Milford, CT

Above Avg · 127

Connecticut · Population 50,749 · Updated March 2026

$1,820
Median Rent / Month
$110,126
Median Income
$377,400
Median Home Value
$1,900
Owner Costs / Month

Affordability

How far your income goes in Milford

19.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Connecticut

State-level tax rates that affect your costs

6.99%
Income Tax (Top Rate)
6.35%
Sales Tax
2.15%
Property Tax Rate

Estimated Annual Costs

$21,840
Annual Rent
$7,698
State Income Tax
$8,114
Property Tax (est.)

Cost of Living Overview

Milford has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 127 (where 100 equals the national median), Milford residents can expect to pay median rent of $1,820/month while earning a median household income of $110,126/year.

The median home value in Milford, CT is $377,400, with typical monthly owner costs around $1,900 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Connecticut has a moderate income tax rate of 6.99%. Combined with a 6.35% sales tax rate and 2.15% effective property tax rate, the overall tax environment is a factor in the total cost of living in Milford.

Frequently Asked Questions

Common questions about living costs in Milford

What is the cost of living in Milford, CT?
The cost of living index in Milford, CT is 127 (US average = 100). Median monthly rent is $1,820, median household income is $110,126/year, and the median home value is $377,400.
Is Milford, CT affordable?
No, Milford is more expensive than the national average with a cost index of 127. The rent-to-income ratio is 19.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Milford, CT?
The median gross rent in Milford, CT is $1,820 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $21,840.
What is the median household income in Milford?
The median household income in Milford, CT is $110,126 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Connecticut?
Connecticut has a top income tax rate of 6.99%, a sales tax of 6.35%, and an effective property tax rate of 2.15%.