Cost of Living in New Milford, CT

With a cost of living index of 105, New Milford, CT is somewhat more expensive than average. Living here is 5% more expensive than the national average and 20% below the Connecticut state average of 125. New Milford is a smaller community of 7,632 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in New Milford's cost of living. The median monthly rent is $1,422 (8% above the US median of $1,319), and the median home value sits at $326,200 (7% above the national median of $304,900). At current prices, the median home costs roughly 4x the median household income — a moderately affordable ratio by today's standards.

The median household income in New Milford is $81,170, which is 8% higher than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.