New Milford is a medium-sized borough located in the state of New Jersey. With a population of 17,229 people and four associated neighborhoods, New Milford is the 116th largest community in New Jersey.

Housing costs in New Milford are among some of the highest in the nation, although real estate prices here don't compare to real estate prices in the most expensive communities in New Jersey.

Also of interest is that New Milford has more people living here who work in computers and math than 95% of the places in the US.

One interesting thing about the economy is that relatively large numbers of people worked from their home: 16.91% of the workforce. While this number may seem small overall, as a fraction of the total workforce this is high compared to the rest of the county. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.

Despite being a small borough, New Milford has a lot of people using the bus to get to and from work every day. Most of these people on the bus are using it to get to good jobs in other cities.

New Milford is one of the most well-educated cities in the nation. 47.42% of adults in New Milford have at least a bachelor's degree. Compare that to the average community in America, which has just 21.84% with a bachelor's degree or higher.

The per capita income in New Milford in 2022 was $51,401, which is middle income relative to New Jersey, and wealthy relative to the rest of the US. This equates to an annual income of $205,604 for a family of four.

New Milford is an extremely ethnically-diverse borough. The people who call New Milford home describe themselves as belonging to a variety of racial and ethnic groups. The greatest number of New Milford residents report their race to be White, followed by Asian. New Milford also has a sizeable Hispanic population (people of Hispanic origin can be of any race). People of Hispanic or Latino origin account for 20.51% of the borough’s residents. Important ancestries of people in New Milford include Italian, Irish, German, Polish, and Ukrainian.

Foreign born people are also an important part of New Milford's cultural character, accounting for 30.10% of the borough’s population.

The most common language spoken in New Milford is English. Other important languages spoken here include Spanish and Tagalog.