Milford, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Milford Neighborhoods Since 2000




Milford, NJ 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 1,204, 459 total housing units (homes and apartments), and a median house value of $413,730, real estate costs in Milford are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.

Single-family detached homes are the single most common housing type in Milford, accounting for 63.88% of the borough's housing units. Other types of housing that are prevalent in Milford include duplexes, homes converted to apartments or other small apartment buildings ( 22.24%), row houses and other attached homes ( 8.37%), and a few large apartment complexes or high rise apartments ( 5.51%).

The most prevalent building size and type in Milford are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 64.30% owning and 35.70% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Milford's housing was primarily built during this period, from the '40s through the '60s. A full 33.08% of the borough's housing hails from this era. Other housing ages represented in Milford include homes built before 1939 ( 32.13%) and housing constructed between 1970-1999 ( 30.80%). There's also some housing in Milford built between 2000 and later ( 3.99%).

Vacant housing appears to be an issue in Milford. Fully 12.74% of the housing stock is classified as vacant. Left unchecked, vacant Milford homes and apartments can be a drag on the real estate market, holding Milford real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Milford Home Appreciation Rates

Homes have actually lost value in Milford over the last then years, as home values have seen a decline of 20.91% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Milford home appreciation rates at 0.66%, which equates to an annual appreciation rate of 2.68%.

Over the last year, Milford appreciation rates have trailed the rest of the nation. In the last twelve months, Milford's appreciation rate has been 3.06%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Milford were at 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that Milford's latest annual appreciation rate is higher than 50% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$413,730

Milford, NJ HOME PRICES

Value Range
> $1,042,000 0.8
$781,001 - $1,042,000 6.6
$521,001 - $781,000 25.4
$417,001 - $521,000 11.7
$313,001 - $417,000 25.9
$208,001 - $313,000 18.4
$104,001 - $208,000 7.8
$52,001 - $104,000 0.0
$0 - $52,000 3.3

High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
8.81284425172858 37.3983739837398

Number Of Homes And Apartments:
459

Milford Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
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
21.91% 1.16% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,600 / per month

Homeownership Rate

Homeownership
Owners 64.30
Renters 35.70
Vacant 12.74

Housing Market Details

 

Age of Homes

AGE OF Milford HOMES
2000 or Newer 4.0
1970 - 1999 30.8
1940 - 1969 33.1
1939 or Older 32.1

Types of Homes

TYPE OF Milford HOMES
Single-Family 63.9
Townhomes 8.4
Small Apt. Buildings 22.2
Apt. Complexes 5.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Milford HOMES
No Bedroom 0.76
1 Bedroom 15.78
2 Bedrooms 21.67
3 Bedrooms 40.30
4 Bedrooms 20.91
5 or more bedrooms 0.57