States › New Jersey › New Milford

Is New Milford, NJ expensive to live in?

OKRent takes 21 cents of every $1 people earn here.
🏠 Rent per month (2026)$2,13722% higher than U.S. average
💵 Families earn per year (2026)$123,908about $10,326/month · 42% higher than U.S. average
🔑 House price$580,40074% higher than U.S. average

Rent is higher than in 74% of U.S. cities. A typical house costs about 4.7 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $85,480 a year. That is $41 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 129 of 291 cities from cheapest to most expensive.

New Milford
$2,137
Avenel
$2,861
North Arlington
$2,322
Madison
$2,675
South River
$1,848
Dumont
$2,298
Preakness
$2,218

How much do households earn in New Milford?

Under $25k
6.9%
$25k–50k
13.8%
$50k–100k
33.0%
$100k–150k
21.5%
$150k+
23.9%

Share of households by yearly income. 45.4% of households earn $100,000 or more.

Rent by apartment size in New Milford

SizeNew MilfordU.S. average
Studio$1,645$1,338
1 bedroom$1,878$1,324
2 bedrooms$2,007$1,509
3 bedrooms$3,267$1,698

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

How expensive is New Milford overall?

Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).

Housing
134
Goods (food, clothes…)
107
Utilities
114
Other services
104
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 New Jersey figure is shown.

Taxes and bills in New Milford

🏛️ Property tax$10,000+a year · 1.72% of home value · U.S. $3,119
⚡ Electric bill$187a month (typical) · U.S. $156

Life in New Milford

Commute to work29 minU.S.: 26.4 min
College degree47.4%U.S.: 35.7%
Own their home61.4%U.S.: 65.2%
Below poverty line4.2%U.S.: 12.5%
Unemployment6.4%U.S.: 5.2%

Is it cheaper to rent or buy in New Milford?

Renting is cheaper right now: about $1,890 a month less.

Renting
$2,137
Owning
$4,027

Owning assumes a typical $580,400 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $58,040 for the down payment.

Frequently asked questions

What is the average rent in New Milford, NJ?

Renting in New Milford costs a median of about $2,137 a month in 2026, including utilities. The New Jersey median is $2,240.

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

To keep rent under 30% of income, you need about $85,480 a year, or $41 an hour at a full-time job.

Is New Milford cheap or expensive?

New Milford is rated OK: rent takes 20.7% of the typical household income of $123,908. It ranks 129th cheapest of 291 New Jersey cities we track.

How much are property taxes in New Milford?

The median homeowner in New Milford pays $10,000+ a year in property taxes, about 1.72% of the median home value.

Is New Milford 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 New Milford?

The median home value in New Milford is $580,400, about 4.7 times the typical yearly household income.

16,995 people live in New Milford. Numbers are typical (middle) values.