Delaware is a tax-free state, and while it may be ranked the second smallest in the nation, it still has plenty to offer. It is brimming with lovely countryside, miles of beautiful beaches, and picturesque villages. You can enjoy unique experiences and sweeping landscapes dotted with historic architecture. NewHomeSource has found the top 10 most affordable cities in Delaware to help you in your home search.
Home Price to Income Ratio: 3.53%
Average Property Tax: 1904
Median Household Income: $65,572
Middletown is the most affordable city in Delaware. Those who love nature, food, and adventure will be filled with deep infatuation. This budget-friendly city has everything from beautiful coastal towns to awesome entertainment activities. Locals can typically find themselves catching a live performance at Everett Theatre, purchasing fresh produce at Filasky’s Produce, or relaxing at Charles E. Price Memorial Park.
Home Price to Income Ratio: 3.99%
Average Property Tax: 649
Median Household Income: $47,824
Milford is a quaint, small-town located in the eastern part of Delaware. Those looking to live in an affordable city with an abundance of local restaurants and shops won’t be disappointed. In fact, no chain restaurants exist in the downtown area of Milford – they are all locally-owned. Living in the unique city of Milford means getting authentic experiences daily.
Home Price to Income Ratio: 3.68%
Average Property Tax: 894
Median Household Income: $47,669
The state’s capital, Dover, has numerous things to offer. Residents spend their days enjoying the beautiful views at Killens Pond State Park, shopping at Spence’s Bazaar (the oldest flea market in Delaware), or savoring delicious coffee at House of Coffi. In short, Dover is a city that has a variety of things locals relish.
Home Price to Income Ratio: 3.73%
Average Property Tax: 1243
Median Household Income: $45,032
Wilmington is the largest city in Delaware and is bursting with parks, art, and cultural attractions. Although Wilmington is a large city, there’s a myriad of green spaces for anyone who wants to appreciate nature. Brandywine Creek State Park or Bellevue State Park are two great spots to enjoy the outdoors and relax in Wilmington.
Home Price to Income Ratio: 3.07%
Average Property Tax: 1053
Median Household Income: $67,277
Smyrna is known for having an abundance of activities for those who love the arts. From art galleries to performing arts to live music, Smyrna is packed with beautiful attractions. Additionally, there are delicious restaurants and breweries, as well as countless places to learn about the culture and history of Smyrna.
Home Price to Income Ratio: 4.75%
Average Property Tax: 2056
Median Household Income: $58,434
The city of Newark is filled with countless parks, restaurants, and aromatic coffee shops. It has a strong suburban feel but offers an option for folks to slip away from it all through a nature escape. White Clay Creek State Park is a favorite among locals, boasting plenty of opportunities to hike, picnic, and enjoy bird watching. The more adventurous can take off on a mountain bike for a weekend.
Cities with Best Home-Price-to-Income Ratio
The list above is sorted by the lowest overall cost of living index. However, the following states have the lowest home price to income ratio, meaning you can get more home for your money.
Drew Port is a writer for NewHomeSource. She writes on the homebuying process, as well as informing readers on homeownership.