The typical owner-occupied home in Milford is worth about $415,200, 13% above the Connecticut median of $366,900 and 25% above the national median of $332,700. Owners pay a median $6,663 a year in property taxes, about 1.60% of their home's value, lower than the Connecticut rate of 1.81%. The median household earns $111,201 a year, so the median home costs 3.7 times the median income (3.8 times for Connecticut). 76% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Milford at a glance
| Milford | Connecticut | U.S. | |
|---|---|---|---|
| Median home value | $415,200 | $366,900 | $332,700 |
| Median property tax paid per year | $6,663 | $6,643 | $3,119 |
| Property tax as a share of value | 1.60% | 1.81% | 0.94% |
| Median household income | $111,201 | $95,781 | $80,734 |
| Homes lived in by their owners | 76% | 66% | 65% |
| Owner homes with a mortgage | 64% | 65% | 61% |
| Median monthly costs, owners with a mortgage | $2,446 | $2,429 | $1,963 |
| Those costs as a share of the owners' income | 20.5% | 21.8% | 21.0% |
| Median rent | $1,882 | $1,488 | $1,413 |
| Rent as a share of renters' income | 30.7% | 31.4% | 30.6% |
| Median year homes were built | 1966 | 1967 | 1980 |
| Vacant homes | 6.4% | 7.0% | 10.1% |
| Population | 51,023 | 3,624,508 | 334,922,499 |
What a typical home costs per month in Milford
At this week's average 30-year rate of 7.11%, buying the median Milford home of $415,200 with 20% down costs about $2,961 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,653, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $126,903 for the 20%-down payment. That payment is 32% of the median Milford household income of $111,201; at that income and 20% down, the 28% guideline points to a home of about $364,000.
The median rent here is $1,882 a month, so owning the median home costs about $1,079 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $83,040 |
|---|---|
| Loan amount | $332,160 |
| Principal and interest | $2,234 |
| Property taxes (1.60% a year) | $554 |
| Homeowners insurance (our estimate, 0.5% a year) | $173 |
| PMI | $0 |
| Total per month | $2,961 |
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| Down payment | $14,532 |
|---|---|
| Loan amount | $407,680 |
| Principal and interest | $2,742 |
| Property taxes (1.60% a year) | $554 |
| Homeowners insurance (our estimate, 0.5% a year) | $173 |
| FHA mortgage insurance | $184 |
| Total per month | $3,653 |
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Questions about home buying in Milford
What is the median home value in Milford?
About $415,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Milford?
Homeowners pay a median $6,663 a year, which is about 1.60% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Milford?
For the median home with 20% down at 7.11%, the payment is about $2,961 a month. Keeping that under 28% of gross income takes about $126,903 a year.
More about Milford
- Mortgage Refinance in Milford
- Debt Relief in Milford
- Home Equity Loans in Milford
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data