Milford, NJ—08848
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Milford, NJ
As of Oct '25, the median home price in Milford, NJ is $515,000, with a year-over-year change of 2.9%. This indicates that home prices in Milford, NJ are increasing. According to Zillow, the 1-year price projection is 1.0%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $515,000 | 2.9% |
| Single Family | $519,000 | 2.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $356,000 | 2.3% |
3 Bed | $471,000 | 4.4% |
4 Bed | $665,000 | 4.4% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Milford, NJ
As of July '25, Rentcast reports the average rent in Milford, NJ is $2,010, with a year-over-year rent change of -4.3%. Per bedroom, the median rent as of July '25 in Milford, NJ is 1-bedrooms: $1,650, 2-bedrooms: $1,950, 3-bedrooms: $2,650. The most common rental property sizes in Milford, NJ are 2-bedroom and 3-bedroom, accounting for 51.6% and 18.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,740 | $2,010 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,650 | $1,650 |
| 2 Bed Rent | $1,740 | $1,950 |
| 3 Bed Rent | $2,650 | $2,650 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Milford, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Milford, NJ is 33. This is a increase of 45.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $759,000 | 44.0% |
Listing Count | 32 | -17.0% |
| Listings as % of Homes | 0.7% | -17.0% |
Days on Market | 33 | 45.0% |
Demographics — Milford, NJ
As of the latest ACS Survey released in 2023, Milford, NJ has a population of 8,380, which has remained stable by 0.3% over the past 5 years. Milford, NJ is a popular place for families, as children make up 25.8% of the population. The area has a highly educated workforce, with 47.0% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 8,380 | 0.3% |
% Under 18 | 25.8% | 33.0% |
% Seniors | 20.4% | 0.0% |
% WFH | 15.3% | 135.4% |
% w/ College Degree | 47.0% | 17.2% |
As of the latest ACS Survey released in 2023, Milford, NJ is a predominantly white area, with 94.7% of the population identifying as white. The white population has shrunk by 2.5% in the last 5 years. The second most common race or ethnicity in Milford, NJ is hispanic, making up 1.7% of the population. Foreign-born residents account for 4.9% of the population in Milford, NJ, and this percentage has increased by 157.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 94.7% | -2.5% |
% Black | 0.9% | 50.0% |
% Hispanic | 1.7% | -26.1% |
% Asian | 0.5% | 400.0% |
% Foreign Born | 4.9% | 157.9% |
Mortgage and Risk — Milford, NJ
According to HUD data as of 2023, there were 223 mortgage originations in Milford, NJ, of which 89.0% of loans were conventional mortgages. The average loan-to-value was 50.0%, with 14.0% above 90% LTV (elevated). This implies medium mortgage risk in Milford, NJ. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 223 |
% Conventional Loans | 89.0% |
% Government Loans | 11.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Milford, NJ
Milford, NJ lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 30 |
Total Units Section 8 | 30 |
% Rentals under Section 8 | 7.6% |
% Occupied Section 8 | 89.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$20 | $1,650 | $1,630 |
| 2 Bedroom | $310 | $1,740 | $2,050 |
| 3 Bedroom | -$160 | $2,650 | $2,490 |
| 4 Bedroom | N/A | N/A | $2,730 |
Affordability — Milford, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.4 |
| Median Home Price | $515,000 |
| Median Household Income | $130,000 |