Milford, NY
Population 467 · New York
About Milford, NY
Milford is a small community located in New York with a population of 467 residents according to the latest US Census Bureau American Community Survey data. The median household income is $63,750 per year, which is 15% below the national median of $75,149. The median age of 48.7 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 $137,500, which is 44% 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 $825, 29% below the national average of $1,163/month. Of the 253 total housing units, 71% are owner-occupied (136 units) and 29% are renter-occupied (56 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Milford shows an unemployment rate of 1.1%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 10.3%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Milford have an average one-way commute time of 23.5 minutes.
Education & Demographics
32.8% 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 0.9% White, 0.0% Hispanic or Latino, 0.6% Black or African American, and 4.1% Asian residents, with 13.1% of the population being foreign-born.
Cost of Living in Milford, NY
Compared to national averages, Milford has a median household income of $63,750 (15% below the national median of $75,149). Home values average $137,500, which is 44% below the national median. Monthly rent at $825 is 29% below the US average of $1,163. Within New York, Milford's income is 34% below the state average of $96,987, and home values are 64% below the state median of $387,181.
Why Live in Milford, NY?
Milford offers affordable housing with a median home value of $137,500, below the US average of $244,900, and rent that’s lower than the national average at $825/month, and a strong job market with an unemployment rate of just 1.1%. Additionally, the city features a low poverty rate of 10.3%, better than the national average, and short commute times averaging just 23.5 minutes.
Potential considerations include median household income ($63,750) 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 467 with a median age of 48.7 years. Compare Milford with other cities to see how it stacks up, or explore all cities in New York.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Milford
What is the population of Milford, NY?
The population of Milford, NY is 467 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in New York.
What is the median household income in Milford?
The median household income in Milford, NY is $63,750 per year, which is 15% below the national median of $75,149.
What is the median home value in Milford?
The median home value in Milford, NY is $137,500, which is 44% 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, NY is $825, which is 29% below the national average of $1,163/month.
What is the unemployment rate in Milford?
The unemployment rate in Milford, NY is 1.1%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Milford, NY a good place to live?
Milford offers a moderate cost of living, affordable housing, and a strong job market. With a population of 467 and a median age of 48.7, the city appeals to established professionals and retirees.
How educated is Milford, NY?
32.8% 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, NY: median home value is $137,500 (44% below national), median rent is $825/month, and median household income is $63,750. The home-value-to-income ratio is 2.2x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Milford?
The poverty rate in Milford, NY is 10.3%, 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, NY?
Milford's population is 0.9% White, 0.0% Hispanic or Latino, 0.6% Black or African American, 4.1% Asian, and 0.0% two or more races. 13.1% of residents are foreign-born.