F
43%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
134%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Hockessin Delaware National
Cost of living143108100
Goods & Services106104100
Groceries106102100
Health care107103100
Housing234121100
Transportation108102100
Utilities9298100

An Overview of Cost of Living in Hockessin, DE

Understanding the cost of living in Hockessin can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Hockessin cost of living index is 143, which is 43% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you're in pursuit of an economical living environment, Hockessin may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Hockessin falls within this bracket.

Housing costs are a very significant part of the Hockessin cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 133.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Hockessin Affordable?

Is Hockessin affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Hockessin, for instance, where the median home price falls 146.9% higher than the national average, and monthly rent rates are 102.7% higher than usual. Additionally, median income levels contribute to the equation, with Hockessin flaunting a median household income of $153,879, 178.2% higher than the national norm.

What Factors can Influence the Cost of Living in Hockessin?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Hockessin, the housing index is 133.7% higher than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Hockessin, the transportation index is 8% higher than the national average.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Hockessin, the utilities index registers at 8.2% lower than the national average.

Where is the Data From?

The Hockessin cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Hockessin is 32% higher than the Delaware average
  • The cost of living in Hockessin is 43% higher than the national average
  • Hockessin housing is 134% higher than the national average
  • Delaware general sales tax is 100% lower than the national average
  • Delaware state income tax is 15% lower than the national average

Most Affordable Places to Live in and Around Hockessin

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Compare Hockessin, DE Cost of Living

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      Salary Calculator

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      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$163,791$13,649$3,822$4,914
      Renters$52,071$4,339$1,215$1,562
      The affordability of the housing market in Hockessin, DE as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Hockessin homeowners, the median income is $163,791. This indicates that a monthly maximum of $3,822 should be spent by homeowners on all housing related costs. Renters have a median income of $52,071. This indicates that renters would have a maximum of $1,215 for their rent related monthly costs.

      Delaware Sales Tax

      State General Sales Tax With Max Surtax
      Delaware 0% 0%

      Delaware Income Tax

      State Income Tax (Low) Income Tax (High)
      Delaware 2.2% 6.6%

      Goods & Services

      Item Hockessin National avg. Difference
      Haircut $30.14$24.2624.2%
      Beauty Salon $47.42$45.564.1%
      Toothpaste $3.61$3.702.4%
      Shampoo $1.41$1.2810.4%
      Movie $12.71$12.134.7%
      Bowling $19.50$18.008.3%

      Groceries

      Item Hockessin National avg. Difference
      Ground Beef $5.73$5.841.9%
      Fried Chicken $1.52$1.573.6%
      Milk $4.81$4.673.0%
      Potatoes $5.40$4.939.5%
      Pizza $11.33$12.096.2%
      Beer $11.96$10.4114.8%

      Health Care

      Item Hockessin National avg. Difference
      Optometrist $113.67$125.689.6%
      Doctor $149.53$135.7810.1%
      Dentist $132.28$113.2916.8%
      Ibuprofen $10.94$10.652.7%
      Lipitor $438.67$468.606.4%

      Housing

      Item Hockessin National avg. Difference
      Home Price $456,100.00$184,700.00146.9%
      Avg. Mortgage Payment $2,192.51$2,346.696.6%
      Apartment Rent $1,924.00$949.00102.7%

      Transportation

      Item Hockessin National avg. Difference
      Gasoline $3.50$3.461.0%
      Tire Balancing $74.86$59.9224.9%

      Utilities

      Item Hockessin National avg. Difference
      All Electricity $173.73$193.9910.4%
      Phone $182.79$192.254.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Lincoln University, PA1,8431044.4%
      Cheyney University, PA1941044.4%
      Salem, NJ4,7618812.4%
      Westwood, PA1,6098911.4%
      Marcus Hook, PA2,334919.0%
      Hockessin, DE14,17214343.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Setauket-East Setauket, NY14,17414646.2%
      Fruitville, FL14,17811717.0%
      Pineville, LA14,179909.5%
      Williamstown, NJ14,1611055.4%
      Greendale, WI14,1601055.4%
      Hockessin, DE14,17214343.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.