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Even if you’re a native, finding low-cost living areas in Delaware might be difficult. Delaware’s median home value is $303,000 state-wide. Since many people find it difficult to buy and own a house if maintenance and property taxes are included, we put in work to find low-cost living areas in Delaware, taking into account median property prices, cost of living, and other factors.
For a quick rundown on real estate and home buying in Delaware: Important Guide On Real Estate & Home Buying In Delaware
Are you interested in learning more about low-cost living areas in Delaware? These are our top recommendations.
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Low-cost living areas in Delaware: Wilmington
There’s a reason why Wilmington real estate is selling at an all-time high. Because of its outstanding riverfront position and affordability, it is a highly attractive place to live. It is one of the low-cost living areas in Delaware.
According to Zillow statistics, the median price of homes for sale in this area is $296,449, less than the state’s median home value. Rent and housing costs per square foot are also lower than the national average, contributing to a reduced overall cost of living.
The value of homes has stayed pretty constant. They haven’t increased much in the past year, even in the present sellers’ market, but they haven’t decreased either. The housing market, like many other markets in the United States, hasn’t fully recovered from the meltdown of 2012, but this has benefited buyers in finding good prices on properties.
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Low-cost living areas in Delaware: New Castle
Although much of New Castle is located near the Delaware River, its typical home value of $183,700 is still lower than the national average.
Home values have declined by 0.8 percent in the last year, and are predicted to drop by 0.3 percent this year. There is a lot of demand for housing in this area.
The market has grown rapidly and steadily. Homes are staying on the market for a little longer than they did a year ago, which is excellent news for bargain-hunting home buyers. It is one of the low-cost living areas in Delaware.
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Low-cost living areas in Delaware: Dover
Surprisingly, Delaware’s capital remains one of the low-cost living areas in Delaware, with many individuals relocating to the state. Dover, as one of the state’s largest cities, has a typical home value of $173,800, which is significantly lower than the state’s average.
Home values have risen 5.8% in the last year and are predicted to climb another 2.3 percent in the coming year. This is fantastic news for current homeowners who are watching their home investment grow, it is also positive news to potential purchasers who can feel secure about Dover real estate.
According to other reports, Kent County, in Dover, is one of the best low-cost living areas in Delaware. The area has the lowest closing costs and mortgage rates of any Delaware county, and people earn about the same as the national average.
Check out this post on: Best Home Appreciation Rates In Delaware
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Low-cost living areas in Delaware: Camden
Camden’s median home value is $194,000, which is lower than the national average. This, along with its slow but steady expansion, are major factors in its affordability and appeal to purchasers. It is one of the best low-cost living areas in Delaware.
Home values grew by 1.8 percent last year and are expected to improve by 1.5 percent this year. In 2018, the market took a minor dip, but it immediately recovered and resumed its upward path. Camden’s affordability is aided by a strong economy and its proximity to Dover – one of the low-cost living areas in Delaware.
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Low-cost living areas in Delaware: Pike Creek
Pike Creek is one of the most affordable areas to live in Delaware, with low housing expenses and a typical income of approximately two-thirds that of the national average. The town is centrally located between Baltimore and Philadelphia, about west of Wilmington.
The lower costs of living and real estate acquisition account for a large part of its affordability. The region has the state’s lowest closing costs and mortgage rates, as well as a strong housing market with room for expansion. It is one of the best low-cost living areas in Delaware.
Final thoughts
There’s plenty to love in Delaware, whether you desire to live in a booming Delaware metro region or a peaceful small hamlet. The best approach to find low-cost living areas in Delaware is to work with a local real estate agent.
Are you ready to start looking for a home?
Finding low-cost living areas in Delaware is a good start, but dealing with a good agent will save you even more money. When you do find your dream property, a good agent can assist you in negotiating a better price. Know any more low-cost living areas in Delaware? Tell us in the comments section.
