Milford cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexMilfordConnecticutNational
Cost of living index135128100
IndexMilfordConnecticutNational
Goods & Services index126123100
Groceries index122125100
Health care index115117100
Housing index167144100
Transportation index100105100
Utilities index132130100
An overview of the general cost of living index for Milford, CT is displayed above for your reference. Residents in Milford, CT enjoy a cost of living index of 135. This index is 5% higher than the Connecticut average, and 35% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Milford, CT, the average cost of goods and services is 2% higher than it is in Connecticut, and it is 26% higher than the national average.

Did you know?

  • The cost of living in Milford is 5% higher than the Connecticut average.
  • The cost of living in Milford is 35% higher than the national average.
  • The cost of housing in Milford is 67% higher than the national average.
  • Connecticut general sales tax is 25% higher than the national average.
  • Connecticut state income tax is 35% higher than the national average.

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Salary Calculator

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The salary calculator allows you to compare how much your current salary in Milford, CT would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Milford, CT, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Milford, CT salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$91,554$7,630$2,136$2,747
Renters$43,944$3,662$1,025$1,318
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Milford, CT as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Milford, CT homeowners, is $91,554. This would allow for a maximum of $2,136 per month to be spent on housing costs. For renters, the median monthly income is $43,944 which would result in a maximum of $1,025 to be spent on rental costs.

Connecticut Sales Tax

StateGeneral Sales TaxWith Max Surtax
Connecticut6.35%6.35%

Connecticut Income Tax

StateIncome Tax (Low)Income Tax (High)
Connecticut3%6.7%
One thing to keep in mind when considering the cost of living in Milford, CT is the Connecticut sales tax and Connecticut income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Connecticut sales tax rate is 6.35% and the maximum surtax that can be charged is 6.35%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Connecticut income tax rates range from 3% to 6.7%.

Goods & Services

ItemMilfordNational avg.Difference
Haircut $20.00$14.5937.0%
Beauty Salon $67.50$34.6894.6%
Toothpaste $4.04$2.4763.3%
Shampoo $0.88$1.0213.9%
Movie $14.75$9.8749.5%
Bowling $7.94$4.3980.8%

Groceries

ItemMilfordNational avg.Difference
Ground Beef $3.99$4.4810.9%
Fried Chicken $1.04$1.4629.0%
Milk $2.26$2.364.1%
Potatoes $3.92$3.0628.0%
Pizza $10.00$9.248.2%
Beer $9.82$8.6313.8%

Health Care

ItemMilfordNational avg.Difference
Optometrist $111.67$99.7811.9%
Doctor $123.75$105.0317.8%
Dentist $110.00$88.7024.0%
Ibuprofen $10.33$9.419.8%
Lipitor $299.00$298.500.2%

Housing

ItemMilfordNational avg.Difference
Home Price $303,200.00$175,700.0072.6%
Avg. Mortgage Payment $2,127.00$1,081.0396.8%
Apartment Rent $1,412.00$920.0053.5%

Transportation

ItemMilfordNational avg.Difference
Gasoline $2.06$2.091.5%
Tire Balancing $47.99$45.296.0%

Utilities

ItemMilfordNational avg.Difference
All Electricity$262.56$170.8053.7%
Phone $29.01$28.262.7%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Bridgeport, CT146,68011717%
New Haven, CT130,55311919%
West Haven, CT55,29012121%
Derby, CT12,83712121%
East Haven, CT29,13912121%
Milford, CT51,50913535%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
West New York, NJ51,51114747%
Elkhart, IN51,53981-19%
Lakewood, OH51,43495-5%
Irondequoit, NY51,59495-5%
Rowland Heights, CA51,59714848%
Milford, CT51,50913535%
Source: The Milford, CT cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.