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 110, with 100 being the average.
The cost of living index in Milford is 1.1x higher than the national average.
Milford ranks as the #161 cheapest in Michigan out of 180.
Milford ranks as the #3,657 cheapest out of 6,489 in the US.
The median home value in Milford is $472,074.
The median income in Milford is $102,521.
Table Of Contents
Milford's Overall Cost Of Living
Higher 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 110, which is 1.1x higher than the national index of 100.
Compared to Michigan, Milford has a cost of living index that's 1.2x higher than Michigan's index of 90.
The standard of living in Milford ranks as #161 most affordable out of the 180 places we measured in Michigan. By definition, that implies Milford ranks as the #19 most expensive place in the Wolverine State.
For more reading on life in Milford, check out:
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 100.
The Groceries index in Milford is 103.
The Health index in Milford is 103.
The Housing index in Milford is 135.
The Transportation index in Milford is 101.
The Utilities index in Milford is 93.
| Living Expense | Milford | Michigan | National Average | |
|---|---|---|---|---|
| Overall | 110 | 90 | 100 | |
| Services | 100 | 93 | 100 | |
| Groceries | 103 | 97 | 100 | |
| Health | 103 | 91 | 100 | |
| Housing | 135 | 72 | 100 | |
| Transportation | 101 | 96 | 100 | |
| Utilities | 93 | 99 | 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 2019-2023. The key points are:
The Median Home Value in Milford is $472,074.
The Median Rent in Milford is $1,058.
The Median Income in Milford is $102,521.
The Home Value To Income in Milford is 4.6x.
The Rent To Monthly Income in Milford is 0.12x.
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 104, 0.9x Milford.
Farmington Hills, MI has a cost of living index of 114, 1.0x Milford.
Novi, MI has a cost of living index of 118, 1.1x Milford.
| City | Population | Cost Of Living | Vs. Milford |
|---|---|---|---|
| Livonia, MI | 94,058 | 104 | 0.9x |
| Farmington Hills, MI | 83,316 | 114 | 1.0x |
| Novi, MI | 66,224 | 118 | 1.1x |
| Birmingham, MI | 21,612 | 149 | 1.4x |
| Wixom, MI | 17,126 | 109 | 1.0x |
| South Lyon, MI | 11,825 | 106 | 1.0x |
| Farmington, MI | 11,472 | 108 | 1.0x |
| Beverly Hills, MI | 10,507 | 128 | 1.2x |
| Plymouth, MI | 9,234 | 119 | 1.1x |
| Whitmore Lake, MI | 8,083 | 102 | 0.9x |
