Delaware is a small but diversified state with historical roots. These marks of the past include big centers and rural settlements, beaches, and farms. Delaware's stunning beauty, cheap taxes, and affordable housing make it an ideal destination. So, many are trying to get here to live, work, and play. Hiking, sailing, and bicycling are all popular outdoor activities. Some also prefer exploring kilometers of scenic beachfront in their spare time. The shopping is also unlike any other state. Delaware is home to some of the region's largest outlet stores open for shopping. The performing arts and cultural attractions also nourish the mind and spirit. Here are some details for those thinking about moving to this state.
Quick Facts
- In 1787, Delaware became the first state to enter the Union.
- The poverty rate among individuals who worked full-time in the previous year was 2.19%.
- The average home value in Delaware is $348,574.
- Over the last year, Delaware's home values have increased by 17.2%.
- Delaware's population grows by 0.84 percent per year.
- According to a 2015 estimate, the state's population had climbed to 945,934.
Delaware in a Nutshell
The official nickname of Delaware is "The First State." It earned this moniker because it was the first state to ratify the Constitution in 1787. It is also the second smallest state in the country. Although despite its modest physical size, it is home to under a million people. Delaware's small size has earned it a second nickname, "The Small Wonder." But, it is still a fantastic location to live. Delaware boasts its lovely seaside villages, rich colonial history, and breathtaking natural beauty. The best part? Because of its compact size, no one will ever miss more than a hop and skip away from seeing anything.
Young couples and seniors have discovered the several advantages of living in Delaware. A Delaware address provides convenient access to award-winning beaches and top schools. The city is also near major cities such as Philadelphia, Baltimore, and Washington, DC. Furthermore, this mid-Atlantic jewel has some of the region's most attractive residential complexes. Delaware also has communities like Town of Whitehall and Overlook at Rockford Falls. They have move-in-ready homes which intend to improve and enrich community life. Additionally, residents have the space for recreation. They can enjoy the community parks with bicycling routes and lovely green areas.
Economy
To begin with, many multinational corporations have operations in Delaware. Dover Air Force Base, Christiana Health System, Astra Zeneca, and Dupont De Nemours Inc. are among the state's largest employers. Aside from these well-known companies. Delaware also has a large number of small enterprises and startups. After all, the state is good, particularly for business. As a result, small businesses have been establishing their companies in Delaware. Additionally, giant firms are looking to start new businesses or expand existing ones.
Employment
It's a little-known fact that Delaware is home to more than half of all Fortune 500 companies. This outcome is due to many favorable factors for businesses. Delaware has a desirable corporate tax rate and a bipartisan political consensus. As a result, corporation rules are particularly beneficial there. With so many Fortune 500 businesses, there are plenty of work chances for many people. But, in such a populated state, there is still some healthy rivalry for jobs. And the state's unemployment rate, at 4.3%, is higher than the national average.
Real Estate in Delaware
Although space is little space in Delaware, the property market is pretty affordable. Compared to much of the east coast of the United States, Delaware boasts some low property prices. In April, the median sale price was $360,000, up 16% or $50,000 from the previous year. The current median sold price is 7% higher than in March. But, those who want to rent an apartment can expect to pay roughly $1,000 per month in Wilmington. Rates for rent are $850 per month in Dover, and even less in Rehoboth Beach. So, those who want to rent a single-family home in Delaware should budget roughly $1,400 per month.
Real Estate Trends
The number of units sold in Delaware Real Estate stayed constant in April, with 1,346 sold this month. This month's total units sold were 15% lower than last year than April 2021. The total number of residences offered last month is 293 units, or 15%, less than the previous month. There were 1,707 active listings this April, compared to 2,000 in April 2021. This month's total of 1,707 is 4% greater than the previous month's total quantity of available inventory of 1,637.
Final Thoughts
Delaware is a small state, yet it is full of opportunities. It has a lot to offer individuals considering relocating to the state. Some possibilities include a robust employment market, reasonable housing, and beautiful scenery. The state also has a tax-friendly atmosphere and a thriving economy for its residents. These benefits complement the state's landscape, perfect for those interested in the state. But do these mean that Delaware is the 'ideal' place to live? Delaware has both positive and negative aspects to consider as any other state. So, before making a final decision, consult the facts we listed about the state of Delaware.
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