New Milford, Connecticut is a small town situated in Litchfield County. With a quaint downtown area and an abundance of natural beauty, New Milford is an ideal place to live and work. The cost of living in this town is slightly higher than the national average as 2 bedroom rental costs are $1,730 versus the US average of $1,430. Similarly, the Grocery Cost Index for New Milford is 107 versus 100 in the US. The local economy has been growing significantly over recent years with businesses such as Bank Street Theater & Café and Bonnies' Boutique offering up local products and services while larger companies like Union Savings Bank provide employment opportunities within the region. This growth means that New Milford offers all the advantages of living in a small town but also has access to many amenities available in larger cities.
New Milford has an unemployment rate of 7.9%. The US average is 6.0%.
New Milford has seen the job market decrease by -0.4% over the last year. Future job growth over the next ten years is predicted to be 25.5%, which is lower than the US average of 33.5%.
Tax Rates for New Milford
- The Sales Tax Rate for New Milford is 6.4%. The US average is 7.3%.
- The Income Tax Rate for New Milford is 5.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for New Milford
- The average income of a New Milford resident is $38,734 a year. The US average is $28,555 a year.
- The Median household income of a New Milford resident is $93,221 a year. The US average is $69,021 a year.