Milford, Massachusetts Housing Market Prices
Milford Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 29% below the Massachusetts median$349,925
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Median rent 5% above the Massachusetts median$1,843
Housing Market Overview
| Metric | Milford | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $349,925 | $494,523 | $248,835 |
| Price Trend (Annual %) | 2.9% | 6.6% | 7.5% |
| Median Gross Rent | $1,843 | $1,761 | $1,407 |
| Rent Trend (Annual %) | 8.0% | 5.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Milford is about 29% lower than in Massachusetts. Rent is about 5% higher than the Massachusetts average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2017
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Milford, up about 2.9% and 8.0% a year respectively. Rent is changing faster.
Median rent in Milford rose about 76.1% between 2015 and 2024, from $1,046 to $1,843. Over the same span, rent in Massachusetts rose about 59.8%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Milford.
Buying the median-priced home in Milford costs roughly 15.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Milford. The price-to-rent ratio in Massachusetts is about 23.4.
| Metric | Milford | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Home Price | $349,925 | $494,523 | $248,835 |
| Median Household Income | $93,170 | $104,336 | $80,455 |
| Price-to-Income Ratio | 3.8 | 4.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2017, the median home price in Milford rose about 3.3%, while median household income rose about 46.1% between 2009 and 2025 — 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 | Massachusetts Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.7% | 57.5% | 58.5% |
| Rental Rate | 38.0% | 34.4% | 31.2% |
| Vacancy Rate | 3.3% | 8.1% | 10.2% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Milford has a homeownership rate of 58.7%, higher than the Massachusetts average of 57.5%. Its housing vacancy rate is 3.3%, compared with 8.1% in Massachusetts.
Housing Stock
| Metric | Milford | Massachusetts Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.74 people | 2.44 people | 2.53 people |
| Median Structure Built Year | 1963 | 1963 | 1978 |
| Median Number of Rooms | 5.7 | 5.5 | 5.5 |
The typical housing unit in Milford was built around 1963. On average, 2.7 people live in a home with about 5.7 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Milford, Massachusetts.
What is the median home price in Milford, Massachusetts?
The median home price in Milford, Massachusetts is $349,925, lower than the Massachusetts average of $494,523.
What is the average home price in Milford, Massachusetts?
The typical home price in Milford, Massachusetts, reported as the median sale price, is $349,925. 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, Massachusetts?
The median gross rent in Milford, Massachusetts is $1,843 per month, higher than the Massachusetts average of $1,761.
What was the median gross rent in Milford in 2020?
In 2020, the median gross rent in Milford, Massachusetts was $1,224 per month.
What is the price-to-rent ratio in Milford, Massachusetts?
The price-to-rent ratio in Milford, Massachusetts is about 15.8, meaning it would take roughly 15.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Milford.
Are home prices or rent rising faster in Milford, Massachusetts?
Both home prices and rent are rising in Milford, up about 2.9% and 8.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Milford, Massachusetts?
58.7% of households in Milford, Massachusetts own their home, higher than the Massachusetts average of 57.5%.
What is the vacancy rate in Milford, Massachusetts?
The housing vacancy rate in Milford, Massachusetts is 3.3%, lower than the Massachusetts average of 8.1%.
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