Cost of Living in Milford, IA

With a cost of living index of 74, Milford, IA is one of the most affordable cities in the country. Living here is 26% cheaper than the national average and in line with the Iowa state average. Milford is a small community of 3,315 residents.

Housing costs are the biggest factor in Milford's cost of living. The median monthly rent is $806 (39% below the US median of $1,319), and the median home value sits at $211,000 (31% below the national median of $304,900). At current prices, the median home costs roughly 3.5x the median household income — a moderately affordable ratio by today's standards.

The median household income in Milford is $60,571, which is 19% lower than the national median of $75,149. Residents spend roughly 16% 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 46.8°F, with summers averaging 71°F and winters around 20°F. Annual rainfall totals 26.8 inches spread over roughly 97 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.