Starting values: $371,600, which is the Delaware median (22nd of 51), 20% down and a 7.40% rate. Monthly cost: $2,303.56 ($2,058.31 loan, $145.58 property tax, $99.67 homeowners insurance). Put 5% down and add PMI and it rises to $2,836.58.
Homestead exemptions and property tax relief
Delaware has no general homestead exemption. Owners 65 and older get the state Senior School Property Tax Credit, worth 50% of regular school taxes up to $500. It has no income limit, but newer residents must have lived in Delaware for 10 years, and you apply by April 30. Counties run separate over-65 and disability exemptions.
First-time buyer programs
The Delaware State Housing Authority's Delaware Mortgage Program offers first mortgages with down payment assistance. Its Diamond in the Rough option adds a 0% second mortgage of 5% for buyers financing repairs with an FHA 203(k) Limited loan.
Transfer and recording taxes
The typical total is 4% (2.5% state plus 1.5% local), split between buyer and seller, so about $7,432 each on a $371,600 home. A qualifying first-time buyer gets a 0.5 percentage point cut to the buyer's state share, capped at $2,000, which saves about $1,858 here.
Closing costs to plan for
Attorneys handle Delaware closings. The buyer's share of transfer tax is usually the largest item after the down payment.
When property tax bills are due
Delaware property and school taxes are billed by the county, usually in summer. In New Castle County the 2025 bills were the first under a countywide reassessment, the first in about 40 years. The county reissued bills that fall after school tax rates changed and extended the 2025 deadline to December 31. Kent and Sussex counties bill on their own schedules, so ask the county for the due date.
Before you buy in Delaware
Because New Castle County has only just reassessed, values there now track current prices more closely than in Kent or Sussex, so a home's tax history may not predict your bill. Check the current assessment and both the county and school-district rates. Delaware's typical 4% transfer tax is split between buyer and seller, and a qualifying first-time buyer gets a cut to the buyer's state share. Owners 65 and older can apply by April 30 for the senior school tax credit after meeting the residency requirement.
2026 loan limit in Delaware
FHFA 2026 one-unit conforming limits: no county is high-cost, so $832,750 applies statewide. So $297,280, the 80% loan on a median home, needs no jumbo financing.
Delaware numbers used above
| Measure | Delaware | U.S. |
|---|---|---|
| Median home value (ACS 2024) | $371,600 | $360,600 |
| Effective property tax rate | 0.47% (44th highest) | 0.89% |
| Average HO-3 premium (NAIC 2023) | $1,196 | $1,737 |
| Median household income | $87,534 | $81,604 |
| Median gross rent | $1,530 | $1,487 |
| Income needed at 28% (20% down) | $98,724 | – |
Frequently asked questions
Did New Castle County reassess property recently?
Yes. Bills for 2025 were the first under the county's first reassessment in about 40 years.
When are Delaware property taxes due?
It depends on the county. Bills usually go out in summer; New Castle County extended its 2025 deadline to December 31.
What senior property tax help does Delaware offer?
The state Senior School Property Tax Credit, worth 50% of school taxes up to $500 for owners 65 and older.
What is the median-home payment in Delaware?
About $2,303.56 a month on a $371,600 home with 20% down at 7.40%, including tax and insurance.
Sources
- New Castle County reassessment FAQ
- Delaware Code Title 30, ch. 54
- Delaware Finance, Senior School Property Tax Credit
- Delaware Revenue, first-time buyer transfer tax credit
- DSHA programs 2026
- FHFA, 2026 conforming loan limits
- Census ACS 2024 1-year (B25077, B25103, B19013, B25064); NAIC homeowners report (2023); Freddie Mac PMMS.
See also: all states · house affordability · Delaware paycheck