Total monthly cost of ownership
Cost to Own a Home in Laurel, Delaware
A $193,000 home here costs
$1,546per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $992. The real number is $554 higher every month — 56% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Laurel against Sussex County and Delaware
| Measure | Laurel | Sussex County |
|---|---|---|
| Median home value | $192,700 | $353,300 |
| Median property tax | $1,229 | $1,171 |
| Effective tax rate | 0.638% | 0.331% |
| Median gross rent | $924 | $1,221 |
| Population | 4,043 | 247,799 |
The weather behind that power bill
Laurel sits in Sussex County, which averages a high of 87.7°F in its hottest month and a low of 28.6°F in its coldest, with 43.88" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,396 cooling and 4,070 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Sussex County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Sussex County
Full Sussex County cost breakdown · Every county in Delaware
Common questions
How much does it cost to own a home in Laurel?
A $193,000 home in Laurel, Delaware costs approximately $1,546 per month with 20% down at 6.66%. That is $992 principal and interest, $103 property tax, $48 homeowners insurance, $242 utilities and $161 set aside for maintenance.
What is the property tax rate in Laurel?
Laurel has an effective property tax rate of 0.638%, based on a median home value of $192,700 and median real estate taxes of $1,229. That is higher than the Sussex County average of 0.331%.
What is the average home price in Laurel?
The median owner-occupied home value in Laurel, Delaware is $192,700, against $353,300 across Sussex County.
Is it cheaper to rent or buy in Laurel?
Median gross rent in Laurel is $924 a month, against $1,546 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Laurel — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Delaware.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.