Milford, Massachusetts Income Statistics
Milford 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.
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B
Milford Around average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Milford | Massachusetts Avg | US Average |
|---|---|---|---|
| Median Household Income | $93,170 | $104,336 | $80,455 |
| Median Personal Income | $63,563 | $80,230 | $60,758 |
| Average Yearly Income Growth | 3.6% | 4.9% | 4.8% |
| Six-Figure Earners | 13.4% | 20.6% | 13.9% |
| $200k+ Households | 15.3% | 22.3% | 13.2% |
The median household income in Milford is about 11% lower than in Massachusetts. Income has been growing slower in Milford (3.6%/yr) than in Massachusetts (4.9%/yr).
About 13% of adults in Milford earn six figures ($100,000 or more) a year, lower than the Massachusetts average of 21%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Milford, Massachusetts grew by 52.5% from 2009 to 2024, reaching $93,170 in 2024. That's an average of about 3.6% per year.
Income Inequality and the Gender Pay Gap in Milford
| Metric | Milford | Massachusetts Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.515 | 0.531 | 0.552 |
| Male Median Income | $60,341 | $90,842 | $69,667 |
| Female Median Income | $68,001 | $75,629 | $56,850 |
| Gender Pay Gap | -12.7% | 16.7% | 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, it is 0.515, lower than Massachusetts's 0.531, 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.
Women's income is about 13% more than men's income in Milford, Massachusetts. Over a 35-year career, a 13% wage gap accumulates to roughly $268,100 in unearned income for male workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Milford, Massachusetts has narrowed from about 28% to -13% in 2024. Over that period the gap was widest at 34% in 2021. In dollar terms, the gap has narrowed by $22,876 since 2009.
Employment
| Metric | Milford | Massachusetts Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 4.7% | 5.1% | 5.2% |
| Working from Home | 13.2% | 18.6% | 15.0% |
| Commute time (minutes) | 31 | 25 | 22 |
Approximately 664 people are unemployed in Milford, Massachusetts.
The average commute time in Milford is 31 minutes, longer than the 25 minutes in Massachusetts.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Milford, Massachusetts has fallen from 6.9% to 4.7% in 2024. Over that period the rate peaked at 8.0% in 2013 and fell as low as 4.5% in 2023.
Milford, MA Wealth Compared With Nearby Cities
How Milford, MA compares with the 1 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Milford, MA | 24,865 | $93,170 #2/2 | 3.6%/yr #2/2 | 4.7% #1/2 | 0.515 #1/2 |
| Franklin Town, MA | 33,154 | $143,537 | 3.8%/yr | 5.2% | 0.517 |
Conclusion
Considering all these factors, Milford, Massachusetts has an overall wealth index grade of B, making it somewhat better than Massachusetts, and somewhat better than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Milford, Massachusetts.
How Rich Is Milford, Massachusetts?
Milford has a wealth index grade of B. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a B grade means residents are quite well off compared to the U.S. average. The median household income is $93,170, about 11% lower than the Massachusetts average of $104,336.
How has median household income changed in Milford, Massachusetts?
Between 2009 and 2024, the median household income in Milford, Massachusetts rose 53%, from $61,088 to $93,170. Over the same years, income here lagged behind Massachusetts as a whole: +53% against +61%.
What was the median household income in Milford in 2023?
In 2023, the median household income in Milford, Massachusetts was $88,622, about the same as in 2022. The Massachusetts median that year was $101,513.
What was the median household income in Milford in 2020?
In 2020, the median household income in Milford, Massachusetts was $81,859. By 2024 it had risen 14% to $93,170.
What is the Gini coefficient in Milford, Massachusetts?
The Gini coefficient in Milford is 0.515. 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, Massachusetts?
Since 2009, the income gap between men and women in Milford, Massachusetts has narrowed from about 28% to -13% in 2024. Over that period the gap was widest at 34% in 2021. In dollar terms, the gap has narrowed by $22,876 since 2009.
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