Quick facts: New milford, CT

Quick Facts

114.2
Cost of Living
above US average
7,095
Population
16.91
Crime Rate per 1000
below US average
$70,625
Median Income
below US average
$490,000
Median House Price
above US average
$3293.9
Average Rent
above US average
7%
Poverty Rate
below US average
3.5%
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 $70,625.

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Income Needed to Buy

βœ— Stretch
$154k/year
Based on $490,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $154k vs median $70,625
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Income Needed to Rent

⚠ Stretch
$141k/year
Based on $3293.9/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $141k vs median $70,625
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for New milford, CT

New Milford, located in Litchfield County, Connecticut, is a picturesque New England town characterized by its charming downtown area, vibrant community, and rich history. Nestled along the banks of the Housatonic River, New Milford offers a serene, suburban atmosphere with beautiful natural surroundings, including parks and recreational areas. The town boasts a range of local amenities, including shops, restaurants, and cultural venues. One of the highlights is the historic downtown, which features a blend of quaint boutiques and eateries, providing a small-town experience. New Milford also hosts various seasonal events and festivals that celebrate its community spirit. Outdoor enthusiasts can enjoy activities like hiking, fishing, and biking, with numerous trails and parks available, such as the popular Lovers Leap State Park, known for its scenic views and waterfalls. With a strong sense of community, excellent schools, and a commitment to preserving its natural beauty, New Milford is an attractive destination for families and individuals seeking a peaceful yet engaging place to live.

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