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City · 16,995 residents · Bergen County, New Jersey

New Milford , New Jersey

In New Milford, a typical home is worth $580,400 and typical rent is $1,765 a month. Compared with all of Bergen County, typical household income is 8% lower and typical rent is 8% lower.

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  • Typical home value

    $580,400

    7% below the county

    28% above New Jersey

    • New Milford
    • Bergen
    • New Jersey

  • Typical rent

    $1,765a month

    8% below the county

    3% above New Jersey

    • New Milford
    • Bergen
    • New Jersey

  • Typical household income

    $114,889a year

    8% below the county

    11% above New Jersey

    • New Milford
    • Bergen
    • New Jersey

  • Households that own their home

    61%

    4 points below the county

    2 points below New Jersey

    • New Milford
    • Bergen
    • New Jersey

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$737,587
10.6% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

New Milford is in Bergen County. The FHA loan limit ($1,249,125 for a one-unit home), the fair market rents and the help on this page are those of all of Bergen County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets New Milford apart

What this place has that others do not, from public data, most unusual first.

  1. According to Zillow, in the 12 months to September 2026 the typical home value in New Milford rose 10.6%; in New Jersey, it rose 4%.

  2. Nearby, in Bergenfield, the typical home value is $491,500: 15% less than in New Milford ($580,400).

Sources: Zillow (September 2026 data); U.S. Census Bureau (Average 2020–2024). Zillow data

The homes here

Housing in New Milford

What homes there are in New Milford, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In New Milford, 6 in 10 homes are single-family detached houses; in Bergen County, 5.

Year built

The typical home in New Milford was built in 1954, 6 years before the typical one in Bergen County.

Much as in Bergen County, 59% of homes in New Milford have 3 bedrooms or more.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$3,335 a month

Bergen County: $3,547 a month

Without a mortgage

$1,443 a month

Bergen County: $1,498 a month

Owners with a mortgage

69%

Bergen County: 62%

Owning costs less in New Milford: with a mortgage, the typical cost is $3,335 a month; in Bergen County, $3,547. Without one, $1,443.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in New Milford rose 36% since 2015–2019, more than in Bergen County (33%).

The typical rent in New Milford rose 23% over the same time; in Bergen County, it rose 27%.

While home values in New Milford changed +36% and rent +23%, the typical household income rose 22%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureNew MilfordBergen CountyNew JerseyUnited States
Rental vacancy Unreliable estimate3.0%3.5%5.5%
Homeowner vacancy Unreliable estimate0.6%0.7%0.9%
More than one person per room 3.0%3.7%4.0%3.4%
People per household 2.702.682.622.53
Drive alone 61%59%62%69%
Carpool 10%7%8%9%
Public transit 8%10%8%3%
Walk or bike Unreliable estimate3%3%3%
Work from home 17%19%17%15%
Other means 3%2%2%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

In New Milford, 3.0% of households live with more than one person per room, about the same as in Bergen County.

Much as in Bergen County, a household in New Milford has 2.70 people on average.

In New Milford, 10% of workers share a car to get to work; in Bergen County, 7%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in New Milford?

A typical home costs more than the typical income allows

We start with a typical home in New Milford, worth $580,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 54% of the typical household income in New Milford, which is $114,889 a year. For that payment to be 28% of income, a household would need to earn about $222,474 a year.

The calculator's FHA and conventional loan limits are those of all of Bergen County.

Your numbers

Local data
$

Starts at the typical home value in New Milford. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $20,314 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$5,191

at 7.18% · 30 years

Loan amount
$569,888
Total interest
$819,934
Paid off in
November 2056

Includes $9,802 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,681 a month

  • Tight

    $2,681 to $3,447 a month

  • Hard

    more than $3,447 a month

    Your payment · 54%

Compared with the typical household income in New Milford ($114,889 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$5,191
Principal & interest$3,861
Property tax$832
Home insurance$242
FHA mortgage insurance (MIP)$257

You need at least $20,314 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

New Milford and Bergen County

New Milford is in Bergen County, New Jersey. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

New Milford's own numbers

Typical home value
$580,400
Typical monthly rent
$1,765
Typical yearly household income
$114,889
Households that own their home
61%
Effective property tax rate
1.72%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Bergen County

FHA limit, one-unit home
$1,249,125
Conventional limit, one unit
$1,209,750
HUD fair market rent, 2 bedrooms
$2,282
Price change over 5 years (FHFA)
+52%
Homes in a high flood-risk zone
4%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Bergen County.

Everything about Bergen County

Buying

Buying a home in New Milford

A typical home in New Milford is worth $580,400: 7% below the county and 28% above New Jersey. With the typical household income in New Milford ($114,889 a year), a typical home costs 5.1 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • New Milford 5.1 years
  • Bergen 5.0 years
  • New Jersey 4.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Bergen County

According to FHFA’s house price index, home prices in Bergen County rose 74% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Bergen County.

Period County New Jersey U.S.
Last year (2025) +6.8% +6.2% +2.9%
5 years (2020–2025) +52% +63% +47%
10 years (2015–2025) +74% +88% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

New Milford next to Bergen County, New Jersey and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • New Milford $580,400
  • Bergen $623,000
  • New Jersey $454,400
  • United States $332,700
Typical monthly rent
  • New Milford $1,765
  • Bergen $1,914
  • New Jersey $1,720
  • United States $1,413
Typical yearly household income
  • New Milford $114,889
  • Bergen $124,884
  • New Jersey $103,556
  • United States $80,734
See the full table
New Milford next to Bergen County and New Jersey
Measure New Milford Bergen County New Jersey U.S.
Typical home value $580,400 $623,000 $454,400 $332,700
Typical monthly rent $1,765 $1,914 $1,720 $1,413
Typical yearly household income $114,889 $124,884 $103,556 $80,734
Households that own their home 61% 65% 64% 65%
Typical yearly property tax $10,001 $10,001 $9,590 $3,119
Effective property tax rate 1.72% 1.61% 2.11% 0.94%
Renters with high rent for their income 51% 51% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Bergen County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in New Milford

For a typical $580,400 home in New Milford, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, New Milford's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $5,191a month

    Least cash to close
    Down payment
    $20,314
    Cash to close
    $37,726
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $257

  • Conventional, 5% down $5,085a month

    Down payment
    $29,020
    Cash to close
    $46,432
    Rate
    7.18%
    Mortgage insurance
    PMI · $276

  • Conventional, 20% down, no PMI $4,219a month

    Down payment
    $116,080
    Cash to close
    $133,492
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $4,756a month

    Down payment
    $87,060
    Cash to close
    $104,472
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for New Milford and for Bergen County.

Property tax

Effective rate in New Milford

1.72%of the home’s value each year

$10,001 a year for the typical owner in New Milford.

  • New Milford 1.72%
  • Bergen 1.61%
  • New Jersey 2.11%

What New Jersey publishes ANCHOR, Senior Freeze and Stay NJ: one combined application (New Jersey Division of Taxation)

Exemptions and deadlines in New Jersey

Flood risk in Bergen County

FEMA does not publish these numbers by city: they are for all of Bergen County.

Homes in the high-risk zone
4%
10,177
Of those, with NFIP insurance
41%
County New Jersey U.S.
Homes in the high-risk zone 4% 6.7% 3.5%
Of those, with NFIP insurance 41% 63% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in New Milford

Typical rent in New Milford is $1,765 a month: 8% below the county. In New Milford, 51% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Bergen County, by unit size. To pay the 2-bedroom one ($2,282 a month) without spending more than 30% of your income, you would need to earn $43.88 an hour working full time.

HUD fair market rent for all of Bergen County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,772 $34.08 $70,880
1 bedroom $1,987 $38.21 $79,480
2 bedrooms $2,282 $43.88 $91,280
3 bedrooms $2,771 $53.29 $110,840
4 bedrooms $3,497 $67.25 $139,880

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in New Milford

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). New Milford is in ZIP code 07646.

For 2 bedrooms it is $2,220: $62 less than the fair market rent for Bergen County ($2,282).

  • 07646 $2,220$2,700

A ZIP code counts for New Milford when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Free help

Help to buy or rent in New Milford

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 2 HUD-approved agencies with an office in Bergen County; none says it serves in Spanish.

A man listens closely, seated at a meeting table.

HUD counseling is free or low-cost

Assistance programs in New Milford

No down payment, repair or rent-help program on our list is for New Milford or Bergen County. The ones below are statewide in New Jersey: they work in New Milford the same as in the rest of the state.

Which programs do I qualify for? All programs in New Jersey

Housing counselors near New Milford

The HUD-approved agencies closest to the center of New Milford, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Fair Housing Council of Northern New Jersey

    131 Main St Ste 140, Hackensack · 4 miles away

    • Mortgage delinquency and default
    • Fair housing pre-purchase workshops
    • and 2 more
    (201) 489-3552

  • County of Bergen, Department of Human Services, Division of Senior Services

    1 Bergen County Plz, Hackensack · 4 miles away

    • Mortgage delinquency and default
    • Reverse mortgage counseling
    (201) 336-7400

  • Paterson Task Force for Community Action, Inc

    191 Market St, Paterson · 8 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 6 more
    973-279-2333-135

Every agency in Bergen County All counseling agencies in New Jersey

Help in Spanish near New Milford

None of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of New Milford

HUD’s record names them for New Milford or Bergen County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of Bergen County Section 8 vouchers (201) 336-7600

6 other authorities have an office in Bergen County: see the list Source: HUD

Cities

Other cities in Bergen County

These cities are also in Bergen County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Bergen County Housing in New Jersey
See 38 more cities in Bergen County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to New Milford, with the typical home value.

Neighboring counties

If Bergen County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in New Milford.

All guides
A father and mother walk their son by the hand down the sidewalk.

Questions

Housing questions about New Milford

Short answers with the numbers for New Milford and all of Bergen County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in New Milford?

The typical home value in New Milford is $580,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Bergen County it is $623,000.

How much does it cost to rent in New Milford?

Typical rent in New Milford is $1,765 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Bergen County is $2,282.

What is the FHA loan limit in New Milford?

New Milford uses the FHA limit for all of Bergen County (2026): $1,249,125 for a one-unit home and $2,402,625 for a four-unit home.

How much property tax do owners pay in New Milford?

The typical homeowner in New Milford pays $10,001 a year, according to the U.S. Census Bureau. That is 1.72% of the home’s value; in Bergen County, the rate is 1.61%.

Where can I find free help to buy or rent in New Milford?

There are 2 HUD-approved counseling agencies with an office in Bergen County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).