What Is the Cost of Living?
The cost of living refers to the amount of money needed in order to sustain a particular standard of living in a given location by affording basic expenses, such as housing costs, food and groceries, utilities, transportation expenses, healthcare, and taxes. If you are planning to move to a different city, knowing the cost of living in that area would help you assess whether you’d be able to afford to live comfortably given your expected salary and your lifestyle.
The cost of living index reflects the percentage difference in the cost of living between two or more locations. The primary location would be your current city or state, and this would show a value of 100 for all the basic expenses, as this would be your reference point. For the other locations that you are considering moving to, the values would be higher or lower than 100 – depending on whether the costs in these places are higher or lower relative to those of your primary location.
For example, if you are currently living in Missouri and are considering relocating to Delaware, the cost of living index for your present location which is Missouri would always be 100, while the values for Delaware would either be higher or lower than 100, depending on whether the expenses being compared to those of Missouri ’s are more expensive or cheaper in Delaware.
2019 Cost of Living Index in Delaware
If you are keen on relocating to Delaware, it would be to your best interest to do your own research and check the cost of living index in this state before you make a decision. The table below compares the cost of living in Delaware with the rest of the United States. In this table, the primary location is the United States, so all of the values under this are all fixed at 100, while the values under Delaware will vary, depending on whether the expenses in this state are higher or lower compared to the rest of the country.
Based on the table above, you can see that the overall cost of living index in Delaware is 110 – 10 points higher than that of the United States, which means that the basic expenses in this state are 10% more expensive compared to those of the nation. Looking at each index, you’ll see that most of the expenses are slightly higher relative to those of the state, except for housing, which is 20% higher.
Cost of Goods and Services in Delaware
Most of the services in Delaware cost higher than the national average. Going to the beauty salon would cost around $36.17 to $38.67, while the national average is $37.33. A haircut costs $13.22 to $14.17, a couple of dollars lower than the national average of $16.09. The average cost of a movie ticket on the national level is $10.28, but in Delaware, the cost ranges from $11.50 to $11.75. A game of bowling costs between $4.69 and $4.75 in the state, which is close to the national average of $4.93. For toiletries, a tube of toothpaste costs around $2.82 to $3.37, (national average is $2.45) and a bottle of shampoo is usually priced between $1.07 and $1.11 (national average is $1.00).
Delaware Housing Costs
If you are planning to buy a house in Delaware, the median home value here is $237,300 and the median list price per square foot is $145. On the other hand, if you prefer to rent, the median rent price in this state is $1,350.
Utility Costs in Delaware
According to Move.org, Delaware ranks #24 out of the 50 states in the US in terms of the average monthly utility costs, in order from highest to lowest. The average monthly electricity cost in Delaware is $107.82, natural gas is $119.17, internet rate is $55.00 (60 Mbps), cable is $100.00, and water is $40.00. On average, the total cost of utilities per month in this state is estimated at $421.99 while the national average is $422.08.
Cost of Food and Groceries in Delaware
If you love cooking meals for your family, knowing the cost of raw ingredients would definitely be important in determining your budget once you move to Delaware. Here, ground beef costs around $4.31 to $4.33 (national average is $3.80), the price of a regular bottle of fresh milk is $2.00 to $2.13 (national average is $2.01), and potatoes are between $4.12 and $4.21 (national average is $3.01). For those times when you prefer to order food, fried chicken costs $1.31 to $1.72, close to the national average cost of $1.40, while pizza is around $10.24, less than a dollar higher than the national average of $9.89.
Transportation Costs in Delaware
The average gas price in Delaware ranges from $2.17 to $2.20, slightly lower than the national average of $2.24. The rate for tire balancing is estimated at $38.67 to $42.63, also lower than the national average of $46.29.
Cost of Healthcare in Delaware
In general, healthcare is Delaware costs lower than the national average. A visit to a general practitioner is estimated at $84.33 to $87.50, while the national average is $108.36. A dental check up ranges from $84.61 to $107.42, while the national average is $92.53. A consultation with an optometrist, though, would be more expensive in this state, ranging from $114.17 to $129.00 (the national average is $102.16).
The sales tax rates in the United Stated vary from state to state and range from zero sales tax to higher than 7%. In Delaware, there is no statewide sales tax and property taxes are the fifth lowest in the country. On a national level, the state income tax rates range from no income tax to more than 9% income tax. In Delaware, the income tax rates range from 2.2% to 6.6%.
Moving to Delaware
If you are thinking of moving to Delaware, it is best for you to learn about the cost of living in this state so you can better asses how your change of residence is going to affect your budget. And, if you are planning to buy your own home here, our team can help you choose among your many options and make the right decision. Please feel free to give us a call at 302-803-1800 or email us at [email protected].