Milford, MI—48381
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 $445,000, with a year-over-year change of 3.0%. This indicates that home prices in Milford, MI are increasing. According to Zillow, the 1-year price projection is 1.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $445,000 | 3.0% |
| Single Family | $445,000 | 2.3% |
| Condos | $451,000 | 4.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $284,000 | -0.4% |
3 Bed | $413,000 | 2.2% |
4 Bed | $534,000 | 3.1% |
| 5 Bed | $672,000 | 2.9% |
% of Housing Stock
Rental Trends — Milford, MI
As of July '25, Rentcast reports the average rent in Milford, MI is $1,950, with a year-over-year rent change of 3.7%. Per bedroom, the median rent as of July '25 in Milford, MI is 1-bedrooms: $1,320, 2-bedrooms: $1,800, 3-bedrooms: $1,990, 4-bedrooms: $3,500. The most common rental property sizes in Milford, MI are 2-bedroom and 1-bedroom, accounting for 46.7% and 20.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,950 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,260 | $1,320 |
| 2 Bed Rent | $1,800 | $1,800 |
| 3 Bed Rent | $1,350 | $1,990 |
| 4 Bed Rent | $2,900 | $3,500 |
% 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 55. This is a increase of 7.0% 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 9.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $599,000 | 12.0% |
Listing Count | 94 | 6.0% |
| Listings as % of Homes | 0.3% | 6.0% |
Days on Market | 55 | 7.0% |
Demographics — Milford, MI
As of the latest ACS Survey released in 2023, Milford, MI has a population of 13,700, which has increased by 2.6% over the past 5 years. Milford, MI is a popular place for families, as children make up 25.3% of the population. The area has a highly educated workforce, with 45.2% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 13,700 | 2.6% |
% Under 18 | 25.3% | 17.7% |
% Seniors | 20.0% | 4.7% |
% WFH | 20.8% | 210.4% |
% w/ College Degree | 45.2% | 6.6% |
As of the latest ACS Survey released in 2023, Milford, MI is a predominantly white area, with 89.4% of the population identifying as white. The white population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Milford, MI is hispanic, making up 4.0% of the population. Foreign-born residents account for 3.2% of the population in Milford, MI, and this percentage has decreased by 39.6% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 89.4% | -4.0% |
% Black | 1.2% | 0.0% |
% Hispanic | 4.0% | 60.0% |
% Asian | 1.5% | 7.1% |
% Foreign Born | 3.2% | -39.6% |
Mortgage and Risk — Milford, MI
According to HUD data as of 2023, there were 247 mortgage originations in Milford, MI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 20.0% above 90% LTV (very high). This implies large mortgage risk in Milford, MI. Investor activity is low, as 0.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 247 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Milford, MI
As of 2024, the percent of homes in Milford, MI under the Section 8 program is 12.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Milford, MI, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 133 |
Total Units Section 8 | 133 |
% Rentals under Section 8 | 12.9% |
% Occupied Section 8 | 90.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$80 | $1,260 | $1,180 |
| 2 Bedroom | -$310 | $1,800 | $1,490 |
| 3 Bedroom | $480 | $1,350 | $1,830 |
| 4 Bedroom | -$920 | $2,900 | $1,980 |
Affordability — Milford, MI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $445,000 |
| Median Household Income | $103,000 |