Mortgage payment estimates, closing cost breakdowns, and homebuying data for Milford, Connecticut.
Median Home Price
$395K
Population
54K
Avg Monthly Rent
$1,650
Property Tax Rate
2.15% *
* Property tax shown is the Connecticut state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Milford.
Milford vs Connecticut Median
The median home price in Milford is $395,000, which is roughly in line with the Connecticut state median of $405,000.
Mortgage Calculator — Milford, CT
Pre-filled with Milford median home price and Connecticut tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $395K home using Connecticut's 2.15% tax rate and $2,100/yr insurance.
5% Down
$3,473/mo
Down: $19,750
Loan: $375K
P&I: $2,372
Tax: $708
Insurance: $175
PMI: $219
10% Down
$3,337/mo
Down: $39,500
Loan: $356K
P&I: $2,247
Tax: $708
Insurance: $175
PMI: $207
20% Down (No PMI)
$2,880/mo
Down: $79,000
Loan: $316K
P&I: $1,997
Tax: $708
Insurance: $175
Income needed (28% rule): $123K/year with 20% down, $143K/year with 10% down.
Rent vs Buy in Milford
Rent
$1,650/mo
vs
Buy (10% down)
$3,337/mo
Price-to-rent ratio: 19.9 — A ratio between 15-20 means the rent vs buy decision in Milford depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Milford is $395,000, roughly in line with the Connecticut state median of $405,000. With a population of 54,120, Milford is a smaller market where home prices tend to be more accessible than in many parts of Connecticut.
Property taxes in Connecticut average 2.15% annually. This higher-than-average tax rate means a $395,000 home in Milford would carry roughly $708/month in property taxes alone — plan accordingly. Homeowners insurance in Connecticut runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Milford is $1,650/month. The price-to-rent ratio in Milford is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Milford presents moderate affordability. The $395K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Milford.