New Milford, NJ Profile: Facts & Data

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New Milford, New Jersey - Basic Facts

The Borough of New Milford had a population of 16,718 as of July 1, 2023. New Milford ranks in the upper quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in New Jersey. See peer rankings below.

The primary coordinate point for New Milford is located at latitude 40.9351 and longitude -74.019 in Bergen County. The formal boundaries for the Borough of New Milford encompass a land area of 2.27 sq. miles and a water area of 0.03 sq. miles. Bergen County is in the Eastern time zone (GMT -5).

The Borough of New Milford has a C5 Census Class Code which indicates an active incorporated place that is independent of any county subdivision and serves as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.


Jump to... (On This Page!)
  1. New Milford 2023 Demographic Data
  2. Growth Rates for New Milford (Historical & 5-Year Forecast)
  3. Peer Comparisons (Rank and Percentile)
  1. Neighborhoods Demographics (Home Values, Household Income, etc.)
  2. New Jersey Research Tools (Easy Tools & Current Data)
  3. New Jersey Data Comparison Tool - 2023 Demographics
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New Milford, NJ Data & Demographics (As of July 1, 2023)

POPULATION

Total Population 16,718 (100%)
Population in Households 16,518 (98.8%)
Population in Families 13,940 (83.4%)
Population in Group Quarters1 200 ( 1.2%)
Population Density 7,323
Diversity Index2 76
 
 

INCOME

Median Household Income $103,797
Average Household Income $142,888
% of Income for Mortgage4 29%
Per Capita Income $53,816
Wealth Index5 163
Socioeconomic Status Index6 Moderate (59.1)
 

HOUSING

Total HU (Housing Units) 6,435 (100%)
Owner Occupied HU 4,050 (62.9%)
Renter Occupied HU 2,244 (34.9%)
Vacant Housing Units 141 ( 2.2%)
Median Home Value $492,016
Average Home Value $530,691
Housing Affordability Index3 71
 

HOUSEHOLDS

Total Households 6,294
Average Household Size 2.62
Family Households 4,240
Average Family Size 3.00
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
  6. The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

GROWTH RATE / YEAR

2020-2023 2023-2028
Population -0.37% -0.27%
Households 0.09% -0.06%
Families   0.00%
Median Household Income   2.65%
Per Capita Income   2.79%
Owner Occupied HU   0.23%

New Milford, NJ - Peer Comparisons by Rank and Percentile

The table below compares New Milford to the other 700 incorporated cities, towns and CDPs in New Jersey by rank and percentile using July 1, 2023 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 71 90th
Population Density # 68 90th
Median Household Income # 302 57th
Housing Affordability Index # 202 29th
Per Capita Income # 322 54th
Diversity Index # 113 84th

Additional comparisons and rankings can be made with a VERY EASY TO USE New Jersey Census Data Comparison Tool.

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