08848, Milford, NJ

The home equity and home prices in the 8848 zip code of Milford, NJ are very high. In fact, according to Zillow, the median home value in this zip code is $1,851,000. This is a far cry from the median home value of $142,500 that was reported for zip codes in New Jersey as a whole in 2017.

One possible explanation for the high home values in this particular zip code may be its proximity to New York City. According to data from Trulia, Milford has a population density of 5,527 people per square mile which is much higher than the statewide average of 2,711 people per square mile. This could lead to increased demand for housing stock in this area and consequent increases in home values.

Another potential factor contributing to the high home values in this zip code may be its strong economy. According to data from Zillow, Milford has an unemployment rate of 3% which is much lower than the statewide unemployment rate of 5%. This could lead to increased demand for housing stock and consequent increases in home values.

Finally, it should be noted that there are a number of factors that can influence home prices including interest rates, local economic conditions, and demographic trends. Consequently it is difficult to say with certainty why the homes in the 8848 zip code of Milford have been so successful at selling over recent years. However it is clear that there are several factors at play which have contributed significantly to their elevated prices.