Milford CT is a vibrant city situated on the Long Island Sound in southwestern Connecticut. It has an estimated population of 54,000, which makes it one of the largest cities in the region. Milford is a great place to live due to its close proximity to New York City and its array of local businesses that offer employment opportunities. Some of the major companies located in Milford are Sikorsky Aircraft Corporation, Diageo, and Hubbell Incorporated. The real estate market in Milford is also robust with an average two-bedroom rent rate of $2,060 which is considerably higher than the national average of $1,430. Additionally, the grocery cost index for Milford stands at 108 compared to 100 for the United States as a whole.
Milford has an unemployment rate of 8.0%. The US average is 6.0%.
Milford has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 29.4%, which is lower than the US average of 33.5%.
Tax Rates for Milford
- The Sales Tax Rate for Milford is 6.4%. The US average is 7.3%.
- The Income Tax Rate for 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 Milford
- The average income of a Milford resident is $40,797 a year. The US average is $28,555 a year.
- The Median household income of a Milford resident is $97,785 a year. The US average is $69,021 a year.