People are flocking to Middletown, Delaware, and new construction in Middletown is expected to continue climbing by as much as 80% in the next twenty years, according to population forecasters in the New Castle, DE area.Just within the last decade, as many as 50,000 new residents have made their home in Middleton, which has experienced a splurge in growth more than many other cities in the state.
Why are so many new residents moving to Middletown, DE? Many are retirees who are buying and building new construction homes in retirement communities. Delaware’s abundant opportunities and tax breaks for the aging population makes it a great place to retire and live.
Another factor for the surge in growth is the quality of life that Middletown offers. People are tired of paying more for living expenses in nearby northeastern states, especially in the cities of neighboring New York, New Jersey, Pennsylvania, Massachusetts and Connecticut. Those looking for a slower pace also find the less busy roads and commute in Middletown to be less stressful, while still being close to the major cities such as NYC, Philly, Baltimore and Washington D.C.
Living in Delaware also provides a number of tax advantages, especially no sales tax. Property taxes are significantly lower than neighboring states, or even up to the national average, for that matter. The New Castle County offers one of the country’s lowest taxes to home value ratios, which can make the living expenses stretch further for families and retirees.
There are also a lot of tax breaks for retirees, including exemption from taxes on pensions and a $12,500 per person exclusion from taxes on investment homes, capital gains, interest or dividends for retirees aged 60+. And those over the age of 65 will get another $2,500 when they choose not to itemize deductions, in addition to the $3,250 offered by the state.
New Construction in Middletown, DE Continues to Soar
For builders and contractors in the New Castle County, there is plenty of work to go around. Retirement communities and 55+ new construction in Middletown, DE is a mainstay, but there are also many family-oriented new construction communities popping up throughout the entire state.
All of these new homes being built have led to a stronger economy in Middletown, which has trickled down into the small business sector. Businesses from hair salons and restaurants; to mom-and-pop retailers and healthcare providers have been able to thrive. Of course, along with the smaller businesses also comes greater competition, but with so many new construction homes in Middletown, DE being built, there is still plenty of business to go around. These projections are not expected to level off, but rather to increase through at least 2040.
Middletown, Delaware is the state’s fastest growing community and the population is anticipated to increase to 112,900 by 2040, if not sooner. The once “smallish” city of Middletown now has about 62,000 residents, which has jumped from only about 20,000 in 1990.
Whether you are considering retiring and moving to Middletown, DE or relocating to the area, DE Realty Group can help you find a home for sale or build a new construction home in Delaware. We welcome the opportunity to work with you.