Milford, IN vs Rensselaer, IN

Milford, IN and Rensselaer, IN have a very similar cost of living, with only a 0.7% difference in their overall index. Milford scores 75 while Rensselaer scores 74 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Milford is $1,038/month compared to $868/month in Rensselaer — a 20% difference. Interestingly, home values tell a different story: while Rensselaer has cheaper rent, Milford actually has lower median home values ($135,300 vs $149,100).

Median household income in Milford is $52,014 compared to $61,648 in Rensselaer (-15.6%). Rensselaer offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Milford spend roughly 23.9% of their income on rent, more than the 16.9% in Rensselaer.