The typical owner-occupied home in Milan is worth about $75,500, 70% below the New Mexico median of $248,100 and 77% below the national median of $332,700. Owners pay a median $552 a year in property taxes, about 0.73% of their home's value, close to the New Mexico rate of 0.70%. The median household earns $36,133 a year, so the median home costs 2.1 times the median income (3.9 times for New Mexico). 68% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Milan at a glance
| Milan | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $75,500 | $248,100 | $332,700 |
| Median property tax paid per year | $552 | $1,731 | $3,119 |
| Property tax as a share of value | 0.73% | 0.70% | 0.94% |
| Median household income | $36,133 | $64,059 | $80,734 |
| Homes lived in by their owners | 68% | 70% | 65% |
| Owner homes with a mortgage | 47% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $676 | $1,564 | $1,963 |
| Those costs as a share of the owners' income | 10.1% | 20.6% | 21.0% |
| Median rent | $851 | $1,067 | $1,413 |
| Rent as a share of renters' income | 45.5% | 30.1% | 30.6% |
| Median year homes were built | 1973 | 1985 | 1980 |
| Vacant homes | 18.0% | 12.5% | 10.1% |
| Population | 2,327 | 2,120,246 | 334,922,499 |
What a typical home costs per month in Milan
At this week's average 30-year rate of 7.11%, buying the median Milan home of $75,500 with 20% down costs about $484 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $609, 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 $20,730 for the 20%-down payment. That payment is 16% of the median Milan household income of $36,133; at that income and 20% down, the 28% guideline points to a home of about $132,000.
The median rent here is $851 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $15,100 |
|---|---|
| Loan amount | $60,400 |
| Principal and interest | $406 |
| Property taxes (0.73% a year) | $46 |
| Homeowners insurance (our estimate, 0.5% a year) | $31 |
| PMI | $0 |
| Total per month | $484 |
Change the numbers in the calculator
| Down payment | $2,642 |
|---|---|
| Loan amount | $74,133 |
| Principal and interest | $499 |
| Property taxes (0.73% a year) | $46 |
| Homeowners insurance (our estimate, 0.5% a year) | $31 |
| FHA mortgage insurance | $33 |
| Total per month | $609 |
Change the numbers in the calculator
Questions about home buying in Milan
What is the median home value in Milan?
About $75,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Milan?
Homeowners pay a median $552 a year, which is about 0.73% 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 Milan?
For the median home with 20% down at 7.11%, the payment is about $484 a month. Keeping that under 28% of gross income takes about $20,730 a year.
More about Milan
- Mortgage Refinance in Milan
- Debt Relief in Milan
- Home Equity Loans in Milan
- 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