The typical owner-occupied home in South Milford is worth about $184,700, 15% below the Indiana median of $218,200 and 44% below the national median of $332,700. The median household earns $117,250 a year, so the median home costs 1.6 times the median income (3.0 times for Indiana). 100% of occupied homes here are lived in by their owners, and 42% of those owners still have a mortgage.
South Milford at a glance
| South Milford | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $184,700 | $218,200 | $332,700 |
| Median property tax paid per year | – | $1,614 | $3,119 |
| Median household income | $117,250 | $71,957 | $80,734 |
| Homes lived in by their owners | 100% | 71% | 65% |
| Owner homes with a mortgage | 42% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,781 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 19.4% | 18.1% | 21.0% |
| Median rent | – | $1,062 | $1,413 |
| Median year homes were built | 1946 | 1976 | 1980 |
| Vacant homes | 0.0% | 8.8% | 10.1% |
| Population | 284 | 6,851,073 | 334,922,499 |
What a typical home costs per month in South Milford
At this week's average 30-year rate of 7.11%, buying the median South Milford home of $184,700 with 20% down costs about $1,240 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,548, 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 $53,154 for the 20%-down payment. That payment is 13% of the median South Milford household income of $117,250; at that income and 20% down, the 28% guideline points to a home of about $407,000.
| Down payment | $36,940 |
|---|---|
| Loan amount | $147,760 |
| Principal and interest | $994 |
| Property taxes (1.10% a year) | $169 |
| Homeowners insurance (our estimate, 0.5% a year) | $77 |
| PMI | $0 |
| Total per month | $1,240 |
Change the numbers in the calculator
| Down payment | $6,464 |
|---|---|
| Loan amount | $181,355 |
| Principal and interest | $1,220 |
| Property taxes (1.10% a year) | $169 |
| Homeowners insurance (our estimate, 0.5% a year) | $77 |
| FHA mortgage insurance | $82 |
| Total per month | $1,548 |
Change the numbers in the calculator
Questions about home buying in South Milford
What is the median home value in South Milford?
About $184,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in South Milford?
For the median home with 20% down at 7.11%, the payment is about $1,240 a month. Keeping that under 28% of gross income takes about $53,154 a year.
More about South Milford
- Mortgage Refinance in South Milford
- Debt Relief in South Milford
- Home Equity Loans in South 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