Milford, IL
Population 1,136 · Illinois
About Milford, IL
Milford is a small town located in Illinois with a population of 1,136 residents according to the latest US Census Bureau American Community Survey data. The median household income is $45,000 per year, which is 40% below the national median of $75,149. The median age of 40.8 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Milford features a median home value of $65,300, which is 73% below the national median of $244,900. This makes Milford one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $714, 39% below the national average of $1,163/month. Of the 611 total housing units, 74% are owner-occupied (381 units) and 26% are renter-occupied (133 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Milford shows an unemployment rate of 5.1%, which is near the national rate of 3.7%. The poverty rate stands at 25.0%, above the national average of 12.4%. Workers in Milford have an average one-way commute time of 23 minutes.
Education & Demographics
18.0% of Milford residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 3.4% White, 0.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 1.4% of the population being foreign-born.
Cost of Living in Milford, IL
Compared to national averages, Milford has a median household income of $45,000 (40% below the national median of $75,149). Home values average $65,300, which is 73% below the national median. Monthly rent at $714 is 39% below the US average of $1,163. Within Illinois, Milford's income is 40% below the state average of $75,072, and home values are 61% below the state median of $165,779.
Why Live in Milford, IL?
Milford offers affordable housing with a median home value of $65,300, below the US average of $244,900, and rent that’s lower than the national average at $714/month, and short commute times averaging just 23 minutes.
Potential considerations include median household income ($45,000) that falls below the national average. However, Milford’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Milford has a population of 1,136 with a median age of 40.8 years. Compare Milford with other cities to see how it stacks up, or explore all cities in Illinois.
Similar Cities Near Milford
Cities in Illinois with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Greenfield | 1,137 | $70,469 | $97,600 | Compare |
| Marissa | 1,133 | $48,393 | $87,000 | Compare |
| Mendon | 1,131 | $62,778 | $108,500 | Compare |
| Homer | 1,130 | $75,833 | $125,700 | Compare |
| Bannockburn | 1,125 | $195,625 | $1,110,800 | Compare |
| Forreston | 1,148 | $68,042 | $116,500 | Compare |
| Tower Lakes | 1,148 | $172,656 | $495,900 | Compare |
| Central City | 1,123 | $47,750 | $43,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Illinois
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Milford With Other Cities
Frequently Asked Questions about Milford
What is the population of Milford, IL?
The population of Milford, IL is 1,136 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Illinois.
What is the median household income in Milford?
The median household income in Milford, IL is $45,000 per year, which is 40% below the national median of $75,149.
What is the median home value in Milford?
The median home value in Milford, IL is $65,300, which is 73% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Milford?
The median monthly rent in Milford, IL is $714, which is 39% below the national average of $1,163/month.
What is the unemployment rate in Milford?
The unemployment rate in Milford, IL is 5.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Milford, IL a good place to live?
Milford offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 1,136 and a median age of 40.8, the city appeals to a broad range of residents.
How educated is Milford, IL?
18.0% of residents in Milford aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Milford?
Key cost-of-living indicators for Milford, IL: median home value is $65,300 (73% below national), median rent is $714/month, and median household income is $45,000. The home-value-to-income ratio is 1.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Milford?
The poverty rate in Milford, IL is 25.0%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Milford, IL?
Milford's population is 3.4% White, 0.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 1.4% of residents are foreign-born.