Quick facts: Newark, DE

Quick Facts

108.1
Cost of Living
above US average
30,453
Population
24.33
Crime Rate per 1000
above US average
$67,738
Median Income
below US average
$425,000
Median House Price
above US average
$2189.27
Average Rent
above US average
10%
Poverty Rate
below US average
4.9%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $67,738.

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Income Needed to Buy

βœ— Stretch
$133k/year
Based on $425,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $133k vs median $67,738
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Income Needed to Rent

⚠ Stretch
$94k/year
Based on $2189.27/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $94k vs median $67,738
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Newark, DE

Newark, Delaware, is a vibrant city located in New Castle County, approximately 12 miles west of Wilmington. Known for its rich history and youthful energy, Newark is home to the University of Delaware, which significantly impacts the local culture and economy. The university's presence fosters a diverse community and offers ample opportunities for education, research, and innovation. The city's downtown area features a mix of shops, restaurants, and entertainment venues, making it a popular destination for both residents and students. Newark is also renowned for its parks and recreational areas, including the scenic Newark Reservoir and the expansive White Clay Creek State Park, which provide numerous outdoor activities such as hiking, biking, and picnicking. Culturally, Newark hosts various events throughout the year, including festivals, art shows, and music concerts, celebrating local talent and fostering community spirit. The city’s strategic location near major highways provides easy access to Philadelphia and Baltimore, making it an attractive place for commuters. Overall, Newark combines a small-town feel with the amenities of a larger city, making it a unique and appealing place to live, work, and study.

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