Quick facts: Milford, ME

Quick Facts

106.3
Cost of Living
above US average
3,070
Population
8.14
Crime Rate per 1000
below US average
$55,000
Median Income
below US average
$250,000
Median House Price
above US average
$1600.0
Average Rent
above US average
12%
Poverty Rate
above US average
3.5%
Unemployment Rate
below 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 $55,000.

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Income Needed to Buy

βœ— Stretch
$78k/year
Based on $250,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $78k vs median $55,000
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Income Needed to Rent

⚠ Stretch
$69k/year
Based on $1600.0/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $69k vs median $55,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Milford, ME

Milford is a small town located in Penobscot County, Maine, with a population of just over 1,400 residents. Nestled along the banks of the Penobscot River, Milford is known for its picturesque natural landscapes and tight-knit community atmosphere. The town's economy is primarily supported by local businesses, agriculture, and some light manufacturing. Milford offers a variety of outdoor activities such as fishing, hiking, and camping, taking advantage of its proximity to scenic areas and state parks. The town features a few small shops and essential amenities, making it a quaint yet functional place for residents. Education is provided by the local school district, which serves the community with elementary and secondary education. Milford's charming rural setting is perfect for those seeking a peaceful lifestyle, while still being just a short drive away from the larger city of Bangor, which offers more extensive amenities and entertainment options. Overall, Milford, ME, embodies the essence of small-town living in Maine, surrounded by natural beauty and a welcoming community.

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