MILFORD, CT — The Planning and Zoning Board adopted its five-year affordable housing plan for the city, which is required by state law.
About 5.2 percent of Milford’s housing stock is considered affordable, which is about halfway to the state’s goal of 10 percent affordable housing.
The city has highlighted four potential areas of housing investment under the plan. The area around the train station can be used for smaller-scale development or mixed-used development with housing over commercial buildings.
Housing could also be added to the Bridgeport Avenue area if commercial properties are repositioned or housing is added on surface parking lot areas.
The report also outlines the Monroe Street area as another source of affordable housing if the city were to approach existing property owners about considering deed restricting existing affordable housing units.
The Naugatuck Avenue area also has some potential for housing development due to nearby commercial amenities.
Many Milford households spend a burdensome portion of their income on housing needs. About 45 percent of Milford renters and 26 percent of homeowners are considered cost burdened, according to a report prepared by RKG Associates for the city. A household needs an income of at least $57,000 to not be considered cost burdened.
Households are considered cost burdened if they spend 30 percent or more of their monthly income on housing costs, according to the U.S. Department of Housing and Urban Development.
Housing costs were already increasing before the COVID-19 pandemic began in Milford. The average Milford gross rent (cost of rent and utilities) grew 11.3 percent from 2011 to 2019 to an average of $1,574 per month. The share of rental units priced at or above $1,500 grew 11 percentage points.
The median sale price of a residential property in Milford went from $209,000 in 2015 to $380,000 in 2021, according to data from Redfin. The median single-family home sold for about $290,000 in the summer of 2015 compared to above $400,000 in the summer of 2021.