Rehoboth Beach, a picturesque coastal town in Delaware, is a popular vacation destination for many. However, the question on everyone’s mind is – is Rehoboth Beach an expensive place to live? In this comprehensive blog post, we’ll dive deep into the cost of living in Rehoboth Beach and help you understand whether it’s a budget-friendly option or a financial stretch.
What is the Cost of Living in Rehoboth Beach?
The cost of living in Rehoboth Beach is significantly higher than the national average. According to the data, the overall cost of living index in Rehoboth Beach is 150.8, which means it is 50.8% more expensive than the average U.S. city.
How Much Does Housing Cost in Rehoboth Beach?
Housing is the primary driver of the high cost of living in Rehoboth Beach. The median home price in the town is a staggering $820,000, which is more than double the national median home price. Even with a recent 17.6% year-over-year decline in home prices, homes in Rehoboth Beach are still selling for about 3% below the average asking price.
What About the Cost of Food and Dining?
While the cost of food and dining in Rehoboth Beach is not as high as the housing costs, it is still above the national average. A single adult living in Rehoboth Beach can expect to spend around $3,437 on food annually, while a family of four will spend approximately $9,927 on average.
How Much Do Healthcare Costs Differ in Rehoboth Beach?
Healthcare costs in Rehoboth Beach are relatively in line with the state and national averages. For a single resident, the average healthcare costs are around $5,114 per year, which is comparable to the statewide and national figures.
What is the Overall Cost of Living in Rehoboth Beach?
The total cost of living for a single adult in Rehoboth Beach is approximately $36,824 per year, which is 4% higher than the national average of $38,433. While this is lower than the state average of $39,517, it still represents a significant financial burden for many residents.
Personal Experiences of Living in Rehoboth Beach
One resident shared their personal experience, stating that even with a salary of $80,000, they would only be a little comfortable living in Millsboro, a nearby town, and would have to live paycheck to paycheck if they lived in Rehoboth Beach itself.
Conclusion
In conclusion, Rehoboth Beach is undoubtedly an expensive place to live, primarily due to the high housing costs. While other expenses, such as food, dining, and healthcare, are more in line with the state and national averages, the overall cost of living in Rehoboth Beach is significantly higher than the national average. Prospective residents should carefully consider their financial situation and budget before deciding to make Rehoboth Beach their home.
References:
1. https://uphomes.com/blog/moving-to-rehoboth-beach-de/
2. https://www.bestplaces.net/cost_of_living/city/delaware/rehoboth_beach
3. https://www.theoldfathergroup.com/blog/rehoboth-beach-cost-of-living-guide/
4. https://uphomes.com/blog/cost-of-living-rehoboth-beach-de/
5. https://www.reddit.com/r/Delaware/comments/150ne5s/what_should_i_know_before_moving_here_more/