Living in the United States isn’t exactly cheap, but some places are more affordable than others. Delaware isn’t typically known to be one of those places when you consider the big picture. Groceries and daily living expenses tend to be higher than in other places, and the median home value is also higher than the national median.
That doesn’t mean that everywhere in the First State is outrageous, though. We’ve rounded up five of the most affordable towns to live in Delaware to jumpstart your home search
There’s a reason why Wilmington real estate is flying off the market at record speed. It’s a highly desirable place to live, thanks to its prime riverfront location and affordability.
According to May data from Zillow, the median price of homes listed here is just $189,000, which is significantly less than the state’s median home value. Rent prices and home prices per square foot are also lower than average, which both contribute to a general, lower cost of living.
Home values have remained relatively stable. They haven’t seen much of an increase, even in its current sellers market status, but they also haven’t dropped within the past year. Data shows the housing market hasn’t quite recovered from the crash of 2012 like many other markets in the United States, but this has worked to the buyer’s advantage in finding good deals on properties.
Surprisingly, the capital of the First State remains one of the most affordable places to live in the state and has many people relocating to Delaware. As one of the largest cities in the state, Dover’s median home value sits at $173,800, far below the median home value of the state as a whole.
Home values have increased by 5.8% within the last year and are expected to rise by 2.3% within the next year. This is great news for current homeowners as they watch their home investment grow, and also sends good vibes to buyers who can feel confident about property in Dover.
The town is just a few miles from the Atlantic coast and is home to the Dover Air Force Base, Dover Downs, and the St. Jones River. Other reports have touted Kent County, of which Dover is a part, as the most affordable county to live in Delaware. The area features the lowest closing costs and mortgage rates of all Delaware counties and its residents have a median income in line with the national average.
3. Pike Creek
Pike Creek’s low housing costs and a median income that’s nearly two-thirds the national average makes it one of the most affordable places to live in Delaware. Located immediately west of Wilmington, the town is in a central spot between Baltimore and Philadelphia.
Much of its affordability factor is based on its lower costs of living and real estate acquisition. The area features the lowest closing costs and mortgage rates in the state, as well as a healthy housing market that’s primed for growth.
4. New Castle
Much of New Castle lies along the Delaware River, but even so, its median home value remains below the national average at just $183,700. Within the past year, home values have dropped slightly by 0.8% and are expected to decline by 0.3% this year. The drop isn’t much lower than its peak in 2018, and the demand for housing here is still high.
From 2013 until 2018, the market enjoyed a fast, steady growth. Homes are remaining on the market for a little longer than they were just a year prior, which is good news for home buyers who are looking for a deal.
Camden’s median home value is below the national average at $194,000. This, combined with its small yet stable growth, are key drivers behind its affordability and desirability among buyers.
Home values have increased by 1.8% last year and will grow by 1.5% within the coming year. The market experienced a brief decline in 2018 but quickly corrected and continued trending upward. A healthy economy and close proximity to Dover, another highly affordable city, contribute to Camden’s affordability.
Explore Delaware Real Estate with the Right Agent
A successful Delaware home search begins with choosing the right real estate agent. Your agent is an invaluable resource that can help you find affordable towns and neighborhoods, calculate the typical cost of living, negotiate on home price, and help you navigate the complexities of closing.