When people reach an age of retirement, they may ponder the idea of moving to sunny states somewhere south. However, some retirees dream of finding somewhere still close to family so they can enjoy spending time with their grandchildren, while living the best of both worlds near the ocean and somewhere not too far from home.
Upon closer look, there is one state in the northeast that stands out, and that is Delaware. The benefits of moving to Delaware are not only perfect for retirees, but for others who would have considered moving to PA, NJ or NY.
Don’t let the small size of Delaware fool you. The state offers many great opportunities for an affordable, yet convenient lifestyle, while still being within driving distance to many major cities like Washington D.C., NYC, Philadelphia, and Baltimore. The homes for sale in Delaware are way more affordable, even those along the coastline, especially when compared to homes for sale just north of DE.
Here are 5 more reasons to consider moving to Delaware:
- Cost of Living. Other states like Connecticut, Massachusetts, New York and New Jersey are very expensive to live in, not just for property to buy, but also for everything from groceries to fuel. You can move to Delaware and buy or build a home for around $200k, whereas a similar home in one of the other New England states will cost approximately three times as much.
- Tax Friendly. Kiplinger Magazine rated Delaware #7 in its “10 Most Tax Friendly States for Retirees” and noted several reasons for this honor. Retirees 60+ are exempted from state income tax on social security benefits, as well as exclusion of $12,500 per individual of benefits from investment homes or pensions, including capital gains, dividends and interest. DE taxpayers over the age of 65 can also receive an extra $2,500 deduction on top of the state’s generous $3,250 deduction.
- Estate Tax Exemptions. In Delaware, if a surviving spouse is left with assets, they are exempt from taxes. And the max estate tax is only 16%.
- Lower Property Taxes. If you are catching on that relocating to Delaware offers tax relief for retirees, you may be on to something good. Real estate is taxed according to location, and homeowners aged 65+ can get a tax credit equal to half of their property taxes with a cap of $500. Still, more savings for retirees makes Delaware an attractive place to retire.
- Centrally Located. As previously mentioned, relocating to Delaware makes it possible to drive to many major cities within a few hours or a day, so retirees who buy a home in DE can still see their families and grandchildren quite often.
- Four Seasons. Living in Southern states is not as ideal as it seems, at least weather-wise. You may think that you would enjoy the hot sun year round, but the humidity can make it less enjoyable for seniors to get out and enjoy activities such as golf, shuffleboard or walking. You might just miss the beautiful fall foliage or the snow. In Delaware, the “snowy” season is less than other northern states since it is closer to the coastline. Three or four months of winter are better than six, are they not?
- Historic Relevance. By moving to Delaware, you can be proud to live in the “first” state in the U.S. There is still much evidence of our forefathers and the beautiful era of colonial America to be found throughout DE.
For these and many more reasons, the benefits of moving to Delaware are far-reaching. And when you are ready to see all of the beautiful homes or land for sale throughout this wonderful state, we hope you will contact DE Realty Group to point you in the right direction.