Buying a Home in Delaware: What You Need to Know
If you're considering buying a home in Delaware, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Delaware homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Delaware-specific data to give you accurate monthly payment estimates.
Delaware Property Taxes
Delaware has an effective property tax rate of 0.5%, ranking #40 out of 50 states (where #1 is the highest). On a median-priced home of $352,000, you'd pay approximately $1,760 per year in property taxes, or about $147/month.
Delaware is among the states with the lowest property taxes in the nation. This can make homeownership more affordable here compared to high-tax states, though you should verify rates in your specific county.
Delaware Homeowners Insurance
The average annual homeowners insurance premium in Delaware is $966 for $300,000 in dwelling coverage, or about $81/month.
Delaware enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Delaware Closing Costs
Closing costs in Delaware average 2.99% of the home's purchase price. On a $352,000 home, that's approximately $10,525. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
- Transfer taxes (Delaware has higher than average transfer taxes)
Delaware Housing Market
The median home price in Delaware is $352,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Delaware Mortgage Tools
Use these additional calculators to plan your Delaware home purchase: