Milford, MI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Milford Neighborhoods Since 2000




Milford, MI Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Milford Housing Market Information

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%).

Milford Home Appreciation Rates

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.

Average Home Values

 

Median Home Value:
$213,992

Milford, MI HOME PRICES

Value Range
> $1,296,000 0.0
$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

Very High for MI
High for Nation

Value Relative to Nation Value Relative to State
28.9698816360014 13.1410256410256

Number Of Homes And Apartments:
2,614

Milford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MI*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
17.04% 0.92% 7 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$853 / per month

Homeownership Rate

Homeownership
Owners 68.95
Renters 31.05
Vacant 2.28

Housing Market Details

 

Age of Homes

AGE OF Milford HOMES
2000 or Newer 13.9
1970 - 1999 38.1
1940 - 1969 34.6
1939 or Older 13.4

Types of Homes

TYPE OF Milford HOMES
Single-Family 65.2
Townhomes 13.5
Small Apt. Buildings 8.6
Apt. Complexes 12.4
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Milford HOMES
No Bedroom 1.94
1 Bedroom 10.77
2 Bedrooms 23.89
3 Bedrooms 43.89
4 Bedrooms 18.43
5 or more bedrooms 1.08