| Index | New Milford | New Jersey | National |
| Cost of living | 142 | 125 | 100 |
| Groceries | 106 | 108 | 100 |
| Health care | 112 | 112 | 100 |
| Housing | 214 | 157 | 100 |
| Transportation | 112 | 114 | 100 |
| Utilities | 113 | 111 | 100 |
| Lifestyle & Entertainment | 110 | 113 | 100 |
| Household Items | 104 | 107 | 100 |
| Education & Childcare | 121 | 120 | 100 |
Understanding the cost of living in New Milford can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The New Milford cost of living index is 142, which is 42% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.
If you prioritize affordability when seeking a new place to live, New Milford may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, New Milford falls into this category, which may not align with your preferences for a budget-friendly living environment.
Housing costs are a very significant part of the New Milford cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 114.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is New Milford an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in New Milford, the median home price is 140.5% higher than what most folks pay across the country, and monthly rent prices are 53.2% higher than the usual rates. Income levels in New Milford come in at $141,014, which is 73.4% higher than the national average.
Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In New Milford, healthcare costs are 12% higher than the national average.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In New Milford, the groceries index is 5.7% higher than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In New Milford, the general sales tax rate starts at 6.625%, and income tax rates begin at 1.4%.
The New Milford cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
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| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $199,627 | $16,636 | $4,658 | $5,989 |
| Renters | $98,171 | $8,181 | $2,291 | $2,945 |
| State | General Sales Tax | With Max Surtax |
| New Jersey | 6.625% | 12.625% |
| State | Income Tax (Low) | Income Tax (High) |
| New Jersey | 1.4% | 10.75% |
| City | Population | Cost of Living Index | National Avg. |
| Greenville CDP (Greene County), NY | 616 | 106 | 6.1% |
| East Orange, NJ | 66,655 | 115 | 15.1% |
| Silver Lake CDP (Warren County), NJ | 326 | 117 | 17.3% |
| Newark, NJ | 290,764 | 120 | 19.8% |
| Paterson, NJ | 149,118 | 122 | 21.5% |
| New Milford, NJ | 17,089 | 142 | 41.6% |
| City | Population | Cost of Living Index | National Avg. |
| Aberdeen, WA | 17,084 | 101 | 0.9% |
| Morganton, NC | 17,082 | 92 | 7.6% |
| Laconia, NH | 17,080 | 104 | 4.1% |
| Seagoville, TX | 17,072 | 97 | 3.1% |
| Farmingville, NY | 17,109 | 139 | 39.2% |
| New Milford, NJ | 17,089 | 142 | 41.6% |
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