Estimated Monthly Payment — Median Delaware Home
$2,140
Based on $320,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$320,000
Property Tax
0.58%
Avg. HOA
$200/mo
Median Rent
$1,400/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Delaware housing market
Delaware's housing market is moderately priced for the region, with a median home price around $320,000. Wilmington is the largest metro, with Dover a close second. Delaware has no sales tax and relatively low property taxes, making total cost of ownership lower than many Northeast neighbors. Delaware's effective property tax rate of 0.58% is below the national average.
The median Delaware home costs $320,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,652, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,140. First-time buyers in Delaware can explore programs through Delaware HFA.
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FAQ
Delaware mortgage FAQs
What's the property tax rate in Delaware?
Delaware's effective property tax rate averages about 0.58% — below the national average. On a $320,000 home, that's roughly $155/month or $1,856/year.
How much do I need to earn to afford a typical Delaware home?
Using the 28/36 rule, a buyer would need roughly $80,000–$103,000 in gross annual income to comfortably afford Delaware's $320,000 median home with 20% down at current rates.
What first-time buyer programs are available in Delaware?
DSHA offers the Home Sweet Home loan with down payment assistance up to $12,000 and the Welcome Home program for buyers in targeted areas. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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