Cost of Living in Newark, DE
Housing
The housing market plays a significant role in determining the cost of living in Newark, DE.
- Housing Index: 113.3 / 100
- Median Home Price is: $300,000
- Average Rent (2 BR Apartment): $2154 per month
- Average Rent (2 BR House): $2341 per month
Considering a move to Newark, DE? The area shows a housing index of 113.3—a significant indicator above the national average, suggesting potentially tighter housing availability. The median home price stands at 300000, which provides an opportunity for investments, but may mean facing a higher cost of entry. If renting is more appealing, the average rent for a 2-bedroom apartment is 2154 and for a 2-bedroom house, it's 2341. Factor in local economic prospects, with job growth and amenities, to determine if this is the right move for you.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Newark, 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 Newark, 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 Newark is a financially viable option for your relocation.