Total monthly cost of ownership
Cost to Own a Home in Milford, Delaware
A $275,000 home here costs
$2,078per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,414. The real number is $664 higher every month — 47% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Milford against Sussex County and Delaware
| Measure | Milford | Sussex County |
|---|---|---|
| Median home value | $274,600 | $353,300 |
| Median property tax | $1,486 | $1,171 |
| Effective tax rate | 0.541% | 0.331% |
| Median gross rent | $1,182 | $1,221 |
| Population | 12,193 | 247,799 |
Milford extends across 2 counties. Figures here use Sussex County, where most of its housing sits.
The weather behind that power bill
Milford sits in Sussex County, which averages a high of 87.7°F in its hottest month and a low of 28.6°F in its coldest, with 43.88" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,396 cooling and 4,070 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Sussex County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sussex County
Full Sussex County cost breakdown · Every county in Delaware
Common questions
How much does it cost to own a home in Milford?
A $275,000 home in Milford, Delaware costs approximately $2,078 per month with 20% down at 6.66%. That is $1,414 principal and interest, $124 property tax, $69 homeowners insurance, $242 utilities and $229 set aside for maintenance.
What is the property tax rate in Milford?
Milford has an effective property tax rate of 0.541%, based on a median home value of $274,600 and median real estate taxes of $1,486. That is higher than the Sussex County average of 0.331%.
What is the average home price in Milford?
The median owner-occupied home value in Milford, Delaware is $274,600, against $353,300 across Sussex County.
Is it cheaper to rent or buy in Milford?
Median gross rent in Milford is $1,182 a month, against $2,078 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Milford — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Delaware.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.