Tag: Cost of Living

Delaware Tops in Overall Affordability

Delaware Among Top Places in U.S. For Overall Affordability

Delaware top overall affordability in US

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.”


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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Demystifying Delaware’s Economic Development Strategy

Demystifying Delaware’s Economic Development Strategy


economic development in Delaware

With the Delaware Prosperity Partnership now in its fourth year of operation, we’re seeing growing success in our efforts, but I continue to hear questions about our role and how Delaware stacks up among its competitors.

What Do Economic Development Professionals Do?

The DPP team is about being in the right place at the right time to engage companies and their leaders as they are considering or actively planning for some sort of potential expansion or growth. Our customers are the companies who are operating here or willing to consider operating here. That may seem surprising since we are trying to help our communities or state, but the best way we can do that is to assist companies in choosing Delaware for the first time or choosing it again for the third, 12th or 50th time.

Sometimes we start by touring possible sites, sometimes it is discussing Delaware’s talent pool and other times we prepare responses on topics such as cost of doing business, taxes, infrastructure, and utilities. At times, we are digging for info to answer somewhat arcane questions for a prospect. One of the stand-out features for Delaware is its innovation ecosystem; it really is a part of Delaware’s DNA and one of the most gratifying things we do is supporting startups and entrepreneurs with a breakthrough idea as well as helping already established world-class firms. The variety of projects we see is always fascinating – often sharing common themes but always with a different angle or twist. 

The ongoing foundational marketing work we do locally, nationally, and internationally is to build awareness of why Delaware is great place to work, live and play. What DPP and our partners do is help companies grow here so that it is possible for more of our fellow Delawareans to have the ability to raise a family or have the kind of life they aspire to here in our state. It is a deeply gratifying job to know we are helping people to work.

One of DPP’s priorities and key core values is our commitment to work collaboratively. I always remind people that “partnership” is intentionally in our name. Almost daily, we are in contact with our economic development partners throughout the state. Ensuring that together we create or market the “product” that companies want. We believe there’s no wrong door into Delaware because DPP and our partners share, collaborate, and help the customer get to the right resource at the right time.

It’s probably as important to mention what DPP does not do. We help our prospects understand what resources are available and what they may qualify for, but tax credits and incentives are exclusively within the State of Delaware’s jurisdiction and that is as it should be.

Delaware’s Selling Points

One of the most important things we do as economic developers is listen. A prospect may think he or she has to be in a specific spot and that there aren’t other options. By taking a broader point of view and listening, we often can identify multiple solutions in various parts of the state. That helps give prospects confidence that they’ve found the most optimal options. The key is building rapport and trust, so prospects know we have their interests at heart. Nothing damages an economic developer’s credibility quicker than steering companies somewhere that won’t work and may cause serious challenges.

Delaware has a tremendous variety of lifestyle choices from city living to small-town Americana and spectacular coastal communities. It also boasts a can’t-be-beat cost of living and a highly ranked business tax climate. Intangibles also make a big difference. Ask the executives who we have worked with, and they can tell you – it’s an authentic, neighborly state where decision-makers and influencers go out of their way to help. It’s one of Delaware’s most attractive benefits and our prospects experience it.

Delaware’s Future 

Judging from DPP’s journey to date. I believe that Delaware’s future is bright. The DPP model, collaborating with our public and private sector partners, makes the prospects’ experience a more positive one. Prospects see firsthand how authentically the public and private sector work to support them. That experience helps sell companies on becoming part of that culture and community.  

I’m confident that companies will find what they need here to create a sustainable competitive advantage and that people will continue to see Delaware as a great place to live and raise a family. The good news is that Delaware’s brand is gaining momentum. Delaware is getting its well-deserved attention.

Kurt Foreman is president and CEO of Delaware Prosperity Partnership, the state’s public-private economic development agency.

This article was originally posted on The Delaware Business Times at: https://delawarebusinesstimes.com/news/vp-demystifying-economic-development/

Kurt Foreman


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Delaware’s Favorable Cost of Living

Delaware’s Can’t-Be-Beat Affordable Cost of Living – Find Out Why

Delaware's affordable cost of living 2021

Delaware Cost of Living Information

Delaware’s affordable housing, low taxes, and the thriving job market in diverse industries make the First State a first-rate place to live. Consistently ranked among the most affordable states on the eastern seaboard, the latest cost of living index puts Delaware at the lowest in the busy northeast corridor from Maine to Washington, D.C.

To learn more about Delaware’s favorable cost of living, access our PDF resource below.

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