Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 6,472, 2,614 total housing units (homes and apartments), and a median house value of $213,992, Milford real estate is some of the most expensive in Michigan, although Milford home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Milford, accounting for 65.23% of the village's housing units. Other types of housing that are prevalent in Milford include row houses and other attached homes ( 13.50%), large apartment complexes or high rise apartments ( 12.41%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 8.60%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Milford. Owner-occupied housing accounts for 68.95% of Milford's homes, and 62.32% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Milford built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Milford built between 1940-1969 ( 34.62%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.91%). There's also some housing in Milford built before 1939 ( 13.38%).
Appreciation rates for homes in Milford have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.07%, which ranks in the top 50% nationwide. This equates to an annual average Milford house appreciation rate of 0.30%.
Appreciation rates are so strong in Milford that despite a nationwide downturn in the housing market, Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Milford appreciation rates continue to be some of the highest in America, at 5.86%, which is higher than appreciation rates in 72.88% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Milford. Milford appreciation rates in the latest quarter were at 1.86%, which equates to an annual appreciation rate of 7.66%.
Importantly, this makes Milford one of the highest appreciating communities in the nation for the latest quarter, and may signal the village's near-future real estate investment strength.
Relative to Michigan, our data show that Milford's latest annual appreciation rate is higher than 50% of the other cities and towns in Michigan.
One very important thing to keep in mind is that these are average appreciation rates for the village. Individual neighborhoods within Milford differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Milford - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Milford real estate investment or home purchase decisions.
|$972,001 - $1,296,000||0.0|
|$648,001 - $972,000||0.9|
|$518,001 - $648,000||2.8|
|$389,001 - $518,000||11.0|
|$259,001 - $389,000||30.5|
|$130,001 - $259,000||41.3|
|$65,001 - $130,000||8.7|
|$0 - $65,000||4.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Milford HOMES|
|2000 or Newer||13.9|
|1970 - 1999||38.1|
|1940 - 1969||34.6|
|1939 or Older||13.4|
|TYPE OF Milford HOMES|
|Small Apt. Buildings||8.6|
|SIZE OF Milford HOMES|
|5 or more bedrooms||1.08|