Delaware is a relatively small state, and its housing market is therefore limited in scope. The number of housing units provided by the US census results in 2002 reveals that there were 352,031 total housing units in the state. It is unusual for a state to not break the one million mark on total housing units, but the tiny size of the Delaware housing market has actually benefited it in many ways. The cost of a home in Delaware has remained fairly low, despite recent market bubbles in nearby states. The median value of an owner occupied home in Delaware in 2000 was $130,400 which is only slightly higher than the national average of $119,600. Home ownership itself was much higher than the national average, with home ownership rates in Delaware sitting at 74.3% as compared to the usual 66.2% nationwide. The median household income also shows Delaware to be an affluent state, with the state household median perched at $47,381 over the national average of $41,994. These are promising numbers for those looking to purchase a home in Delaware.
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There are many good reasons to consider living in Delaware as well. Delaware is nestled in the heart of the interstate 95 Northeast Corridor that runs from Boston to Richmond along the mid-east Coast. Travel to and from Delaware is convenient whether traveling by car, train or plane. Opportunities for day trips or weekend getaways are boundless as most of northern Delaware is located within 100 miles of Philadelphia, Baltimore, Washington, D.C. and New York City. Delaware is home to several world-class museums, a rich tapestry of American and colonial history, opera and other cultural activities that rank up there with the larger metropolitan areas. The state is one of the most popular tourist destinations on the East Coast, the Delaware seashore, continues to draw vacationers from points north and south by offering a safe and typically clean environment.
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According to the census, approximately 720,000 people live in Delaware. The population being concentrated in the Wilmington (72,000), Newark (29,000) and Dover (30,000) areas. City dwellers in nature, seventy-three percent of the population lives in urban areas; twenty-seven percent in rural areas. Making the density is approximately 345 people per square mile. The annual salary for Delaware residents is slightly over $32,000, and the State has a relatively low real estate tax rate making home ownership inviting. In addition, there is no sales tax.
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