States › Connecticut › New Milford

Is New Milford, CT expensive to live in?

OKRent takes 21 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,6039% lower than U.S. average
💵 Families earn per year (2026)$89,769about $7,481/month · 3% higher than U.S. average
🔑 House price$331,900same as U.S. average

Rent is lower than in 52% of U.S. cities. A typical house costs about 3.7 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $64,120 a year. That is $31 an hour at a full-time job.

Is rent cheaper than other Connecticut cities?

Yes. Rent here is cheaper than in most of Connecticut. It is number 17 of 64 cities from cheapest to most expensive.

New Milford
$1,603
Southwood Acres
$1,907
Thompsonville
$1,982
Conning Towers-Nautilus Park
$2,730
Long Hill
$2,154
Cos Cob
$3,500+
Riverside
$3,500+

How much do households earn in New Milford?

Under $25k
12.0%
$25k–50k
19.2%
$50k–100k
31.7%
$100k–150k
24.0%
$150k+
9.2%

Share of households by yearly income. 33.3% of households earn $100,000 or more.

Rent by apartment size in New Milford

SizeNew MilfordU.S. average
1 bedroom$1,504$1,324
2 bedrooms$1,986$1,509
3 bedrooms$1,951$1,698
4 bedrooms$2,995$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is New Milford overall?

Everyday prices in Connecticut overall are 4% above the U.S. average (index 103.6, U.S. = 100).

Housing
117
Goods (food, clothes…)
97
Utilities
146
Other services
103
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for New Milford, so the Connecticut figure is shown.

Taxes and bills in New Milford

🏛️ Property tax$4,732a year · 1.43% of home value · U.S. $3,119
⚡ Electric bill$208a month (typical) · U.S. $156

Life in New Milford

Commute to work24 minU.S.: 26.4 min
College degree34.7%U.S.: 35.7%
Own their home59.7%U.S.: 65.2%
Below poverty line8.4%U.S.: 12.5%
Unemployment4.9%U.S.: 5.2%

Is it cheaper to rent or buy in New Milford?

Renting is cheaper right now: about $700 a month less.

Renting
$1,603
Owning
$2,303

Owning assumes a typical $331,900 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $33,190 for the down payment.

Frequently asked questions

What is the average rent in New Milford, CT?

Renting in New Milford costs a median of about $1,603 a month in 2026, including utilities. The Connecticut median is $1,920.

How much do I need to make to live in New Milford?

To keep rent under 30% of income, you need about $64,120 a year, or $31 an hour at a full-time job.

Is New Milford cheap or expensive?

New Milford is rated OK: rent takes 21.4% of the typical household income of $89,769. It ranks 17th cheapest of 64 Connecticut cities we track.

How much are property taxes in New Milford?

The median homeowner in New Milford pays $4,732 a year in property taxes, about 1.43% of the median home value.

Is New Milford more expensive than the national average?

Overall prices in Connecticut are 4% above the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in New Milford?

The median home value in New Milford is $331,900, about 3.7 times the typical yearly household income.

8,188 people live in New Milford. Numbers are typical (middle) values.