Milford, NJ
Population 1,306 · New Jersey
About Milford, NJ
Milford is a small town located in New Jersey with a population of 1,306 residents according to the latest US Census Bureau American Community Survey data. The median household income is $88,295 per year, which is 17% above the national median of $75,149. The median age of 43.1 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Milford features a median home value of $304,100, which is 24% above the national median of $244,900. This positions Milford in a moderately priced market relative to the rest of the country. Median monthly rent is $1,476, 27% above the national average of $1,163/month. Of the 578 total housing units, 73% are owner-occupied (397 units) and 27% are renter-occupied (144 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Milford shows an unemployment rate of 7.1%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 6.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Milford have an average one-way commute time of 34 minutes.
Education & Demographics
39.7% of Milford residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 0.0% White, 0.5% Hispanic or Latino, 1.1% Black or African American, and 1.8% Asian residents, with 6.2% of the population being foreign-born.
Cost of Living in Milford, NJ
Compared to national averages, Milford has a median household income of $88,295 (17% above the national median of $75,149). Home values average $304,100, which is 24% above the national median. Monthly rent at $1,476 is 27% above the US average of $1,163. Within New Jersey, Milford's income is 24% below the state average of $115,667, and home values are 35% below the state median of $469,644.
Why Live in Milford, NJ?
Milford offers a strong local economy with a median household income of $88,295, well above the national average, and a well-educated community where 39.7% of residents hold a bachelor’s degree or higher, and a low poverty rate of 6.8%, better than the national average.
Milford has a population of 1,306 with a median age of 43.1 years. Compare Milford with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near Milford
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Brookside | 1,287 | $250,001 | $892,500 | Compare |
| Newfoundland | 1,281 | $127,674 | $439,600 | Compare |
| Springfield | 1,338 | $177,045 | $580,900 | Compare |
| Chesilhurst | 1,340 | $89,904 | $215,100 | Compare |
| Sunset Lake | 1,341 | $53,663 | $539,200 | Compare |
| Crandon Lakes | 1,258 | $92,434 | $279,500 | Compare |
| Dorothy | 1,255 | $104,102 | $306,900 | Compare |
| Chester | 1,359 | $152,578 | $640,400 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in New Jersey
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, NJ?
The population of Milford, NJ is 1,306 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in New Jersey.
What is the median household income in Milford?
The median household income in Milford, NJ is $88,295 per year, which is 17% above the national median of $75,149.
What is the median home value in Milford?
The median home value in Milford, NJ is $304,100, which is 24% above 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, NJ is $1,476, which is 27% above the national average of $1,163/month.
What is the unemployment rate in Milford?
The unemployment rate in Milford, NJ is 7.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Milford, NJ a good place to live?
Milford offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 1,306 and a median age of 43.1, the city appeals to a broad range of residents.
How educated is Milford, NJ?
39.7% of residents in Milford aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Milford?
Key cost-of-living indicators for Milford, NJ: median home value is $304,100 (24% above national), median rent is $1,476/month, and median household income is $88,295. The home-value-to-income ratio is 3.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Milford?
The poverty rate in Milford, NJ is 6.8%, 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, NJ?
Milford's population is 0.0% White, 0.5% Hispanic or Latino, 1.1% Black or African American, 1.8% Asian, and 1.8% two or more races. 6.2% of residents are foreign-born.