October 24th, 2023
Cost of Living Wilmington, DE
Is Wilmington, DE, an expensive place to live? Let's look a little deeper into the costs of living in Wilmington, the average household income, and typical expenses.
Wilmington, DE, is situated at the confluence of the Christina and Delaware rivers. With a population of about 70,750 residents, this picturesque northern city is recognized as the urban center of the region and the Corporate Capital of America.
Wilmington has one of the largest downtowns in the state and is a hub for banking and innovation. The city boasts world-class restaurants, museums, performing arts venues, and tax-free shopping, making it an ideal place for families and young professionals. With its stunning architecture and numerous job opportunities, Wilmington is a bustling city that offers endless possibilities.
If you are interested in moving to Delaware, make sure to check out Wilmington, the largest city in the state, for all that it has to offer. Check out all the real estate in this gorgeous state.
Keep reading to learn more about the cost of living and typical expenses in Wilmington, DE.
Cost of Living Wilmington, DE
Living in Wilmington can be more expensive than in nearby cities and states, which is unfortunate. In particular, the cost of living in Wilmington, DE, is 10% higher than the national average. The overall cost of living is based on various categories, such as housing, utilities, groceries, and transportation, and can vary depending on several factors.
- Housing expenses are 10% higher than the national average
- Utility prices are 12% lower
- Transportation expenses (bus fares and gas prices) are 12% higher
- Grocery prices are 11% higher
- Healthcare costs are 16% higher
Understanding the cost of living is dependent on one's income and current living situation. In comparison to other cities of similar size, Wilmington is relatively more expensive for various reasons. As a result, it is essential to comprehend the expenses of things in the city, particularly when relocating to a new place.
To provide a better understanding of the cost of living in Wilmington, here are some median prices for various items in the city, as well as the cost of living in Delaware.
| Cost of Living Category | Median Cost |
| Median Home Price | $497,808 |
| Median Rent | $1,514/month |
| Gas | $3.80 |
| Gallon of Milk | $2.69 |
| Doctor's Visit | $144.90 |
Sourced from Payscale.
Real Estate
The housing market in Wilmington is extremely competitive, with an average of five offers per home and a sale within 19 days of listing. The median home price for the previous month was $497,808, which is a 2.0% increase compared to the previous year.
It's crucial to note that Wilmington is a seller's market, resulting in higher prices and faster home sales. This knowledge is important for those seeking to buy a home in the area.
Wilmington's affordable housing makes it a desirable destination for first-time homebuyers. The city offers endless opportunities to find the perfect home, and its lower taxes make it a financially feasible living situation for everyone.
When considering the overall cost of living, housing costs are one of the most significant factors to consider, significantly since home prices in Wilmington are rising. If you're planning to move to Wilmington, it's essential that you search for the best neighborhoods and find the perfect location to suit your needs. Each area of the city has its own unique qualities.
If you're interested in moving to Wilmington, be sure to check out the single-family homes for sale, new construction homes, and luxury homes available.
Income
Wilmington is a stunning city located in the North, renowned as the regional hub and the Corporate Capital of America. The average annual household income in Wilmington is $72,244, while the median household income is $49,354 per year.
The city is a center for banking and innovation, offering countless job opportunities, which makes it a popular destination for families and young professionals. However, the current unemployment rate in Wilmington is 10%, which is higher than the national average of 6%.
Despite the high unemployment rate, Wilmington has seen a 2.7% increase in the job market over the last year, and future job growth over the next ten years is predicted to be 28.8%, which is promising.
One of Wilmington's most attractive features is the absence of a sales tax rate, as the national average sales tax rate is 7%. However, it is worth noting that the income tax rate in Wilmington is 8%, while the national average is 4.6%.
Overall, Wilmington is a thriving and bustling city that has much to offer its residents. From affordable shopping to a flourishing job market and endless opportunities, there is something for everyone in this city. If you are looking for a new start, Wilmington may be the perfect place for you.
Utilities
Both owning and renting a property come with utility expenses, which include essential services like energy and telecommunications. In Wilmington, the cost of energy bills is approximately $150.04 per month, but this may vary depending on the service you use. On average, a resident in Wilmington can expect to spend $1,644 per year on electricity.
According to the City of Wilmington, they changed their utility billing cycle from quarterly to monthly to better track payments and usage and prevent damages.
Residential electricity rates in Wilmington are, on average, 0.52% higher than the state average and 14.9% higher than the national average. The electricity market in Wilmington is deregulated, which means there is intense competition among electricity suppliers vying for customers. This competition leads to both advantages and disadvantages for both companies and residents alike.
Several electricity providers are operating in Wilmington, which makes it important to find the best energy plan that suits your needs. To help you make an informed decision, here is a list of the most reliable electricity providers in the area.
Food
Food is an expense that we deal with every day, and it has a significant impact on our lives and the overall cost of living. In Wilmington, an average single adult spends around $3,364 annually on food, while a family of four spends around $9,714 on average.
These figures are just estimates and may vary depending on each person and family. However, these costs are in line with the state and national averages.
Meanwhile, Wilmington is famous for its exceptional restaurants that serve some of the best dishes in the state. With a range of casual to fine dining options, there is something to satisfy every taste bud. Below are some of the most popular local eateries.
Banks Seafood Kitchen and Raw Bar
101 S Market St, Wilmington, DE 19801
(302) 777-1500
Situated on the waterfront, this restaurant offers a wide selection of exquisite seafood dishes, ranging from fresh oysters to jumbo crab cakes and hard-shell lobster. It's a must-visit destination if you're looking for a sophisticated seafood dining experience.
421 N Market St, Wilmington, DE 19801
The restaurant serves a variety of globally inspired bistro dishes made from local ingredients. The restaurant has outdoor seating, and you can reserve a table online through their website to ensure you don't miss out on the delicious food.
111 W 11th St, Wilmington, DE 19801
This steakhouse not only serves delicious steak but also offers creative and modern seafood dishes. The spacious eatery boasts a large selection of wine and a convivial bar. You can conveniently order online or reserve a table ahead of time through their website.
Healthcare
Wilmington is fortunate to have a diverse and high-quality healthcare system, with Saint Francis Healthcare being a cornerstone of the community's support. Saint Francis is among the area's best healthcare providers in the area, providing emergency care, cancer care, cardiology, women's health, family medicine, and other services.
Living in a city with good healthcare services is crucial, and Wilmington offers some of the best. However, this quality comes at a price, with healthcare costs being 16% higher than the national average.
In Delaware, the average cost for an individual is approximately $5,114 per year, which is higher than the national average but comparable to Wilmington's prices. For a family of four, the cost averages around $15,466 per year.
It's crucial to consider healthcare costs, including insurance premiums, when planning your finances. Finding a plan that meets your specific needs is vital, but the number of options available can be overwhelming. Remember that everyone's healthcare needs are different, so take the time to evaluate your options carefully.
Transportation
Delaware's Transportation expenses, including bus fares and gas prices, are 12% higher than the national average. This figure considers various costs related to transportation, regardless of whether you use public transport or your own vehicle.
The statewide public transit service in Delaware offers more than 60 bus routes and a commuter SEPTA train service.
The cost of transportation depends on multiple factors, with fuel being one of the main expenses. Gas prices in Wilmington average around $3.78 per gallon, and additional services, such as tire balancing, cost around $78.75.
It is essential to keep this in mind: transportation is a part of everyday expenses. Although it may seem like a small amount, it can add up over time; it is crucial to know the costs, budget accordingly, and determine the best form of transportation that suits your specific preferences.
FAQS
Is Wilmington, DE, an expensive place to live?
Living in Wilmington can be costly, as the housing expenses are about 10% higher than the national average. However, utility costs are not as expensive. Basic necessities such as food and clothing are also more expensive than the national average. Despite this, Wilmington offers a lot of benefits to its residents, making it a great place to live.
Is Wilmington, DE, an excellent place to live?
Living in Wilmington offers residents a delightful blend of urban and suburban vibes with plenty of restaurants, coffee shops, and parks to enjoy. This makes it a popular location for young professionals and families to move to.
Why move to Wilmington, DE?
Many people are choosing to relocate to Wilmington due to its lower housing costs. This not only makes it easier for first-time buyers to enter the housing market but also provides an opportunity for residents to enjoy the city's many offerings. Check out the best neighborhoods in Wilmington.
Why is it so cheap to live in Delaware?
Delaware has gained recognition for its notable attributes, including affordable housing, low taxes, and a thriving job market across diverse industries.
Cost of Living Wilmington, DE - The Bottom Line
Wilmington is home to one of the largest downtown areas in the state and serves as a hub for finance and innovation. With an array of world-class restaurants, museums, performing arts venues, and tax-free shopping, it's an ideal destination for both families and young professionals.
This city is known for its stunning architecture and booming job market, which offers countless opportunities for growth and prosperity. In addition to affordable housing, there is also excellent healthcare and many other reasons why people choose to relocate here. As a result, this city has become a popular destination for those seeking a better quality of life.
If you or someone you know is intersted in moving to Wilmington, please don't hesitate to contact us.
Our Realty Specialists are always available to assist you with the home-buying process, starting from the beginning, to ensure that you find the perfect home that meets all your needs.
Regardless of your location, budget, or preferences, we are committed to helping you through every step of the process. Contact us today for any questions or assistance.
Ryan Fitzgerald
Hi there! My name is Ryan Fitzgerald, and I am a REALTOR®. My goal is to help you learn more about real estate through our Real Estate Blog! Hopefully, you enjoyed the above blog post and it found a way to provide help or value to you. When you're ready to buy or sell a home of your own let us know here. Please feel free to join the conversation by dropping us a comment below.
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