Mortgage payment estimates, closing cost breakdowns, and homebuying data for Milford, Delaware.
Median Home Price
$275K
Population
12K
Avg Monthly Rent
$1,250
Property Tax Rate
0.56% *
* Property tax shown is the Delaware 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 Delaware Median
The median home price in Milford is $275,000, which is 23% below the Delaware state median of $355,000.
Mortgage Calculator — Milford, DE
Pre-filled with Milford median home price and Delaware tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $275K home using Delaware's 0.56% tax rate and $1,300/yr insurance.
5% Down
$2,040/mo
Down: $13,750
Loan: $261K
P&I: $1,651
Tax: $128
Insurance: $108
PMI: $152
10% Down
$1,945/mo
Down: $27,500
Loan: $248K
P&I: $1,564
Tax: $128
Insurance: $108
PMI: $144
20% Down (No PMI)
$1,627/mo
Down: $55,000
Loan: $220K
P&I: $1,391
Tax: $128
Insurance: $108
Income needed (28% rule): $70K/year with 20% down, $83K/year with 10% down.
Rent vs Buy in Milford
Rent
$1,250/mo
vs
Buy (10% down)
$1,945/mo
Price-to-rent ratio: 18.3 — 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 $275,000, 23% below the Delaware state median of $355,000. With a population of 11,732, Milford is a smaller market where home prices tend to be more accessible than in many parts of Delaware.
Property taxes in Delaware average 0.56% annually. This low property tax rate is a significant advantage for Milford buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Delaware runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in Milford is $1,250/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 $275K 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.