/\/redfin.com\/city\/20870\/WI\/West-Allis\"><span style=\"font-weight: 400;\">West Allis, Wisconsin<\/span><\/a><span style=\"font-weight: 400;\">, who came forward this week as the <\/span><a href=\"https:\/\/www.cbsnews.com\/news\/powerball-lottery-jackpot-milwaukee-man-wins-763-million-today-manuel-franco-2019-04-23\/\"><span style=\"font-weight: 400;\">winner of the Powerball drawing<\/span><\/a><span style=\"font-weight: 400;\"> that took place last month, you could easily purchase all the homes for sale in your hometown in cash\u2014and, if you\u2019re a football fan, every active listing in <\/span><a href=\"https:\/\/redfin.com\/city\/7928\/WI\/Green-Bay\"><span style=\"font-weight: 400;\">Green Bay<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><br \/>\n<span style=\"font-weight: 400;\">Franco won the third-largest Powerball jackpot in history, worth a total of $768 million. He\u2019s opting to take home the lump sum of $477 million, which will equal <\/span><a href=\"https:\/\/www.wisn.com\/article\/24-year-old-west-allis-resident-comes-forward-as-dollar768m-powerball-winner\/27242462\"><span style=\"font-weight: 400;\">$326 million<\/span><\/a><span style=\"font-weight: 400;\"> after he pays state and federal taxes. <\/span><br \/>\n<span style=\"font-weight: 400;\">With his newfound wealth, the 24-year-old can purchase all 36 homes for sale in his hometown of West Allis, a suburb of <a href=\"https:\/\/redfin.com\/city\/35759\/WI\/Milwaukee\">Milwaukee<\/a>, for $5.4 million. And $326 million goes a long way in other Wisconsin cities, too. If Franco is looking to move to another part of his state, he could hypothetically buy:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 425 homes for sale in <\/span><a href=\"https:\/\/redfin.com\/city\/12257\/WI\/Madison\"><span style=\"font-weight: 400;\">Madison<\/span><\/a><span style=\"font-weight: 400;\"> for $191 million.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 548 homes for sale in <\/span><a href=\"https:\/\/redfin.com\/city\/35759\/WI\/Milwaukee\"><span style=\"font-weight: 400;\">Milwaukee<\/span><\/a><span style=\"font-weight: 400;\"> for $123.3 million. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 602 homes for sale in <\/span><a href=\"https:\/\/redfin.com\/city\/7928\/WI\/Green-Bay\"><span style=\"font-weight: 400;\">Green Bay<\/span><\/a><span style=\"font-weight: 400;\"> for $160.8 million. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">And if Franco wants to make the trek 95 miles south to <\/span><a href=\"https:\/\/redfin.com\/city\/29470\/IL\/Chicago\"><span style=\"font-weight: 400;\">Chicago<\/span><\/a><span style=\"font-weight: 400;\">, he could purchase more than one-quarter of the least expensive homes for sale\u20142,126 homes\u2014for $325.9 million. Or he could buy the top 1 percent of homes for sale by list price\u201435 homes\u2014in Chicago for $323.3 million. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cIn all seriousness, if Mr. Franco is thinking about using his winnings to buy real estate, there are a few things he should consider,\u201d said Redfin <\/span><a href=\"https:\/\/redfin.com\/blog\/author\/darylfairweather\/\"><span style=\"font-weight: 400;\">chief economist Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cSince mortgage rates are still near record lows, he may want to finance his real estate purchases so he could buy even more properties to create rental income. He should also watch out for recurring fees for things like insurance and homeowners association dues. HOA fees in luxury communities can be hefty and increase over time, and they can make it harder to resell. We recommend he talk to a financial planner before making a big purchase.\u201d<\/span><br \/>\n<b>Methodology <\/b><br \/>\n<span style=\"font-weight: 400;\">For this report, we used reports of Manuel Franco\u2019s Powerball winnings, which total $326 million after taxes, to determine how many homes he would hypothetically be able to buy once the contract is paid out. We looked at all the active listings for condos, townhouses and single-family homes in the cities of West Allis, Milwaukee, Madison, Green Bay and Chicago. Then, we took the value of Franco\u2019s winnings and created a running total of list prices in each of those cities until the $326 million was exhausted. <\/span><br \/>\n&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The latest Powerball winner could easily purchase every home for sale in his hometown of West Allis, Wisconsin, with enough left over to buy Madison and Milwaukee, too. <\/p>\n","protected":false},"author":13153,"featured_media":65573,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[],"dashboard":[],"coauthors":[],"class_list":["post-65572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>$768M Powerball Winner Could Buy Every Home for Sale in Madison and Milwaukee<\/title>\n<meta name=\"description\" content=\"With the $326 million he\u2019s taking home after taxes, the Powerball winner has his pick of Wisconsin cities where he could purchase every for-sale home.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Anderson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","caption":"Dana Anderson"},"description":"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.","url":"https:\/\/www.redfin.com\/news\/author\/dana-andersonredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/65572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=65572"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/65572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/65573"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=65572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=65572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=65572"},{"taxonomy":"dashboard","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/dashboard?post=65572"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=65572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}