CALCMONEY // HOME AFFORDABILITY // DE // NEWARK
How much house can you afford in Newark? Based on local median home prices, current DE mortgage rates, and Newark property tax data.
$310,000
$1,912/mo
$81,957/yr
$230,476
Monthly housing costs of $1,912 represent 35.9% of Newark's median gross monthly income ($5,333/mo). At 35.9%, median-income buyers in Newark are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $310,000 |
| Down Payment (20%) | $62,000 |
| Loan Amount | $248,000 |
| Monthly PI Payment | $1,633 |
| Monthly Property Tax | $150 |
| Monthly Insurance Est. | $129 |
| Total Monthly PITI | $1,912 |
| Housing Cost % of Income | 35.9% |
| Required Income (28% rule) | $81,957/yr |
| Max Affordable Home | $230,476 |
$10,850
$2,461/mo
Newark Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $310,000 | Newark city median |
| Down Payment (20%) | $62,000 | Conventional loan |
| Monthly PITI | $1,912 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $81,957 | Annual gross |
| Max Affordable Home | $230,476 | Based on median income |
| FHA Down (3.5%) | $10,850 | Minimum FHA |
| Housing Cost % of Income | 35.9% | Median income: $64,000/yr |
| Property Tax Rate | 0.58% | $1,798/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Newark is $310,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $248,000, generating a monthly P&I payment of $1,633. Adding property taxes ($150/mo) and homeowners insurance ($129/mo) brings total monthly PITI to $1,912.
Newark's property tax rate of 0.58% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Newark median home, that is $150/month, or $1,798 per year.
Delaware levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Newark should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Newark's median income of $64,000/year can afford up to $1,493/month in total housing costs. Based on Newark's mortgage rate of 6.9% and property tax rate of 0.58%, that translates to a maximum affordable home price of approximately $230,476 with 20% down on a 30-year loan.
To afford the median Newark home priced at $310,000, you need an annual gross income of approximately $81,957. Total monthly housing costs (principal and interest of $1,633, property taxes of $150, and insurance of $129) come to $1,912/month, which equals 28% of the required income.
At the median home price of $310,000 and median household income of $64,000, the total monthly housing cost of $1,912 represents 35.9% of gross monthly income. This is well above the standard 28% threshold, making Newark a challenging market for buyers at median income.
A conventional 20% down payment on the median Newark home of $310,000 is $62,000. An FHA loan requires just 3.5% down — $10,850 — but adds mortgage insurance of roughly $212/month, bringing total FHA payments to $2,461/month.