Income needed to buy a house in Delaware
A median-priced home in Delaware costs $371,600. With 20% down you'd need about $96,755 a year, $9,221 more than the state's median household income of $87,534. Delaware ranks #28 of 51 for the lowest income needed.
Income needed: $96,755 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 7.24% (Freddie Mac, week of 2026-10-29).
Estimated household income: about $96,755 a year for a $371,600 home in Delaware with $74,320 down.
Uses a 28/36 planning rule: modeled housing costs at 28% of gross income, housing plus other debt payments at 36%. Mortgage approval depends on the lender, loan program, credit and other circumstances. Excludes maintenance, repairs and utilities.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $2,026 |
| Property tax | $146 |
| Homeowners insurance | $86 |
| Total | $2,258 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $18,580 | $2,785 | $119,339 |
| 10% | $37,160 | $2,650 | $113,581 |
| 20% | $74,320 | $2,258 | $96,755 |
Income benchmarks use the 28/36 planning rule with no HOA or other debt payments. Mortgage approval depends on the lender and loan program. Monthly costs exclude maintenance, repairs and utilities. Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Delaware: what's different
- Transfer tax
- 2.5% state + up to 1.5% local
- On the median home
- $9,290
- Homestead break
- 65+ school tax credit only
- First-time buyer help
- Delaware State Housing Authority
- Transfer and recording taxes. The realty transfer tax is 2.5% to the state plus up to 1.5% to the county or town (3% to the state where there's no local tax), and buyer and seller usually split it. First-time buyers who will live in the home get half a percentage point off their share, worth up to $2,000. On the median Delaware home ($371,600), that's about $9,290 in state realty transfer tax.
- Property tax breaks for your home. There's no general homestead exemption. Owners 65 and older get a credit of 50% of their school property tax, up to $500, but anyone who made Delaware home in 2018 or later must have lived there 10 years in a row to qualify.
- First-time buyer help. The Delaware State Housing Authority offers mortgages and down payment help for first-time buyers through participating lenders. Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in Delaware's largest metro area
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Philadelphia, PA (9% in DE) | $109,587 | $375,100 | $90,850 |
The median home in the Philadelphia area is worth $375,100, about the same as the statewide median, and takes about $109,587 a year to buy with 20% down.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. The metro area centered in Pennsylvania is included because many of its residents live in Delaware; the share in the state is in parentheses. Rows are ordered by how many residents live in Delaware. Income needed: 20% down at 7.24%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Delaware about average among states
- Home prices: the median value of $371,600 is 3% above the U.S. median of $360,600.
- Property tax: about 0.47% of value a year ($146 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,030 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $205 a month on this loan.
15 states need at least 20% less income to buy their median home. States with a similar income requirement:
Frequently asked questions
How much do you need to make to buy a house in Delaware?
About $96,755 a year for the median home of $371,600 with 20% down at 7.24%. With 10% down it's about $113,581.
What is the property tax rate in Delaware?
The median Delaware homeowner pays $1,750 a year, about 0.47% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Delaware?
Median rent is $1,530 a month, while owning the median home costs about $2,258 a month with 20% down, before maintenance. Renting affordably takes about $61,200 a year under the 30% rule.