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.
Housing Market Overview
| Metric | Newark | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,061 | $249,028 | $242,182 |
| Price Trend (Annual %) | 4.4% | 4.9% | 8.2% |
| Median Gross Rent | $1,553 | $1,341 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 3.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Newark is about 5% higher than in Delaware. Rent is about 16% higher 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 Newark, up about 4.4% and 4.5% a year respectively. Rent is changing faster.
Median rent in Newark rose about 51.2% between 2015 and 2023, from $1,027 to $1,553. Over the same span, rent in Delaware rose about 31.8%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Newark.
Buying the median-priced home in Newark costs roughly 14.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Newark. The price-to-rent ratio in Delaware is about 15.5.
| Metric | Newark | Delaware Avg | US Average |
|---|---|---|---|
| Median Home Price | $262,061 | $249,028 | $242,182 |
| Median Household Income | $71,988 | $83,492 | $78,145 |
| Price-to-Income Ratio | 3.6 | 3.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Newark rose about 16.0%, while median household income rose about 39.4% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Newark | Delaware Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 44.1% | 62.5% | 58.2% |
| Rental Rate | 42.0% | 24.0% | 31.3% |
| Vacancy Rate | 13.9% | 13.5% | 10.6% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Newark has a homeownership rate of 44.1%, lower than the Delaware average of 62.5%. Its housing vacancy rate is 13.9%, compared with 13.5% in Delaware.
Housing Stock
| Metric | Newark | Delaware Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.48 people | 2.54 people |
| Median Structure Built Year | 1975 | 1983 | 1978 |
| Median Number of Rooms | 5.9 | 6.2 | 5.5 |
The typical housing unit in Newark was built around 1975. On average, 2.6 people live in a home with about 5.9 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Newark, Delaware.
What is the median home price in Newark, Delaware?
The median home price in Newark, Delaware is $262,061, higher than the Delaware average of $249,028.
What is the average home price in Newark, 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 Newark, Delaware?
The median gross rent in Newark, Delaware is $1,553 per month, higher than the Delaware average of $1,341.
What was the median gross rent in Newark in 2020?
In 2020, the median gross rent in Newark, Delaware was $1,245 per month.
What is the price-to-rent ratio in Newark, Delaware?
The price-to-rent ratio in Newark, Delaware is about 14.1, meaning it would take roughly 14.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Newark.
Are home prices or rent rising faster in Newark, Delaware?
Both home prices and rent are rising in Newark, up about 4.4% and 4.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Newark, Delaware?
44.1% of households in Newark, Delaware own their home, lower than the Delaware average of 62.5%.
What is the vacancy rate in Newark, Delaware?
The housing vacancy rate in Newark, Delaware is 13.9%, higher than the Delaware average of 13.5%.