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 a population of 1,218, 525 total housing units (homes and apartments), and a median house value of $547,040, real estate costs in Milford are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Single-family detached homes are the single most common housing type in Milford, accounting for 76.28% of the borough's housing units. Other types of housing that are prevalent in Milford include row houses and other attached homes ( 9.73%), duplexes, homes converted to apartments or other small apartment buildings ( 7.61%), and a few large apartment complexes or high rise apartments ( 6.37%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milford. Owner-occupied housing accounts for 78.22% of Milford's homes, and 66.37% have either three or four bedrooms, which is average sized relative to America.
The housing in Milford was primarily built before 1939 ( 38.23%), making the housing stock in Milford some of the oldest overall in America, although there is a range of ages of homes in Milford. The next most important housing age is between 1940-1969 ( 36.28%), followed by between 1970-1999 ( 23.01%). There's also some housing in Milford built between 2000 and later ( 2.48%).
Some of the lowest real estate appreciation rates in America over the last ten years have been in Milford, where house values have increased just 39.88%, which is annualized rate of 3.41%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
NeighborhoodScout's data show that during the latest twelve months, Milford's appreciation rate, at 4.85%, has been at or slightly above the national average. In the latest quarter, Milford's appreciation rate has been 0.41%, which annualizes to a rate of 1.66%.
Relative to New Jersey, our data show that Milford's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.
$547,040
for New jersey
for nation
525
$2,094 / per month