The 10 Most Expensive Places To Live In Delaware For 2023

The 10 Most Expensive Places To Live In Delaware For 2023

1. Ocean View

The median income in Ocean View comes in at $80,225 and the median home value is $394,000 for 2023.

2. Millville

The median income in Millville comes in at $85,221 and the median home value is $362,300 for 2023.

3. Georg

The median income in Georg comes in at $42,204 and the median home value is $227,400 for 2023.

4. Newark

The median income in Newark comes in at $61,646 and the median home value is $283,900 for 2023.

5. Lewes

The median income in Lewes comes in at $78,125 and the median home value is $676,000 for 2023.

6. Milton

The median income in Milton comes in at $59,531 and the median home value is $308,200 for 2023.

7. Millsboro

The median income in Millsboro comes in at $57,632 and the median home value is $234,100 for 2023.

8. Milford

The median income in Milford comes in at $47,849 and the median home value is $220,200 for 2023.

9. Rehoboth Beach

The median income in Rehoboth Beach comes in at $137,783 and the median home value is $1,186,900 for 2023.

10. Dagsboro

The median income in Dagsboro comes in at $56,029 and the median home value is $240,300 for 2023.

Methodology: How We Determined The Most Expensive Places To Live In The First State For 2023

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 2017-2021 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 31 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 Ocean View. You can download the data here.