Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Kent County | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $231,371 | $249,028 | $242,182 |
| Price Trend (Annual %) | 6.0% | 4.9% | 8.2% |
| Median Gross Rent | $1,285 | $1,341 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Kent County is about 7% lower than in Delaware. Rent is about 4% lower than the Delaware average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Kent County, up about 6.0% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Kent County rose about 30.6% between 2015 and 2023, from $984 to $1,285. Over the same span, rent in Delaware rose about 31.8%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Kent County.
Buying the median-priced home in Kent County costs roughly 15.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Kent County. The price-to-rent ratio in Delaware is about 15.5.
| Metric | Kent County | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $231,371 | $249,028 | $242,182 |
| Median Household Income | $72,795 | $83,492 | $78,145 |
| Price-to-Income Ratio | 3.2 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Kent County rose about 54.6%, while median household income rose about 39.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Kent County | Delaware Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.3% | 62.5% | 58.2% |
| Rental Rate | 27.1% | 24.0% | 31.3% |
| Vacancy Rate | 6.6% | 13.5% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Kent County has a homeownership rate of 66.3%, higher than the Delaware average of 62.5%. Its housing vacancy rate is 6.6%, compared with 13.5% in Delaware.
Housing Stock
| Metric | Kent County | Delaware Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1991 | 1983 | 1978 |
| Median Number of Rooms | 6.2 | 6.2 | 5.5 |
The typical housing unit in Kent County was built around 1991. On average, 2.6 people live in a home with about 6.2 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Kent County, Delaware.
What is the median home price in Kent County, Delaware?
The median home price in Kent County, Delaware is $231,371, lower than the Delaware average of $249,028.
What is the average home price in Kent County, Delaware?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Kent County, Delaware?
The median gross rent in Kent County, Delaware is $1,285 per month, lower than the Delaware average of $1,341.
What was the median gross rent in Kent County in 2020?
In 2020, the median gross rent in Kent County, Delaware was $1,109 per month.
What is the price-to-rent ratio in Kent County, Delaware?
The price-to-rent ratio in Kent County, Delaware is about 15.0, meaning it would take roughly 15.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Kent County.
Are home prices or rent rising faster in Kent County, Delaware?
Both home prices and rent are rising in Kent County, up about 6.0% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Kent County, Delaware?
66.3% of households in Kent County, Delaware own their home, higher than the Delaware average of 62.5%.
What is the vacancy rate in Kent County, Delaware?
The housing vacancy rate in Kent County, Delaware is 6.6%, lower than the Delaware average of 13.5%.