Reasons Why It is Worth Buying a House in Delaware

Delaware, also known as the "First State", is a great location to invest in real estate.

15:03 19 July 2022

Delaware, also known as the "First State", is a great location to invest in real estate.

 

Even though it is one of the smallest states in the US, it provides many opportunities and benefits.

 

The state is surrounded by several large cities, has a developed infrastructure and wonderful outdoor spaces. It is really easy to fall in love with such beautiful landscapes, great beaches, parks, and various recreation areas you can find here. There is always something interesting to do in Delaware.

 

Due to its many great qualities, the popularity of Delaware as a place for a living is growing. Many different categories of people, from the young to retirees, are considering Delaware as their new home.

 

If you’re one of the many who have fallen in love with this state talk to, realtors in Delaware, they will help you to find the best options for buying a great house.

 

Let's look at a few reasons why you should add Delaware to your list of possible places for moving or real estate investing.

 

Taxes Policy 

One of the benefits of Delaware is its tax policy, which many people find cost-effective. 

 

First of all, the main thing about the state is that you do not need to pay personal property tax or sales tax. Also your Social Security and Railroad Retirement are not considered a taxable income. Thus, Delaware provides great policies for those who live there. 

 

Another benefit of the state tax system is the quotes of graduated income tax. For example, in some of the popular states, you may need to pay above 8% of your income. In Delaware, the tax rates are in the range of 2-5% for those who earn less than $60,000, and nearly 7% in the case your income is higher $60,000. 

 

Cost of living 

Depending on various fields, the cost of living in Delaware may vary. However, most if is similar to other states.

 

For example, when it comes to housing and groceries, in Delaware you will pay about 8% more than the national average. At the same time, costs for transportation and health care in Delaware are cheaper. Thus, you can offset some of your expenses through other cheaper services, which exist in the state.

 

By analyzing various amenities and developed infrastructure in Delaware, also by comparing the state to other metropolitan areas, the cost of living in Delaware can be confidently described as reasonable.

 

Real Estate Market

One of the features of the Delaware Real estate market is that baby boomers own over 30% of available homes. Thus, we can say that this age group of people controls the market in the state.

 

Speaking in more detail about the state’s real estate market, the average price per house is $354,000, which represents a 16.7% year growth. At the same time, in the administrative center, you may find the median price at $295,000, which is 19% higher compared to last year. So, the real estate market in Delaware is in a growing trend.

 

You can find out more about house pricing by hiring real estate agents in Dover DE.

 

Worth noting that it is profitable not only to buy a property in Delaware but also to build a brand new house or find an old building for renovation with the possibility of an extension, which in many moments, can give additional benefits to the buyer.

 

The Mix of Both Urban and Rural 

Delaware is a great combination of rural and urban lifestyles. Even though it's a relatively small state on the US map, it has both lively cities with career prospects and small towns, which are a great option for those who like a calm and measured life. With such a mix in one state, Delaware perfectly suits different categories of people.

 

You can choose the best location for buying a house based on your preferences. Cities such as Wilmington or Dover have a developed infrastructure with many cultural, commercial, historical, and entertainment points. At the same time, cozy small towns in the valley are presented with beautiful landscapes and nice beaches along the Delaware Bay or the Atlantic Ocean shore.

 

Delaware Amenities and Events

Delaware is a lively state, as various events always occur here.

 

Depending on the preferences, everyone will easily find something interesting to do here. The state often hosts festivals and events, some of them are music festivals such as Dover Days and Firefly, the Wine and Beer Festival, the Brandywine Arts Festival, and many others.

 

Besides that, Delaware is also an excellent location for outdoor activities. Here you can spend a great time in nature during different trips and campings, ride a bike in Cape Henlopen Park, walk along the promenade, or even enjoy tax-free shopping (as mentioned, Delaware's tax policy is one of its key benefits). 

 

Why Delaware?

As we can see, there are plenty of nice features and bonuses that you can experience while living in one of the Delaware cities.

 

With developed infrastructure, many interesting events, low tax rates, as well as the diversity of the state (big cities or small towns), and the real estate market growth, Delaware may become a great and comfortable state to live for people of different age groups, couples with kids, or job seekers. As everyone can easily find something for themselves in this amazing place.