Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 12,981 people, 5,034 houses or apartments, and a median cost of homes of $340,056, Milford real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Milford, accounting for 56.94% of the city's housing units. Other types of housing that are prevalent in Milford include large apartment complexes or high rise apartments ( 30.38%), duplexes, homes converted to apartments or other small apartment buildings ( 6.50%), and a few row houses and other attached homes ( 4.76%).
The most prevalent building size and type in Milford are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.69% owning and 51.32% renting.
Milford homes and real estate are some of the newest in America. 41.77% of Milford's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Milford real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 26.17%), and between 1940-1969 ( 18.39%). There's also some housing in Milford built before 1939 ( 13.67%).
Real estate appreciation rates in Milford's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.39% during the period.
Over the last year, Milford appreciation rates have trailed the rest of the nation. In the last twelve months, Milford's appreciation rate has been 4.21%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Milford were at 6.19%, which equates to an annual appreciation rate of 27.15%.
Importantly, this makes Milford one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Delaware, our data show that Milford's latest annual appreciation rate is lower than 50% of the other cities and towns in Delaware.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Milford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Milford - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Milford real estate investment or home purchase decisions.
$340,056
for Delaware
for nation
5,034
$1,863 / per month