Cost of Living in Milford, IL

With a cost of living index of 61, Milford, IL is one of the most affordable cities in the country. Living here is 39% cheaper than the national average and 19% below the Illinois state average of 80. Milford is a small community of 1,136 residents.

Housing costs are the biggest factor in Milford's cost of living. The median monthly rent is $714 (46% below the US median of $1,319), and the median home value sits at $65,300 (79% below the national median of $304,900). At current prices, the median home costs roughly 1.5x the median household income — well within traditional affordability guidelines.

The median household income in Milford is $45,000, which is 40% lower than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Milford. The area sees an average annual temperature of 52.3°F, with summers averaging 74°F and winters around 29°F. Annual rainfall totals 40.4 inches spread over roughly 102 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.