Milford ranks 19th in state as 'best places for home ownership'
Milford ranks 19th out of 60 towns in Connecticut with a population over 5,000 in a survey of “best places for homeownership in Connecticut,” according to consumer advocacy company NerdWallet.
The report is based on federal government data on the rate of homeownership, monthly homeowner costs as a percentage of median household income, median home values, and population change.
“Owning a home in Connecticut can be expensive — that’s why our methodology rates affordability, as well as population growth and home availability,” said Sara Collins of NerdWallet.
In the study Milford is 19th with a composite score of 66.8. The top-ranking town is Glastonbury Center with a score of 79. Greenwich, which is last among the 60 towns in the report, has a composite score of 30.4.
Milford’s neighboring towns scored in the top-20 as well. Trumbull is 7th with a score of 73.8. Shelton is 11th with a score of 71.4, and Stratford is 13th with a score of 69.8.
According to NerdWallet’s study Milford has a home ownership rate of 77.5%, and this is weighted as 33% of the total score. A higher rate earned a higher score.
The median amount of selected monthly homeownership costs in Milford is $2,275, and the median monthly household income in Milford is $6,627. Homeowner cost as a percentage of its household income, 34% in Milford, makes up 17% of total scores in the study. A lower percentage earned a higher score.
Milford’s median home value is $320,300, according to the report. This category is 17% of the total score, and a lower value earned a higher score.
The final bit if information studied, population growth from 2010 to 2012, accounts for 33% of the total scores. Milford’s population during this period grew two-tenths of 1%. A higher percentage change earned a higher score.
NerdWallet describes itself as “a consumer-focused website dedicated to saving people money every day by helping them make better, more informed financial decisions....We create user-friendly tools, crunch numbers and give you all the results, unfiltered.”