Delaware Tops in Overall Affordability
Delaware Among Top Places in U.S. For Overall Affordability
February 18, 2022 –
WILMINGTON, Del. – Delaware, perhaps most well-known for having no statewide sales tax, continues to top the charts as one of the U.S.’s most affordable places to live. While most northeastern states rank among those with the highest property tax burdens, property taxes throughout Delaware remain among the lowest in the United States. Delaware is the sixth lowest, according to a 2021 report from WalletHub. These lower costs of homeownership result in 75% of the state’s households owning their own home.
Three-quarters of the state’s homeowners spend less than $2,000 a month on housing and about 85% of the state’s renters spend less than $1,500 a month on housing, according to Delaware Prosperity Partnership.
Over the last decade, Delaware also has the fastest-growing population along the nation’s northeast corridor. Delaware is located at the center of the U.S.’s largest consumer market. Its central geographic location and the presence of a diverse industrial base combine to create a wide variety of business and earning opportunities, contributing to a statewide median income of $68,287, based on the American Community Survey collected by the U.S. Census Bureau.
All of these attributes, combined with its business-friendly tax structure, make Delaware one of the most affordable choices for businesses looking to locate here and workers thinking of a move.
“Since DPP began three years ago, we have closed 45 projects, which include businesses new to the Delaware market and Delaware-located businesses choosing to grow here,” explained DPP CEO and President Kurt Foreman. “Combined, these projects are expected to result in more than $1.39 billion in capital investment and nearly 5,000 new jobs in Delaware. These figures not only speak to the collaborative nature of the DPP model, but also underscore Delaware’s can’t-be-beat value proposition, from excellence in education and health care, easy access to one of the best coastlines in the U.S. and one of the most affordable places in the country.”
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About Delaware Prosperity Partnership
Delaware Prosperity Partnership leads Delaware’s economic development efforts to attract, grow and retain businesses; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying and developing talent. The DPP team works with site selectors, executives and developers focused on where to locate or grow a business and helps with reviewing potential sites, cost-of-living analyses and funding opportunities, including available tax credits and incentives. DPP advances a culture of innovation in Delaware, working with innovators and startups to spotlight and celebrate successes and connect them with the resources they need to succeed. DPP and its partnerships throughout Delaware support and advance the missions of companies of all sizes and sectors.
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DPP’s Prosperity and Partnership Campaign 2021-2023: Advancing Prosperity special publication acknowledges the collaborative leadership of DPP’s Board of Directors — co-chaired by Governor John Carney and Rod Ward III, president and CEO of CSC — as well the 41 inaugural private-sector investors who play an essential role in shaping Delaware’s continued economic success. DPP also uses the piece to encourage more Delaware leaders to join the public-private partnership to help attract, grow and retain companies and bolster the state’s economy.
Summit activities included workshops and networking sessions for national site selectors and Delaware economic developers along with interactive cooking events led by Rehoboth Beach-based SoDel Concepts that gave participants the opportunity to enjoy Delaware flavors, build rapport over a shared meal and hear from the owners of nationally renowned Delaware-based businesses – including Sam Calagione of Dogfish Head Brewery in Milton and Katey Evans of The Frozen Farmer in Bridgeville – why they chose Delaware. Delaware Summit 2020 also gave site selectors a rare opportunity to engage directly with a state’s governor – all while experiencing Delaware’s “state of neighbors” feeling for themselves.