Mortgage payment estimates, closing cost breakdowns, and homebuying data for Laurel, Delaware.
Median Home Price
$225K
Population
4K
Avg Monthly Rent
$1,050
Property Tax Rate
0.56% *
* Property tax shown is the Delaware state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Laurel.
Laurel vs Delaware Median
The median home price in Laurel is $225,000, which is 37% below the Delaware state median of $355,000.
Mortgage Calculator — Laurel, DE
Pre-filled with Laurel median home price and Delaware tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $225K home using Delaware's 0.56% tax rate and $1,300/yr insurance.
5% Down
$1,689/mo
Down: $11,250
Loan: $214K
P&I: $1,351
Tax: $105
Insurance: $108
PMI: $125
10% Down
$1,611/mo
Down: $22,500
Loan: $203K
P&I: $1,280
Tax: $105
Insurance: $108
PMI: $118
20% Down (No PMI)
$1,351/mo
Down: $45,000
Loan: $180K
P&I: $1,138
Tax: $105
Insurance: $108
Income needed (28% rule): $58K/year with 20% down, $69K/year with 10% down.
Rent vs Buy in Laurel
Rent
$1,050/mo
vs
Buy (10% down)
$1,611/mo
Price-to-rent ratio: 17.9 — A ratio between 15-20 means the rent vs buy decision in Laurel depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Laurel is $225,000, 37% below the Delaware state median of $355,000. With a population of 4,281, Laurel is a smaller market where home prices tend to be more accessible than in many parts of Delaware.
Property taxes in Delaware average 0.56% annually. This low property tax rate is a significant advantage for Laurel buyers, keeping your monthly costs well below what you'd pay in higher-tax states. Homeowners insurance in Delaware runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in Laurel is $1,050/month. The price-to-rent ratio in Laurel is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Laurel offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Delaware's DSHA Homeownership Loan program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Laurel.