Why To Retire In Delaware
Retiring in Delaware guarantees an incredible location, no matter where in the state someone chooses to live. As a smaller state, every amenity is a short distance away, meaning days can include national parks, historical sites, beautiful beaches, or big-city attractions like museums and theaters. Paired with a great tax rate, Delaware makes a perfect state for retirees to settle down.
Retire In Delaware: Things To Know
Not only does Delaware have a low income tax rate, the state is also one of the few in the country that has no state sales tax. Delaware has no estate tax, and also does not tax Social Security retirement benefits.
- Current Income Tax Rates: 6.6%
- Median Property Tax Rates: 0.57%
- Estate or Inheritance Tax Rates: 0%
Among its many advantages as a retirement destination, Delaware also offers quality healthcare for all residents.
- Medical Facilities Per 1,000 Residents: 2.2
- Health Insurance Networks: Highmark BCBSD and Highmark Blue Cross Blue Shield Delaware
Cost Of Living
Although Delaware has a lower cost of living than its surrounding states, it averages 8% higher than the national average. As the state with the 22nd highest average home price and 16th highest average cost of living, Delaware, with all its benefits, does fall on the more costly side.
- Average Home Price: $254,108
- Average Cost of Living Index: 108.0
Delaware offers both warm, sunny summers at the beach and picturesque winter snowfalls, providing residents with the best of both worlds. Summers have an average temperature of 74 degrees Fahrenheit, while winters cool down to a chilly average of 32 degrees. Autumn brings beautiful changes of color, and springs are pleasant and rainy.