Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $196,924 | $290,235 | $242,182 |
| Price Trend (Annual %) | 12.5% | 4.7% | 8.2% |
| Median Gross Rent | $1,819 | $1,419 | $1,342 |
| Rent Trend (Annual %) | 3.2% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Milford city (balance) is about 32% lower than in Connecticut. Rent is about 28% higher than the Connecticut average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Milford city (balance), up about 12.5% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Milford city (balance) rose about 26.6% between 2015 and 2023, from $1,437 to $1,819. Over the same span, rent in Connecticut rose about 31.1%.
Affordability
On average, housing unit costs 1.8 yearly household incomes in Milford city (balance).
Buying the median-priced home in Milford city (balance) costs roughly 9.0 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Milford city (balance). The price-to-rent ratio in Connecticut is about 17.0.
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Median Home Price | $196,924 | $290,235 | $242,182 |
| Median Household Income | $110,685 | $95,363 | $78,145 |
| Price-to-Income Ratio | 1.8 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Milford city (balance) fell about 8.0%, while median household income rose about 44.3% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.0% | 62.2% | 58.2% |
| Rental Rate | 21.7% | 30.3% | 31.3% |
| Vacancy Rate | 7.3% | 7.5% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Milford city (balance) has a homeownership rate of 71.0%, higher than the Connecticut average of 62.2%. Its housing vacancy rate is 7.3%, compared with 7.5% in Connecticut.
Housing Stock
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1965 | 1966 | 1978 |
| Median Number of Rooms | 5.8 | 5.7 | 5.5 |
The typical housing unit in Milford city (balance) was built around 1965. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Milford city (balance), Connecticut.
What is the median home price in Milford city (balance), Connecticut?
The median home price in Milford city (balance), Connecticut is $196,924, lower than the Connecticut average of $290,235.
What is the average home price in Milford city (balance), Connecticut?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Milford city (balance), Connecticut?
The median gross rent in Milford city (balance), Connecticut is $1,819 per month, higher than the Connecticut average of $1,419.
What was the median gross rent in Milford city (balance) in 2020?
In 2020, the median gross rent in Milford city (balance), Connecticut was $1,593 per month.
What is the price-to-rent ratio in Milford city (balance), Connecticut?
The price-to-rent ratio in Milford city (balance), Connecticut is about 9.0, meaning it would take roughly 9.0 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Milford city (balance).
Are home prices or rent rising faster in Milford city (balance), Connecticut?
Both home prices and rent are rising in Milford city (balance), up about 12.5% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Milford city (balance), Connecticut?
71.0% of households in Milford city (balance), Connecticut own their home, higher than the Connecticut average of 62.2%.
What is the vacancy rate in Milford city (balance), Connecticut?
The housing vacancy rate in Milford city (balance), Connecticut is 7.3%, lower than the Connecticut average of 7.5%.