Mortgage payment estimates, closing cost breakdowns, and homebuying data for Newark, Delaware.
Median Home Price
$320K
Population
33K
Avg Monthly Rent
$1,420
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 Newark.
Newark vs Delaware Median
The median home price in Newark is $320,000, which is 10% below the Delaware state median of $355,000.
Mortgage Calculator — Newark, DE
Pre-filled with Newark median home price and Delaware tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $320K home using Delaware's 0.56% tax rate and $1,300/yr insurance.
5% Down
$2,356/mo
Down: $16,000
Loan: $304K
P&I: $1,921
Tax: $149
Insurance: $108
PMI: $177
10% Down
$2,246/mo
Down: $32,000
Loan: $288K
P&I: $1,820
Tax: $149
Insurance: $108
PMI: $168
20% Down (No PMI)
$1,876/mo
Down: $64,000
Loan: $256K
P&I: $1,618
Tax: $149
Insurance: $108
Income needed (28% rule): $80K/year with 20% down, $96K/year with 10% down.
Rent vs Buy in Newark
Rent
$1,420/mo
vs
Buy (10% down)
$2,246/mo
Price-to-rent ratio: 18.8 — A ratio between 15-20 means the rent vs buy decision in Newark 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 Newark is $320,000, 10% below the Delaware state median of $355,000. With a population of 33,398, Newark 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 Newark 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 Newark is $1,420/month. The price-to-rent ratio in Newark is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Newark presents moderate affordability. The $320K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Newark.