Cost of Living in Milford, CT

Housing

The housing market plays a significant role in determining the cost of living in Milford, CT.

• Housing Index: 125.0 / 100
• Median Home Price is: $376000
• Average Rent (2 BR Apartment): $2200 per month
• Average Rent (2 BR House): $2250 per month

Considering a move to Milford, CT? The current housing index stands at 125.0, indicating a moderately competitive market. With a median home price of 376000, potential homebuyers should be prepared for a notable investment. Renters may find the average rent for a 2-bedroom apartment at 2200 and a 2-bedroom house at 2250, which could impact your budget. Keep in mind that market dynamics can shift, so it’s wise to stay updated on local trends and explore surrounding neighborhoods for potential savings and value growth opportunities.

Utilities

The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Milford, CT.

• Electricity Price: 26 USD (median by state)
• Natural Gas Price: $None USD per Thousand Cubic Feet (median by state)
• Other Utilities (water, garbage, etc.): $250 per month

Living in Milford, CT could entail higher utility costs. Electricity costs sit at 26, while natural gas is priced at None per Thousand Cubic Feet—both aligning with state medians. Expect to budget about 250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Bethlehem is a financially viable option for your relocation.

Cost of Living Index

The cost of living index is a widely used metric to determine the relative affordability of cities and towns.

• Index score: 115.5

Median Income

The median income is an important factor to consider when evaluating the affordability of a city or town.

• Median Income: $104503

Educational and Social Amenities

Access to quality education, healthcare, and social services can significantly impact the overall quality of life in a city or town.

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Summary

When considering a move to Milford, CT, consider the following factors:

• Taxes: State income, property, and local income taxes can significantly impact your take-home pay.
• Job opportunities: The availability of jobs in your field can affect your quality of life.
• Cost of living: Housing costs, utilities, transportation, and other expenses should be considered when evaluating the affordability of a city or town.