Delaware lies in the mid-Atlantic region of the U.S. It borders Maryland to its south and west, Pennsylvania and New Jersey to the north, and the Atlantic Ocean to the east. It gets its name from the nearby Delaware River. According to the U.S. Census Bureau, the state had a population of approximately 973,764 by July 1, 2019, an upsurge of about 8.4% since 2010. The cost of living in Delaware is a bit higher than that of the average American states.
Nonetheless, the state remains to be one of the most desired places to live and work. The absence of sales tax has seen many people move into the state to live and work.
What is the cost of living in Delaware?
Delaware is a bit more expensive than the average living cost compared to most other U.S. states. The cost of products and services in the region is higher by about 1.2% than in all other states. Compared to the rest, this state is at the 18th spot of the most increased cost of livelihood in the U.S. If you rent in the densely populated, urban metro areas, expect a higher cost of living than being a renter in a more rural area.
The state has only one metropolitan area. For instance, in the Dover metro area, the cost of products and services is approximately 7.8% lower compared to the national average. It is also 6.6% lower when compared to the statewide average. A family with two adults with two children in the state of Delaware would need to earn approximately $7,761 each month or $93,136 per annum to live comfortably here.
Here is the rationale on the average figures per month:
- Food: $847
- Housing: $1,137
- Child health care: $1,621
- Adult health care: $1,100
- Transport: $1,149
- Other necessities: $801
- Taxes: $1,106
For example, a single-family budget in this state is higher than the average of one in the nearby Philadelphia metro area. In Philadelphia, the same size family would only spend $7,600 per month to attain a modest living standard.
How expensive is an apartment in Delaware?
Housing contributes much to the cost of living in Delaware. A typical renter here parts with $1,110 a month for rent and utilities, which is more than the average national monthly rent by about $87. The monthly median rent for a one-bedroom apartment in Delaware is $886. The rent for a typical apartment with two or more bedrooms is approximately $1,646.
Keep in mind that rent varies with the size of the apartment and the location you choose. You can find precise information on the actual cost of rent against the house’s size by frequently checking listings.
How do I find a cheap apartment in Delaware?
You can save money when looking to rent an apartment in Delaware by finding a cheaper alternative. The cost for housing varies throughout the year, so consider the following tips to find an affordable apartment in Delaware:
1. Budget
Finding an apartment to rent is as essential as being capable of paying the rent. Consider your budget before embarking on finding a cheap apartment. A reasonable cost of rent that you pay should account for 30% of your monthly salary. According to CNBC, families who spend more than 30% of their monthly income on rent are cost-burdened. Therefore, cheap housing for you should not be more than you can afford, depending on your income.
2. Find a Roommate
You can save more on rent if you move in with a roommate. First, decide on the general price you can comfortably pay to determine whether you need a roommate. You can opt to share a big house with a few roommates to access the many benefits, including allowing you to move into a bigger place with more amenities for fewer monthly payments. The drawback would be sacrificing your privacy to reduce the cost of living in Delaware. Sharing your apartment with someone else is not a big deal if you are used to living with other people, and you have all agreed on responsibilities using the basic roommate agreement template.
3. Join Social Media Groups
There are myriads of social media housing groups where renters post cheap apartment listings. The groups make searching for the best places in Delaware and nearby regions easier by allowing landlords and renters to interact freely. Log in to Facebook, search for the groups, and send a request to join. Once approved, you can check for posts advertising cheap apartments in Delaware and even upload your personalized ads describing what you are looking for on the forums.
4. Look In New Areas
Finding a cheap apartment in higher-end parts of Delaware could be difficult, even if you want to live with a roommate. Therefore, it pays to search for houses in a less trendy yet vibrant neighborhood where you can get more listings at affordable rates.
What is the cheapest rent in Delaware?
The average size of a cheap Delaware apartment is estimated to be 648 square feet. The price range for such an apartment is between $464 and $4,100. If your budget is small, consider sticking to the lower spectrum of the price range. Such apartments are less expensive, easier to maintain, and have smaller spaces, attracting lower utility costs.
Delaware has always been a state for young professionals and retirees alike. While the cost of livelihood is slightly higher, job opportunities are also increasing, making it an excellent place to live and work. There is something for every renter’s needs. All you require is thorough research to find an affordable apartment that suits your requirements and is within your desired cost of living in Delaware.
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