Quick facts: Milford, UT

Quick Facts

105.9
Cost of Living
above US average
1,454
Population
6.88
Crime Rate per 1000
below US average
$83,783
Median Income
above US average
$175,000
Median House Price
above US average
$27033.33
Average Rent
above US average
10%
Poverty Rate
below US average
3.2%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $83,783.

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Income Needed to Buy

βœ“ Affordable
$55k/year
Based on $175,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($83,783) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$1159k/year
Based on $27033.33/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $1159k vs median $83,783
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Milford, UT

Milford is a small city located in Beaver County, Utah, situated at the junction of U.S. Route 6 and U.S. Route 50. With a population of around 1,500, it offers a quaint, tight-knit community atmosphere surrounded by stunning natural landscapes. The city features an array of outdoor activities, including hiking, fishing, and off-roading, thanks to its proximity to the Fish Springs National Wildlife Refuge and the Great Basin National Park. Milford was established in the late 19th century, and remnants of its history can be seen in the historical buildings and artifacts around the town. The local economy is primarily driven by agriculture and small businesses, with some influence from tourism due to its outdoor attractions. The annual Western Days festival showcases local culture, featuring parades, rodeos, and craft fairs, drawing in visitors from the region. With a unique blend of history, outdoor activities, and community events, Milford serves as a charming destination for those exploring rural Utah.

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