Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 16,875, 6,170 total housing units (homes and apartments), and a median house value of $657,084, real estate costs in New Milford are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive New Jersey communities.
Single-family detached homes are the single most common housing type in New Milford, accounting for 64.39% of the borough's housing units. Other types of housing that are prevalent in New Milford include duplexes, homes converted to apartments or other small apartment buildings ( 26.37%), large apartment complexes or high rise apartments ( 7.03%), and a few row houses and other attached homes ( 2.06%).
The most prevalent building size and type in New Milford are three and four bedroom dwellings, chiefly found in single-family detached homes. The borough has a mixture of owners and renters, with 62.74% owning and 37.26% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. New Milford's housing was primarily built during this period, from the '40s through the '60s. A full 67.99% of the borough's housing hails from this era. Other housing ages represented in New Milford include homes built between 1970-1999 ( 16.70%) and housing constructed before 1939 ( 14.09%). There's also some housing in New Milford built between 2000 and later ( 1.23%).
New Milford's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in New Milford during the period has been just 5.72%, which is lower than 70% of US communities.
Appreciation rates are so strong in New Milford that despite a nationwide downturn in the housing market, New Milford real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, New Milford appreciation rates continue to be some of the highest in America, at 9.45%, which is higher than appreciation rates in 83.93% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in New Milford. New Milford appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.
Relative to New Jersey, our data show that New Milford's latest annual appreciation rate is lower than 70% of the other cities and towns in New Jersey.
$657,084
for New jersey
for nation
6,170
$3,592 / per month