Lake of the Woods, IN vs Milford, IN

Milford is moderately more affordable than Lake of the Woods, with a 5.5% lower cost of living index. Lake of the Woods scores 79 compared to 75 for Milford, where the US average is 100. This difference means residents of Lake of the Woods can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Lake of the Woods is $1,020/month compared to $1,038/month in Milford — a 2% difference. Interestingly, home values tell a different story: while Lake of the Woods has cheaper rent, Milford actually has lower median home values ($135,300 vs $189,600).

Median household income in Lake of the Woods is $64,375 compared to $52,014 in Milford (+23.8%). While Lake of the Woods is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Lake of the Woods spend roughly 19% of their income on rent, less than the 23.9% in Milford.