Total monthly cost of ownership
Cost to Own a Home in Milford, Delaware
A $275,000 home here costs
$2,160per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $92,500 a year.
A standard mortgage calculator would have told you $1,499. The real number is $660 higher every month, 44% more than the payment most buyers budget for.
Compare Sussex County with anywhere in America · full county breakdown
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 $170 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
Talk to someone who works this market
These are Milford averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Milford every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Milford I already own here and may sell
Common questions
How much does it cost to own a home in Milford?
A $275,000 home in Milford, Delaware costs approximately $2,160 per month with 20% down at 7.24%. That is $1,499 principal and interest, $124 property tax, $69 homeowners insurance, $238 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 $2,160 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Milford?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Milford, Delaware at today's rate takes a household income of roughly $92,500 a year. That covers the full $2,160 monthly cost, not just the mortgage payment.
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.