Milford, MI—48380
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Milford, MI
Home Price Trends — Milford, MI
As of Oct '25, the median home price in Milford, MI is $540,000, with a year-over-year change of 4.7%. This indicates that home prices in Milford, MI are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $540,000 | 4.7% |
| Single Family | $527,000 | 3.9% |
| Condos | $680,000 | 5.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $302,000 | 1.7% |
3 Bed | $430,000 | 3.9% |
4 Bed | $669,000 | 3.7% |
| 5 Bed | $813,000 | 2.9% |
% of Housing Stock
Rental Trends — Milford, MI
As of July '25, Rentcast reports the average rent in Milford, MI is $2,000, with a year-over-year rent change of -37.5%. Per bedroom, the median rent as of July '25 in Milford, MI is 3-bedrooms: $2,000. The most common rental property sizes in Milford, MI are 4-bedroom and studio, accounting for 100.0% and 0.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,000 | $2,000 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $2,000 | $2,000 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Milford, MI
As of Oct '25, Realtor.com reports that the median days on market for a home in Milford, MI is 49. This is a increase of 5.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $669,000 | 2.0% |
Listing Count | 16 | -28.0% |
| Listings as % of Homes | 0.2% | -28.0% |
Days on Market | 49 | 5.0% |
Demographics — Milford, MI
As of the latest ACS Survey released in 2023, Milford, MI has a population of 7,500, which has remained stable by -1.0% over the past 5 years. Milford, MI is a moderately popular place for families, as children make up 22.2% of the population. The area has a highly educated workforce, with 45.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 15.1% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,500 | -1.0% |
% Under 18 | 22.2% | 14.4% |
% Seniors | 20.7% | 6.2% |
% WFH | 15.1% | 67.8% |
% w/ College Degree | 45.8% | 4.6% |
As of the latest ACS Survey released in 2023, Milford, MI is a predominantly white area, with 93.0% of the population identifying as white. The white population has shrunk by 3.4% in the last 5 years. The second most common race or ethnicity in Milford, MI is hispanic, making up 1.8% of the population. Foreign-born residents account for 5.8% of the population in Milford, MI, and this percentage has increased by 65.7% 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 | 93.0% | -3.4% |
% Black | 0.8% | -11.1% |
% Hispanic | 1.8% | 63.6% |
% Asian | 0.8% | 33.3% |
% Foreign Born | 5.8% | 65.7% |
Mortgage and Risk — Milford, MI
According to HUD data as of 2023, there were 114 mortgage originations in Milford, MI, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 44.0%, with 8.0% above 90% LTV (normal). This implies small mortgage risk in Milford, MI. Investor activity is low, as 1.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 114 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 1.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Milford, MI
Milford, MI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | N/A |
Total Units Section 8 | N/A |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,680 |
| 2 Bedroom | N/A | N/A | $2,080 |
| 3 Bedroom | $640 | $2,000 | $2,640 |
| 4 Bedroom | N/A | N/A | $2,890 |
Affordability — Milford, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $540,000 |
| Median Household Income | $133,000 |