Living in New Milford, New Jersey
Cost of living, income, home prices, rent and demographics of New Milford · Census data 2020–2024
New Milford has 16,995 residents with a median age of 39.6. The median household income is $114,889 (11% higher than the New Jersey median), the median home value is $580,400, the median rent is $1,765/month.
New Milford at a glance
- Population
- 16,995
- Median age
- 39.6State: 40.1
- Median household income
- $114,889State: $103,556
- Median home value
- $580,400State: $454,400
- Median rent
- $1,765/moState: $1,720
- Homeowners
- 61.4%
- Bachelor's degree or higher
- 47.4%
- Average commute
- 29 min
Is New Milford a good place to live?
Pros: Median household income 11% higher than the New Jersey median; an average commute of 29 minutes; a poverty rate of 4.2%.
Cons: Home values 28% higher than the state median; unemployment of 6.4%.
The weather is best in May–June and August–September.
Cost of living in New Milford
Housing is the biggest part of the cost of living. In New Milford the median home value is $580,400, 74% higher than the U.S. median. Renters pay a median of $1,765 per month, which is 30.4% of household income. Homeowners with a mortgage pay $3,335 a month in housing costs.
New Milford median household income
The median household income in New Milford is $114,889 and the income per person is $51,401. 4.2% of residents live below the poverty line (New Jersey: 9.7%).
Housing in New Milford: homes for sale and rent
- Housing units
- 6,376
- Owner-occupied
- 61.4%
- Renter-occupied
- 38.6%
- Vacant
- 2.5%Includes seasonal homes
- Median year built
- 1954
- Average household size
- 2.70
New Milford demographics
- Population
- 16,995
- Median age
- 39.6
- Under 18
- 22.3%
- 65 and older
- 16.9%
- Households
- 6,216
- Foreign-born
- 30.1%
- Veterans
- 3.6%Adults 18+
Hispanic or Latino can be of any race. Population history of New Milford ›
Education in New Milford
47.4% of adults 25 and older in New Milford have a bachelor's degree or higher (New Jersey: 43.6%), and 15% have a graduate or professional degree.
Jobs and commute in New Milford
- Unemployment rate
- 6.4%State: 6.3%
- Average commute
- 29 minState: 31 min
- Work from home
- 16.9%
- Drive alone
- 61.3%
- Public transit
- 7.5%
- Walk to work
- 0.5%
- Homes with broadband
- 97.7%
New Milford vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| New Milford | 16,995 | $114,889 | $580,400 | $1,765 |
| River Edge | 12,091 | $159,028 | $660,300 | $1,879 |
| Bergenfield | 28,450 | $130,045 | $491,500 | $1,752 |
| Dumont | 18,279 | $126,071 | $497,400 | $1,787 |
| Oradell | 8,235 | $221,322 | $737,800 | $2,305 |
| Haworth | 3,363 | $236,765 | $845,300 | $3,501 |
| Paramus | 26,568 | $144,349 | $813,900 | $3,032 |
| Emerson | 7,305 | $155,536 | $645,200 | $1,887 |
| Teaneck | 41,876 | $144,075 | $546,100 | $1,832 |
More for people moving to New Milford
New Milford ZIP code ›Weather and climate ›Living in New Milford: FAQ
What is the median household income in New Milford, NJ?
The median household income in New Milford is $114,889, 11% higher than the New Jersey median of $103,556 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in New Milford?
The median home value in New Milford is $580,400, compared with $454,400 in New Jersey.
How much is rent in New Milford?
The median gross rent in New Milford is $1,765 per month, about 30.4% of household income.
Is New Milford, NJ a good place to live?
Pluses: median household income 11% higher than the New Jersey median; an average commute of 29 minutes; a poverty rate of 4.2%. Minuses: home values 28% higher than the state median; unemployment of 6.4%.
What is the median age in New Milford?
The median age in New Milford is 39.6 years (New Jersey: 40.1).
How long is the commute in New Milford?
The average commute to work in New Milford is 29 minutes; 16.9% of workers work from home.
What is the unemployment rate in New Milford?
The unemployment rate in New Milford is 6.4% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is New Milford?
47.4% of adults in New Milford have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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