Mortgage payment estimates, closing cost breakdowns, and homebuying data for Lewes, Delaware.
Median Home Price
$485K
Population
3K
Avg Monthly Rent
$1,720
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 Lewes.
Lewes vs Delaware Median
The median home price in Lewes is $485,000, which is 37% above the Delaware state median of $355,000.
Mortgage Calculator — Lewes, DE
Pre-filled with Lewes median home price and Delaware tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $485K home using Delaware's 0.56% tax rate and $1,300/yr insurance.
5% Down
$3,516/mo
Down: $24,250
Loan: $461K
P&I: $2,912
Tax: $226
Insurance: $108
PMI: $269
10% Down
$3,348/mo
Down: $48,500
Loan: $437K
P&I: $2,759
Tax: $226
Insurance: $108
PMI: $255
20% Down (No PMI)
$2,787/mo
Down: $97,000
Loan: $388K
P&I: $2,452
Tax: $226
Insurance: $108
Income needed (28% rule): $119K/year with 20% down, $143K/year with 10% down.
Rent vs Buy in Lewes
Rent
$1,720/mo
vs
Buy (10% down)
$3,348/mo
Price-to-rent ratio: 23.5 — At a ratio above 20, renting may be more economical in Lewes for shorter stays. Buying costs $1,628 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Lewes is $485,000, 37% above the Delaware state median of $355,000. With a population of 3,266, Lewes is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Delaware average 0.56% annually. This low property tax rate is a significant advantage for Lewes 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 Lewes is $1,720/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Lewes is a higher-cost market. At $485K median, buyers need significant savings or strong income. Down payment assistance through Delaware's DSHA Homeownership Loan program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Lewes.