Quick facts: Milford, CT

Quick Facts

114.2
Cost of Living
above US average
50,471
Population
2.4
Crime Rate per 1000
below US average
$104,503
Median Income
above US average
$450,000
Median House Price
above US average
$3153.28
Average Rent
above US average
5%
Poverty Rate
below US average
4.2%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $104,503.

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Income Needed to Buy

βœ— Stretch
$141k/year
Based on $450,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $141k vs median $104,503
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Income Needed to Rent

⚠ Stretch
$135k/year
Based on $3153.28/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $135k vs median $104,503
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Milford, CT

Milford, Connecticut, is a charming coastal city located along Long Island Sound. Known for its rich history, Milford was settled in 1639 and boasts a quaint downtown area filled with unique shops, restaurants, and cultural attractions. The city has a vibrant community, with a variety of annual events and festivals that celebrate its heritage and local arts. Milford is home to beautiful beaches, including Walnut Beach and Silver Sands State Park, which offer recreational activities such as swimming, fishing, and hiking. The city also features numerous parks and nature trails, making it a great place for outdoor enthusiasts. The local school system is well-regarded, contributing to Milford's appeal for families. The city's housing market includes a mix of historic homes and newer developments, accommodating diverse preferences. With its blend of suburban charm and easy access to larger urban areas like New Haven and Bridgeport, Milford serves as an attractive location for both residents and visitors seeking a laid-back coastal lifestyle. Overall, Milford offers a unique combination of scenic beauty, community spirit, and historical significance.

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