Most Expensive Places To Live In Delaware For 2020

The 10 Most Expensive Places To Live In Delaware For 2020

1. Newark

Newark is a city in New Castle County, Delaware, United States. It is located 12 miles west-southwest of Wilmington. According to the 2010 Census, the population of the city is 31,454. Newark is home to the University of Delaware, which is often regarded as a top ten ranked University in the United States.

The median income in Newark comes in at $57,391 and the median home value is $274,900 for 2020.

The median income in Millville comes in at $69,500 and the median home value is $318,200 for 2020.

The median income in Newport comes in at $40,833 and the median home value is $192,600 for 2020.

The median income in Rehoboth Beach comes in at $97,750 and the median home value is $926,200 for 2020.

The median income in Lewes comes in at $86,417 and the median home value is $540,200 for 2020.

The median income in Ocean View comes in at $76,734 and the median home value is $336,100 for 2020.

The median income in Milton comes in at $59,929 and the median home value is $277,800 for 2020.

The median income in Selbyville comes in at $57,903 and the median home value is $267,800 for 2020.

The median income in Camden comes in at $67,734 and the median home value is $211,800 for 2020.

The median income in Millsboro comes in at $47,438 and the median home value is $206,200 for 2020.

How We Determined The Most Expensive Places To Live In The First State For 2020

The two most important things to think about when it comes to being able to afford if you can live comes down to:

1. How much do money do I make?
2. How much do I have spend to live there?

You need to understand your costs in the context of how much money you make.

For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.

With that example in mind, we derived several statistics from the latest Census American Community Survey 2014-2018 around incomes and costs. They are:

• Median Home Price / Median Income (lower is better)
• Median Income / Median Rent (Higher is better)
• Median Home Price

We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).

You can then compare these metrics in each of the places in Delaware to figure out which is the most expensive.

What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.

So we used that cost of living index in order to rank all of the 32 places in Delaware that have more than 1,000 people.

The place with the highest cost of living in Delaware according to the data is Newark. You can download the data here.