Are you on the lookout for the cheapest places to live in Delaware? We got you.

Finding a property that matches your wants while not costing you a fortune can be difficult. In fact, the typical house value in Delaware is $258,300. When upkeep and mortgage payments are included, it can be challenging for many individuals like you to acquire and own a Delaware home.

That's why we've produced a list of affordable cities in Delaware to assist you in your search. These locations are less expensive than the average, so you may get more value for your dollars.

Let’s cut right to the chase and list down the five cheapest places to live in Delaware. 

1. Dover

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Surprisingly, the First State's capital remains one of the state's most cheap areas, with many individuals migrating to Delaware. Dover, one of the state's major cities, has a median house value of $173,800, much lower than the state's median home value.

Home values have risen 5.8% in the previous year and are predicted to climb 2.3% in the coming year. This is lovely news for present homeowners who are seeing their home investment grow. It also sends a positive message to purchasers who may feel confident about purchasing property in Dover.

Dover Air Force Base, Dover Downs, and the St. Jones River are all located within a few miles of the Atlantic shore. According to other surveys, Kent County, which includes Dover, is the most inexpensive in Delaware. The area has the lowest closing costs and mortgage rates of any Delaware county, and its citizens have median incomes comparable to the national average.

2. Camden

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Camden's typical house value is $194,000, which is lower than the national average. This, along with its slow but steady expansion, is a primary driver of its affordability and popularity among consumers.

Home values climbed by 1.8% last year and will increase by 1.5% this year. The market saw a slight fall in 2021 but immediately recovered and resumed its rising trajectory. Camden's affordability is aided by a thriving economy and closeness to Dover, another relatively affordable city.

3. Pike Creek

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Pike Creek is one of the cheapest locations to live in Delaware. It’s due to its low housing costs and a median income of roughly two-thirds of the national average. It is located directly west of Wilmington and between Baltimore and Philadelphia.

The reduced living expenses and real estate purchase account for a significant portion of its affordability. The neighborhood has the state's lowest closing costs and mortgage rates and a vibrant housing market poised for expansion.

4. New Castle

Even though much of New Castle is located along the Delaware River, the typical house value remains below the national average at $183,700. Home prices have fallen by 0.8% in the last year and are anticipated to fall by 0.3% this year. The decline isn't substantially lower than at its peak in 2021, and demand for houses in the area remains robust.

From 2013 to 2021, the market saw rapid and consistent expansion. Homes are staying on the need for a bit longer than they did a year ago, which is excellent news for bargain-hunting buyers.

5. Wilmington

There's a reason Wilmington real estate is selling at such a rapid pace. Because of its unique riverside position and affordability, it is a lovely area to reside.

According to Zillow statistics from May, the typical price of properties listed here is $189,000, much less than the state's median home value. Rent and house costs per square foot are also lower than usual, contributing to a reduced overall cost of living.

The value of homes has remained steady. They haven't experienced much gain, especially in this seller's market, but they haven't declined in the last year. Like many other markets, the housing market has not fully recovered from the 2020 meltdown. However, this has played in the buyer's favor.

Final Thoughts

Delaware is one of the cheapest states to live in, and these five cities are among the most affordable. If you're looking for a low-budget area to live in Delaware, you could never go wrong with these five locations. 

And what better way for you to buy your own home than through a real estate agent team that looks out for your needs? And that’s what we do at Loft Realty. If you want to get that dream Delaware home you love, contact us today, and we’d love to talk to you. 

If you like this content, check out the best places to visit in Delaware this fall. Or, read about the best hiking and biking trails in Delaware this fall.