New Milford, NJ
Population 16,882 · New Jersey
About New Milford, NJ
New Milford is a mid-sized city located in New Jersey with a population of 16,882 residents according to the latest US Census Bureau American Community Survey data. The median household income is $113,513 per year, which is 51% above the national median of $75,149. The median age of 39.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in New Milford features a median home value of $554,800, which is 127% above the national median of $244,900. This places New Milford in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,722, 48% above the national average of $1,163/month. Of the 6,428 total housing units, 63% are owner-occupied (3,860 units) and 37% are renter-occupied (2,297 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in New Milford shows an unemployment rate of 6.4%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 4.6%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in New Milford have an average one-way commute time of 29.7 minutes.
Education & Demographics
48.0% of New Milford residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.8% White, 2.3% Hispanic or Latino, 4.5% Black or African American, and 15.2% Asian residents, with 30.5% of the population being foreign-born.
Cost of Living in New Milford, NJ
Compared to national averages, New Milford has a median household income of $113,513 (51% above the national median of $75,149). Home values average $554,800, which is 127% above the national median. Monthly rent at $1,722 is 48% above the US average of $1,163. Within New Jersey, New Milford's income is 2% below the state average of $115,667, and home values are 18% above the state median of $469,644.
Why Live in New Milford, NJ?
New Milford offers a strong local economy with a median household income of $113,513, well above the national average, and a well-educated community where 48.0% of residents hold a bachelor’s degree or higher, and a low poverty rate of 4.6%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $554,800. However, New Milford’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
New Milford has a population of 16,882 with a median age of 39.5 years. Compare New Milford with other cities to see how it stacks up, or explore all cities in New Jersey.
Similar Cities Near New Milford
Cities in New Jersey with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Avenel | 17,143 | $95,935 | $351,200 | Compare |
| Madison | 16,464 | $168,469 | $882,900 | Compare |
| North Arlington | 16,368 | $101,493 | $464,700 | Compare |
| South River | 16,007 | $101,853 | $382,500 | Compare |
| Dumont | 18,072 | $125,585 | $469,900 | Compare |
| Springdale | 15,672 | $179,531 | $454,200 | Compare |
| Colonia | 18,294 | $134,301 | $473,200 | Compare |
| Princeton Meadows | 15,382 | $124,065 | $636,300 | 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 New Milford With Other Cities
Frequently Asked Questions about New Milford
What is the population of New Milford, NJ?
The population of New Milford, NJ is 16,882 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in New Jersey.
What is the median household income in New Milford?
The median household income in New Milford, NJ is $113,513 per year, which is 51% above the national median of $75,149.
What is the median home value in New Milford?
The median home value in New Milford, NJ is $554,800, which is 127% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in New Milford?
The median monthly rent in New Milford, NJ is $1,722, which is 48% above the national average of $1,163/month.
What is the unemployment rate in New Milford?
The unemployment rate in New Milford, NJ is 6.4%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is New Milford, NJ a good place to live?
New Milford offers above-average incomes, a competitive housing market, and growing employment opportunities. With a population of 16,882 and a median age of 39.5, the city appeals to a broad range of residents.
How educated is New Milford, NJ?
48.0% of residents in New 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 New Milford?
Key cost-of-living indicators for New Milford, NJ: median home value is $554,800 (127% above national), median rent is $1,722/month, and median household income is $113,513. The home-value-to-income ratio is 4.9x, a moderate figure by national standards.
What is the poverty rate in New Milford?
The poverty rate in New Milford, NJ is 4.6%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is New Milford, NJ?
New Milford's population is 0.8% White, 2.3% Hispanic or Latino, 4.5% Black or African American, 15.2% Asian, and 4.7% two or more races. 30.5% of residents are foreign-born.