If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Purchasing a Delaware home can help you set down roots, but you need to shop around for the best mortgage rates in the state to ensure your home purchase is as affordable as possible. You may be able to secure a loan from a bank, credit union, or online lender and your rates and terms will vary both based on which lender you choose as well as your financial credentials.
We scoured local statistics (as well as information on tax-rates.org) to identify the most affordable Delaware cities. If you're looking for a low-price locale to purchase your Delaware home, here are five places in Delaware with a low cost of living.
Smyrna has the 14th lowest cost of living in Delaware, according to Niche. It's classified as a town and is home to about 11,500 people, 65% of whom are homeowners.
With homes in the area coming in at a median value of $206,400, which is a little below the national median value of $217,500, it's not a surprise that so many Smyrna residents are homeowners. Kent County, where Smyrna is located, also has a relatively affordable average property tax rate of 0.4% of a property's assessed fair market value. Residents not only enjoy affordable homeownership costs, but can also take advantage of nearby recreational opportunities including Woodland Beach or the Asbury Church Farmers Market.
In Milford, an affordable median home value of $190,900 has helped 52% of local residents to become homeowners. Taxes here are much more affordable than in Kent County, coming in at a rate of just 0.27% of assessed fair market value for local properties. This is one of the lowest median property tax rates in the U.S. The low cost of homeownership has helped to earn Milford the honor of being named the 14th best place to retire in Delaware. It's also the seventh most diverse places to live in the state, according to Niche.
Dover is also a Delaware town, but a larger one with a population of more than 37,000. Like Smyrna, Dover is located in Kent County so it has an average property tax rate of 0.4% of assessed fair market value of local properties. But despite a low median home value of $175,300, just 48% of Dover residents are homeowners.
Still, Dover has been recognized by Niche for its diversity as well as for having some of the best public schools in the state. First State Heritage Park and the Delaware Public Archives are located in this town as well, and can be enjoyed by residents and visitors alike.
Middletown is home to more than 21,000 people, with 79% of its residents owning rather than renting their homes. This is despite a high median home value of $301,700 in this Delaware town. New Castle County, where Middletown is located, also has an average property tax rate of 0.55% of assessed fair market value. Despite its higher tax rate and home value, Middletown was still named the 13th best place to live in the state and the locale with the second-best public schools statewide.
Wilmington is the largest Delaware area on this list with a population of more than 70,000. Just under half -- 43% -- of Wilmington residents are homeowners, and the median value of Wilmington homes comes in at $168,000, which is quite a bit below the national median.
Like Middletown, Wilmington is also located in New Castle County where the average property tax rate is 0.55% of assessed fair market value. However, Wilmington has been recognized as one of the top Delaware suburbs to live in, ranking among the most diverse suburbs and the best suburbs for young professionals in the state.
Choosing an affordable home will allow you to borrow less and keep your monthly payments down. You can also keep costs low by shopping among multiple lenders for the best mortgage rates in Delaware to see which provides the best deal for you.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
Our Mortgages Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2023 The Ascent. All rights reserved.