Cost of Living in Milford, UT

With a cost of living index of 80, Milford, UT is a very affordable place to live. Living here is 20% cheaper than the national average and 28% below the Utah state average of 108. Milford is a small community of 1,400 residents.

Housing costs are the biggest factor in Milford's cost of living. The median monthly rent is $872 (34% below the US median of $1,319), and the median home value sits at $243,500 (20% below the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Milford is $79,861, which is 6% higher than the national median of $75,149. Residents spend roughly 13% 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.