Cost of Living in Laurel, DE
Housing
The housing market plays a significant role in determining the cost of living in Laurel, DE.
- Housing Index: 113.3 / 100
- Median Home Price is: $278,000
- Average Rent (2 BR Apartment): $1804 per month
- Average Rent (2 BR House): $1961 per month
In assessing the housing market in Laurel, DE, the housing index is at a notable 113.3, indicating above-average conditions. The median home price stands at 278000, which may appeal to buyers looking for investment opportunities. Rent prices are also significant, with the average for a 2-bedroom apartment at 1804 and a house at 1961. This suggests that while buying may be more cost-effective in the long run, renting remains a substantial expense. Therefore, it's essential to weigh the benefits of ownership versus the flexibility of renting in this market.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Laurel, DE.
- Electricity Price: $16.29 USD (median by state)
- Natural Gas Price: $17.77 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $241 per month
Living in Laurel, DE could entail higher utility costs. Electricity costs sit at $16.29, while natural gas is priced at $17.77 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $241 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Laurel is a financially viable option for your relocation.