Buying a House in Delaware: A Variety of Benefits
December 16, 2019
The state of Delaware may be primarily known for its calm and peaceful coastal life, but the “First State” also has plenty of qualities that contribute to its growing popularity. The region has become a favorable destination for homebuyers from all walks of life, including first-time homeowners, middle-aged professionals, and retiring baby boomers. Delaware is also in close proximity to several major cities and is well supplied with diverse attractions, free beaches with breathtaking shorelines, and other cultural and recreational opportunities—everything a homeowner could ever need! Whether you are looking for a full-time residence, a second home, or a custom build, Delaware is an optimal option. If you’re eager to learn more about how a home in Delaware can best serve you, we’ve provided some information we are confident that can guide you.
Resident-Friendly Tax Systems
One of Delaware’s most beneficial qualities for current and prospective residents is its favorable tax policies. The state ranks in the top 5 of states with the lowest property taxes, saving homeowners thousands of dollars every year. Additionally, Delaware is recognized for a graduated income tax ranging from 2.2% to 5.55% for individuals with an earning salary of less than $60,000. The maximum of 6.6% applies to those who earn an income of $60,000 or more. Nearby areas, such as New York and Washington, D.C., withhold income tax rates as high as 8.82% and 8.5%, respectively. Furthermore, Delaware is one of the five U.S. states that does not impose a sales tax or personal tax. Lastly, Social Security and Railroad Retirement income is not considered taxable in the state.
Reasonable Cost of Living
Along with its merit and recognition, the state of Delaware offers a relatively reasonable cost of living when it comes down to expenses such as utilities, transportation, healthcare, housing, and groceries. For example, the cost of living in, Delaware is recorded to be only 2.7% higher than the national average. This is a primary indication of housing and grocery costs. Delaware’s transportation and healthcare costs tend to be right at the national average, oftentimes, lower. East coast cities and regions such as Washington, D.C., New York City, Philadelphia, and Norfolk make 2.7% an ideal rate for a state that is brimming with amenities and a robust quality of life.
A Real Estate Market Full of Energy
According to an article in the Delaware Business Times, baby boomers maintain the majority of control over the home market, owning 32% of Delaware’s owner-occupied homes. The starting price for a vast majority of real estate properties in over fifty-five communities averages to $400,0000 in northern Delaware and inventory can tend to be tight in certain areas. Due to the current state of the real estate market, which heavily favors sellers in the northern parts of the state, prospective homebuyers within the Delaware region may be better off looking for a new home in the southern parts of the state. Building a home to suit your wants and desires, on the other hand, offers numerous benefits, especially those who intend on residing in Delaware for years to come.
Where Rural and Urban Life Meet
Delaware may be small in size as opposed to other states, but it is exceptional in the mere fact that it offers an abundance of pleasing environments, including its portion of the Eastern seaboard and rural areas with rivers through lively cities. Altogether, these environments provide a wealth of cultural, retail, historical, and recreational attractions and activities. For individuals looking into moving to Delaware, they are guaranteed a variety of destinations when buying a home. A homebuyer can settle close to the vibrant city of Wilmington or Dover, the state capital. Moving families and homeowners can also expect to find a home surrounded by verdant valleys or trendy beaches that align the Delaware Bay or the Atlantic Ocean.
A Variety of Amenities and Events Abound
Across the entirety of Delaware, communities have come together to host signature events and festivals, resulting in a light and positive reputation. Some of the most popular events include the Dover Days Festival, Winterthur Point-to-Point, Firefly Music Festival, the Delaware Wine and Beer Festival, Brandywine Festival of the Arts, and the Rehoboth Beach Sandcastle Contest. In addition to these events, there are a plethora of activities that Delaware civilians can partake in such as hiking, camping, walking along Riverfront Wilmington, biking through Cape Henlopen State Park, excellent entertainment, and fine dining. The attractions make the home living experience in Delaware beyond splendid and enjoyable.
Find a Home in Delaware with Wilkinson Homes Today
With the state’s agreeable tax rates, favorable cost of living, and high standard of living, Delaware possesses numerous qualities that can’t be found anywhere else in the country. Wilkinson Homes guarantees Delaware as a conducive place for all individuals, couples, and families to purchase a home. If you are looking to build a new home, you can instill your trust in Wilkinson Homes for a refreshing sense of place and self in the state of Delaware. Contact us today to learn more about our numerous floor plans and home building services.