Milford, MI Cost Of Living
Cost Of Living In Milford, MI Summary
Cost of living in Milford research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Milford is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Michigan, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Milford is 99, with 100 being the average.
The cost of living index in Milford is 1.0x lower than the national average.
Milford ranks as the #144 cheapest in Michigan out of 175.
Milford ranks as the #3,027 cheapest out of 6,412 in the US.
The median home value in Milford is $308,700.
The median income in Milford is $90,591.
Table Of Contents
Milford's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Milford, MI?
According to the most recent data on the cost of living, Milford has an overall cost of living index of 99, which is 1.0x lower than the national index of 100.
Compared to Michigan, Milford has a cost of living index that's 1.1x higher than Michigan's index of 92.
The standard of living in Milford ranks as #144 most affordable out of the 175 places we measured in Michigan. By definition, that implies Milford ranks as the #31 most expensive place in the Wolverine State.
For more reading on life in Milford, check out:
- Living In Milford
- Milford Crime Report
- Search Homes For Sale In Milford, MI
In Michigan
In America
Milford Cost Of Living Vs. Michigan
Six factors go into calculating the cost of living index in Milford. Here is how it fairs on each of the criteria:
The Services index in Milford is 109.
The Groceries index in Milford is 100.
The Health index in Milford is 95.
The Housing index in Milford is 96.
The Transportation index in Milford is 105.
The Utilities index in Milford is 97.
| Living Expense | Milford | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 99 | 92 | 100 | |
| Services | 109 | 96 | 100 | |
| Groceries | 100 | 96 | 100 | |
| Health | 95 | 94 | 100 | |
| Housing | 96 | 80 | 100 | |
| Transportation | 105 | 97 | 100 | |
| Utilities | 97 | 100 | 100 | |
Milford, MI Housing Cost Breakdown
Housing swings affordability the most between places in Michigan, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Milford is $308,700.
The Median Rent in Milford is $914.
The Median Income in Milford is $90,591.
The Home Value To Income in Milford is 3.4x.
The Rent To Monthly Income in Milford is 0.12x.
| Statistic | Milford | Michigan | United States |
|---|---|---|---|
| Median Home Value | $308,700 | $172,100 | $244,900 |
| Median Rent | $914 | $946 | $1,163 |
| Median Income | $90,591 | $63,202 | $69,021 |
| Home Value To Income | 3.4x | 2.7x | 3.5x |
| Rent To Monthly Income | 0.12x | 0.18x | 0.2x |
Median Home Value
Median Rent
Median Income
Milford, MI Costs By Category
Detailed Milford Services Costs Vs. Michigan
Detailed Milford Groceries Costs Vs. Michigan
Detailed Milford Health Costs Vs. Michigan
Detailed Milford Transportation Costs Vs. Michigan
Detailed Milford Utilities Costs Vs. Michigan
Milford SnackAbility
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Cost Of Living In Cities Around Milford
The cost of living varies in the cities and towns around Milford. Here's a quick look at the cost of living in the most populous nearby places:
Livonia, MI has a cost of living index of 102, 1.0x Milford.
Farmington Hills, MI has a cost of living index of 107, 1.1x Milford.
Novi, MI has a cost of living index of 113, 1.1x Milford.
| City | Population | Cost Of Living | Vs. Milford |
|---|---|---|---|
| Livonia, MI | 95,294 | 102 | 1.0x |
| Farmington Hills, MI | 83,749 | 107 | 1.1x |
| Novi, MI | 65,369 | 113 | 1.1x |
| Birmingham, MI | 21,728 | 134 | 1.4x |
| Wixom, MI | 16,853 | 101 | 1.0x |
| South Lyon, MI | 11,786 | 101 | 1.0x |
| Farmington, MI | 11,481 | 99 | 1.0x |
| Beverly Hills, MI | 10,593 | 123 | 1.2x |
| Plymouth, MI | 9,308 | 109 | 1.1x |
| Whitmore Lake, MI | 8,019 | 99 | 1.0x |
