This Delaware Zip Code Has the Most Affordable Homes, Experts Say
If your dream is to buy a home, one Delaware zip code has the most affordable homes in the state, according to experts. There’s no question that the cost of housing has gone up over the past decade. The housing market just keeps going up, and even with some adjustments for mortgage rates rising, the average cost of a house in America is still much more than it was a decade ago. With that in mind, if you’re looking to buy a home in South Carolina, here’s where to look for the most affordable homes.
Delaware Zip Code with the Most Affordable Homes
American Home Shield has put together a study with experts to determine the cheapest zip codes in America to buy a home. In it, they talk about the steep cost of housing. “The average cost of a house in the U.S. today is over half a million dollars,” they explain. They add that the “figure could either be astronomically out of a person’s budget or just a drop in the bucket.” For methodology, they used U.S. Census databank to get the population of each ZIP code in the U.S. with more than 10,000 residents. Their experts also used information on the median home price from Zillow and median household income from the U.S. Census. Then, they “divided each ZIP code’s median home value by the median household income, giving us a home price-to-household income ratio.” Finally, the experts ranked the most affordable and least affordable ZIP codes.
They found that the least affordable zip code in the U.S. for people to purchase a home is 90210 in Beverly Hills, Los Angeles. There, the median cost of a home costs “34.82 times what a typical local worker earns in a year,” according to the study. That’s wild. On the other side of things, the most affordable ZIP code in the U.S. for residents to purchase a house is 48505 in Flint, Michigan. In Flint, the median price of a home is $27,703. They say that the typical worker in Flint makes $29,061 per year, so the median cost of a home is actually less than that salary.
Now, onto which Delaware zip code has the most affordable homes. It’s 19802 in Wilmington, Delaware. The least affordable zip code in Delaware is 19971 in Rehoboth Beach. That isn’t very surprising, as Rehoboth Beach is a luxury spot. So, if you’re looking to move to Delaware, or just move inside the state, you’ll find the most reasonable housings costs in the 19802 area, according to American Home Shield.
