Milford, IN
Population 1,955 · Indiana
About Milford, IN
Milford is a small town located in Indiana with a population of 1,955 residents according to the latest US Census Bureau American Community Survey data. The median household income is $52,014 per year, which is 31% below the national median of $75,149. The median age of 37.2 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 $135,300, which is 45% 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 $1,038, 11% below the national average of $1,163/month. Of the 771 total housing units, 82% are owner-occupied (617 units) and 18% are renter-occupied (140 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Milford shows an unemployment rate of 0.8%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 4.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Milford have an average one-way commute time of 25.2 minutes.
Education & Demographics
7.0% 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 24.9% White, 1.1% Hispanic or Latino, 0.3% Black or African American, and 2.5% Asian residents, with 8.8% of the population being foreign-born.
How Milford Ranks in Indiana
Cost of Living in Milford, IN
Compared to national averages, Milford has a median household income of $52,014 (31% below the national median of $75,149). Home values average $135,300, which is 45% below the national median. Monthly rent at $1,038 is 11% below the US average of $1,163. Within Indiana, Milford's income is 25% below the state average of $69,330, and home values are 17% below the state median of $163,409.
Why Live in Milford, IN?
Milford offers affordable housing with a median home value of $135,300, below the US average of $244,900, and rent that’s lower than the national average at $1,038/month, and a strong job market with an unemployment rate of just 0.8%. Additionally, the city features a low poverty rate of 4.8%, better than the national average.
Potential considerations include median household income ($52,014) 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 1,955 with a median age of 37.2 years. Compare Milford with other cities to see how it stacks up, or explore all cities in Indiana.
Similar Cities Near Milford
Cities in Indiana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Liberty | 1,958 | $46,801 | $122,000 | Compare |
| Salt Creek Commons | 1,973 | $84,648 | $181,100 | Compare |
| Trail Creek | 1,983 | $65,929 | $177,600 | Compare |
| Hope | 1,988 | $68,015 | $127,200 | Compare |
| Battle Ground | 1,989 | $104,583 | $268,300 | Compare |
| Williamsport | 1,921 | $56,875 | $132,500 | Compare |
| Greentown | 2,005 | $57,917 | $116,500 | Compare |
| Bristol | 1,903 | $81,656 | $202,900 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Indiana
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, IN?
The population of Milford, IN is 1,955 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Indiana.
What is the median household income in Milford?
The median household income in Milford, IN is $52,014 per year, which is 31% below the national median of $75,149.
What is the median home value in Milford?
The median home value in Milford, IN is $135,300, which is 45% 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, IN is $1,038, which is 11% below the national average of $1,163/month.
What is the unemployment rate in Milford?
The unemployment rate in Milford, IN is 0.8%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Milford, IN a good place to live?
Milford offers a moderate cost of living, affordable housing, and a strong job market. With a population of 1,955 and a median age of 37.2, the city appeals to a broad range of residents.
How educated is Milford, IN?
7.0% 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, IN: median home value is $135,300 (45% below national), median rent is $1,038/month, and median household income is $52,014. The home-value-to-income ratio is 2.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Milford?
The poverty rate in Milford, IN is 4.8%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Milford, IN?
Milford's population is 24.9% White, 1.1% Hispanic or Latino, 0.3% Black or African American, 2.5% Asian, and 0.0% two or more races. 8.8% of residents are foreign-born.