Cost of Living in Milford, DE

With a cost of living index of 91, Milford, DE is slightly more affordable than average. Living here is 9% cheaper than the national average and 14% below the Delaware state average of 105. Milford is a smaller community of 12,193 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Milford's cost of living. The median monthly rent is $1,182 (10% below the US median of $1,319), and the median home value sits at $274,600 (10% below the national median of $304,900). At current prices, the median home costs roughly 5x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Milford is $55,265, which is 26% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Everyday prices in the Dover, DE (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.