The typical owner-occupied home in Milford is worth about $159,700, 27% below the Indiana median of $218,200 and 52% below the national median of $332,700. Owners pay a median $849 a year in property taxes, about 0.53% of their home's value, lower than the Indiana rate of 0.74%. The median household earns $51,667 a year, so the median home costs 3.1 times the median income (3.0 times for Indiana). 76% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Milford at a glance
| Milford | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $159,700 | $218,200 | $332,700 |
| Median property tax paid per year | $849 | $1,614 | $3,119 |
| Property tax as a share of value | 0.53% | 0.74% | 0.94% |
| Median household income | $51,667 | $71,957 | $80,734 |
| Homes lived in by their owners | 76% | 71% | 65% |
| Owner homes with a mortgage | 72% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,048 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 21.5% | 18.1% | 21.0% |
| Median rent | $1,029 | $1,062 | $1,413 |
| Rent as a share of renters' income | 29.3% | 29.1% | 30.6% |
| Median year homes were built | 1961 | 1976 | 1980 |
| Vacant homes | 1.7% | 8.8% | 10.1% |
| Population | 1,661 | 6,851,073 | 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 $159,700 with 20% down costs about $997 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,263, 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 $42,708 for the 20%-down payment. That payment is 23% of the median Milford household income of $51,667; at that income and 20% down, the 28% guideline points to a home of about $193,000.
The median rent here is $1,029 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $31,940 |
|---|---|
| Loan amount | $127,760 |
| Principal and interest | $859 |
| Property taxes (0.53% a year) | $71 |
| Homeowners insurance (our estimate, 0.5% a year) | $67 |
| PMI | $0 |
| Total per month | $997 |
Change the numbers in the calculator
| Down payment | $5,590 |
|---|---|
| Loan amount | $156,807 |
| Principal and interest | $1,055 |
| Property taxes (0.53% a year) | $71 |
| Homeowners insurance (our estimate, 0.5% a year) | $67 |
| FHA mortgage insurance | $71 |
| Total per month | $1,263 |
Change the numbers in the calculator
Questions about home buying in Milford
What is the median home value in Milford?
About $159,700 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 $849 a year, which is about 0.53% 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 $997 a month. Keeping that under 28% of gross income takes about $42,708 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