5 affordable places to live in Delaware
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.
1. Smyrna
Smyrna has the 12th lowest cost of living in Delaware and is the lowest priced area in the state with a population of more than 10,000, according to Niche. It's classified as a town and is home to an estimated 11,333 people, 61% of whom are homeowners.
With homes in the area coming in at a median value of $187,800, which is just above the national median value of $184,700, 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 .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.
2. Milford
In Milford, an affordable median home value of $184,600 has helped 54% of local residents to become homeowners. Taxes here are much more affordable than in Kent County, coming in at a rate of just 2.37% of assessed fair market value for local properties. This is one of the lowest median property tax rates in the United States. 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 10th most diverse places to live in the state, according to Niche.
3. Dover
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 has an average property tax rate of .4% of assessed fair market value of local properties. But despite a low median home value of $175,900, just 49% 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.
4. Middletown
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 $288,400 in this Delaware town. New Castle County, where Middletown is located, also has an average property tax rate of .55% of assessed fair market value. Despite its higher tax rate and home value, Middletown was still named as the 10th best place to buy a house in Delaware; the 13th best place to live in the state, and the locale with the third best public schools statewide.
5. Wilmington
Wilmington is the largest Delaware area on this list with a population of more than 70,000. Just under half -- 45% -- of Wilmington residents are homeowners, and the median value of Wilmington homes comes in at $169,000, which is a bit below the national median.
Like Middletown, Wilmington is also located in New Castle County where the average property tax rate is .55% of assessed fair market value. However, Wilmington has been recognized as one of the top suburbs to live in within Delaware, as well as one of the most diverse suburbs and the best suburbs for young professionals. ;
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 Alabama to see which provides the best deal for you.
Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
