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 $652,805, 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%).
Milford's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Milford during the period has been just 5.17%, which is lower than 80% of US communities.
Appreciation rates are so strong in Milford that despite a nationwide downturn in the housing market, Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Milford appreciation rates continue to be some of the highest in America, at 14.46%, which is higher than appreciation rates in 97.09% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Milford. Milford appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that Milford's latest annual appreciation rate is higher than 80% of the other cities and towns in New Jersey.
$652,805
for New jersey
for nation
525
$2,202 / per month