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Buying a home in Delaware seems out of reach for many residents.
With rents skyrocketing, finding an affordable place to live in the communities many have long called home seems more challenging than ever.
Pandemic financial woes combined with a hot real estate market fueled by a steady flow of newcomers compound Delaware’s housing affordability crisis. Many people simply do not make enough money to afford adequate housing in Delaware.
How much is enough money? The federal Housing and Urban Development agency says you should not be spending more than 30% of your income on housing costs and utilities.
Statewide, annual household incomes range from about $45,000 to $66,000 depending on your race and ethnicity, according to a JPMorgan Chase and Prosperity Now report.