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These days, finding an affordable place to live in the Milan area can be challenging. Home prices in Milan are now at a median cost of $453,723, lower than the New York average of $610,895.
The average cost of rent is $1,686/mo in Milan, primarily driven by the current value of real estate in the Milan area. In Milan, 17.15% of households rent, and 44.24% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Milan is $8,347 per month. Households that rent pay about 20.20% of their income on rent here. Milan’s most expensive areas are in the central regions, while the cheapest areas are in the southern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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