The typical owner-occupied home in New Milford is worth about $580,400, 28% above the New Jersey median of $454,400 and 74% above the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.72% of their home's value, lower than the New Jersey rate of 2.11%. The median household earns $114,889 a year, so the median home costs 5.1 times the median income (4.4 times for New Jersey). 61% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
New Milford at a glance
| New Milford | New Jersey | U.S. | |
|---|---|---|---|
| Median home value | $580,400 | $454,400 | $332,700 |
| Median property tax paid per year | $10,001 | $9,590 | $3,119 |
| Property tax as a share of value | 1.72% | 2.11% | 0.94% |
| Median household income | $114,889 | $103,556 | $80,734 |
| Homes lived in by their owners | 61% | 64% | 65% |
| Owner homes with a mortgage | 69% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $3,335 | $2,829 | $1,963 |
| Those costs as a share of the owners' income | 26.0% | 22.9% | 21.0% |
| Median rent | $1,765 | $1,720 | $1,413 |
| Rent as a share of renters' income | 30.4% | 30.9% | 30.6% |
| Median year homes were built | 1954 | 1970 | 1980 |
| Vacant homes | 2.5% | 7.5% | 10.1% |
| Population | 16,995 | 9,343,809 | 334,922,499 |
What a typical home costs per month in New Milford
At this week's average 30-year rate of 7.11%, buying the median New Milford home of $580,400 with 20% down costs about $4,197 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,164, 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 $179,882 for the 20%-down payment. That payment is 44% of the median New Milford household income of $114,889; at that income and 20% down, the 28% guideline points to a home of about $371,000.
The median rent here is $1,765 a month, so owning the median home costs about $2,432 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $116,080 |
|---|---|
| Loan amount | $464,320 |
| Principal and interest | $3,124 |
| Property taxes (1.72% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $242 |
| PMI | $0 |
| Total per month | $4,197 |
Change the numbers in the calculator
| Down payment | $20,314 |
|---|---|
| Loan amount | $569,888 |
| Principal and interest | $3,834 |
| Property taxes (1.72% a year) | $832 |
| Homeowners insurance (our estimate, 0.5% a year) | $242 |
| FHA mortgage insurance | $257 |
| Total per month | $5,164 |
Change the numbers in the calculator
Questions about home buying in New Milford
What is the median home value in New Milford?
About $580,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Milford?
Homeowners pay a median $10,001 a year, which is about 1.72% 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 New Milford?
For the median home with 20% down at 7.11%, the payment is about $4,197 a month. Keeping that under 28% of gross income takes about $179,882 a year.
More about New Milford
- Mortgage Refinance in New Milford
- Debt Relief in New Milford
- Home Equity Loans in New 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