Milford city (balance), Connecticut Income Statistics
Milford city (balance) Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
-
A
Milford city (balance) Above average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Median Household Income | $111,865 | $97,098 | $80,455 |
| Median Personal Income | $85,632 | $75,632 | $60,758 |
| Average Yearly Income Growth | 4.1% | 3.7% | 4.8% |
| Six-Figure Earners | 23.5% | 18.8% | 13.9% |
| $200k+ Households | 22.3% | 19.5% | 13.2% |
The median household income in Milford city (balance) is about 15% higher than in Connecticut. Income has been growing faster in Milford city (balance) (4.1%/yr) than in Connecticut (3.7%/yr).
About 23% of adults in Milford city (balance) earn six figures ($100,000 or more) a year, higher than the Connecticut average of 19%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Milford city (balance), Connecticut grew by 52.5% from 2009 to 2024, reaching $111,865 in 2024. That's an average of about 4.1% per year.
Milford city (balance) has been far above the U.S. median household income in every year from 2009 to 2024. The gap has narrowed from 43% in 2009 to 39% in 2024, the closest it has been.
Income Distribution in Milford city (balance)
How incomes are spread across brackets, compared with the U.S. Pick a range to count who falls in it.
Households by income, 2024
Income range calculator
About 10,986 households (54.3% of all households) have an income of $100,000 or more.
Across the U.S.: 40.2% of all households.
In 2024, 12.0% of households in Milford city (balance) had an income under $35,000 and 35.9% had $150,000 or more. Across the U.S., those shares were 21.6% and 22.8%.
Compared with the U.S., Milford city (balance) has a larger share of households earning $200,000 or more (22.3% vs 13.2%) and a smaller share earning $50,000 to $74,999 (11.8% vs 15.5%).
| Household income | Households | Share | U.S. share |
|---|---|---|---|
| Under $10,000 | 555 | 2.7% | 5.1% |
| $10,000 to $14,999 | 501 | 2.5% | 3.5% |
| $15,000 to $24,999 | 588 | 2.9% | 6.4% |
| $25,000 to $34,999 | 779 | 3.8% | 6.7% |
| $35,000 to $49,999 | 1,655 | 8.2% | 10.1% |
| $50,000 to $74,999 | 2,393 | 11.8% | 15.5% |
| $75,000 to $99,999 | 2,794 | 13.8% | 12.6% |
| $100,000 to $149,999 | 3,720 | 18.4% | 17.4% |
| $150,000 to $199,999 | 2,746 | 13.6% | 9.5% |
| $200,000 or more | 4,521 | 22.3% | 13.2% |
Shares are of all 20,251 households, one per occupied home whatever its size. Households with zero or negative income are counted in the lowest bracket. Source: ACS 5-year estimates ending 2024 (table B19001).
Residents 15+ by personal income, 2024
Income range calculator
About 9,638 residents (23.5% of residents aged 15 and over) have a personal income of $100,000 or more.
Across the U.S.: 13.9% of residents aged 15 and over.
That is 25.6% of residents who have any income.
In 2024, 8.2% of Milford city (balance) residents aged 15 and over reported no personal income, 20.5% had some income but less than $25,000, and 36.7% had $75,000 or more. Across the U.S., those shares were 12.8%, 28.7% and 22.0%.
Compared with the U.S., Milford city (balance) has a larger share of residents earning $100,000 or more (23.5% vs 13.9%) and a smaller share with no personal income (8.2% vs 12.8%).
| Personal income | Residents | Share | U.S. share |
|---|---|---|---|
| No income | 3,375 | 8.2% | 12.8% |
| $1 to $9,999 | 3,200 | 7.8% | 11.2% |
| $10,000 to $14,999 | 2,175 | 5.3% | 7.0% |
| $15,000 to $24,999 | 3,033 | 7.4% | 10.5% |
| $25,000 to $34,999 | 3,204 | 7.8% | 9.5% |
| $35,000 to $49,999 | 4,446 | 10.8% | 12.6% |
| $50,000 to $74,999 | 6,572 | 16.0% | 14.3% |
| $75,000 to $99,999 | 5,411 | 13.2% | 8.2% |
| $100,000 or more | 9,638 | 23.5% | 13.9% |
Shares are of the 41,054 residents aged 15 and over, the only people the Census Bureau asks about income, and include those who reported none. A share of the whole population would count children as people without income, while a share of earners alone would hide the 8.2% with no income; the calculator adds that second share whenever your range leaves out people with no income. Source: ACS 5-year estimates ending 2024 (table B19325).
Income Inequality and the Gender Pay Gap in Milford city (balance)
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.487 | 0.536 | 0.552 |
| Male Median Income | $97,706 | $85,321 | $69,667 |
| Female Median Income | $81,245 | $70,012 | $56,850 |
| Gender Pay Gap | 16.8% | 17.9% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Milford city (balance), it is 0.487, lower than Connecticut's 0.536, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 20% more than women's income in Milford city (balance), Connecticut. Over a 35-year career, a 20% wage gap accumulates to roughly $576,135 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Milford city (balance), Connecticut has narrowed from about 26% to 17% in 2024. Over that period the gap was narrowest at 14% in 2021. In dollar terms, the gap has narrowed by $564 since 2009.
Employment
| Metric | Milford city (balance) | Connecticut Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.1% | 5.5% | 5.2% |
| Working from Home | 17.8% | 16.2% | 15.0% |
| Commute time (minutes) | 21 | 22 | 22 |
Approximately 944 people are unemployed in Milford city (balance), Connecticut.
The average commute time in Milford city (balance) is 21 minutes, shorter than the 22 minutes in Connecticut.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Milford city (balance), Connecticut has fallen from 5.8% to 4.1% in 2024. Over that period the rate peaked at 8.3% in 2014 and fell as low as 3.9% in 2022.
Milford city (balance) has stayed below the U.S. unemployment rate in every year from 2011 to 2024 and has never risen above it. It came closest in 2021, at 0.3 points lower. The gap has narrowed from 2.9 points in 2011 to 1.1 points in 2024.
Conclusion
Considering all these factors, Milford city (balance), Connecticut has an overall wealth index grade of A, making it somewhat better than Connecticut, and notably better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Milford city (balance), Connecticut.
How Rich Is Milford city (balance), Connecticut?
Milford city (balance) has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $111,865, about 15% higher than the Connecticut average of $97,098.
How has median household income changed in Milford city (balance), Connecticut?
Between 2009 and 2024, the median household income in Milford city (balance), Connecticut rose 52%, from $73,359 to $111,865. Over the same years, income here outpaced Connecticut as a whole: +52% against +41%.
What was the median household income in Milford city (balance) in 2023?
In 2023, the median household income in Milford city (balance), Connecticut was $110,685, up 5% from $104,975 in 2022. The Connecticut median that year was $95,197.
What was the median household income in Milford city (balance) in 2020?
In 2020, the median household income in Milford city (balance), Connecticut was $94,860. By 2024 it had risen 18% to $111,865.
Is it hard to find a job in Milford city (balance), Connecticut?
Unemployment in Milford city (balance), Connecticut is only 4.1%, well below the Connecticut rate of 5.5%, a sign of a tight labor market where employers compete for workers.
What is the Gini coefficient in Milford city (balance), Connecticut?
The Gini coefficient in Milford city (balance) is 0.487. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Milford city (balance), Connecticut?
Since 2009, the income gap between men and women in Milford city (balance), Connecticut has narrowed from about 26% to 17% in 2024. Over that period the gap was narrowest at 14% in 2021. In dollar terms, the gap has narrowed by $564 since 2009.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →