salaryRent is lower than in 67% of U.S. cities. That makes it a rare mix of above-average pay and below-average rent. A typical house costs about 3.0 years of household income. Most homes (82.4%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $53,120 a year. That is $26 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
Yes. Rent here is cheaper than in most of New Jersey. It is number 15 of 291 cities from cheapest to most expensive.
How much do households earn in Milltown?
Share of households by yearly income. 57.9% of households earn $100,000 or more.
Rent by apartment size in Milltown
| Size | Milltown | U.S. average |
|---|---|---|
| 1 bedroom | $1,288 | $1,324 |
| 2 bedrooms | $1,116 | $1,509 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Milltown overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Milltown, so the New Jersey figure is shown.
Taxes and bills in Milltown
Life in Milltown
Is it cheaper to rent or buy in Milltown?
Renting is cheaper right now: about $1,855 a month less.
Owning assumes a typical $458,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $45,880 for the down payment.
Frequently asked questions
What is the average rent in Milltown, NJ?
Renting in Milltown costs a median of about $1,328 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Milltown?
To keep rent under 30% of income, you need about $53,120 a year, or $26 an hour at a full-time job.
Is Milltown cheap or expensive?
Milltown is rated Cheap: rent takes 10.5% of the typical household income of $152,025. It ranks 15th cheapest of 291 New Jersey cities we track.
How much are property taxes in Milltown?
The median homeowner in Milltown pays $10,000+ a year in property taxes, about 2.18% of the median home value.
Is Milltown more expensive than the national average?
Overall prices in New Jersey are 9% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Milltown?
The median home value in Milltown is $458,800, about 3.0 times the typical yearly household income.
7,059 people live in Milltown. Numbers are typical (middle) values.