The typical owner-occupied home in Magnolia is worth about $229,800, 35% below the Delaware median of $352,000 and 31% below the national median of $332,700. Owners pay a median $718 a year in property taxes, about 0.31% of their home's value, lower than the Delaware rate of 0.50%. The median household earns $113,333 a year, so the median home costs 2.0 times the median income (4.1 times for Delaware). 83% of occupied homes here are lived in by their owners, and 74% of those owners still have a mortgage.
Magnolia at a glance
| Magnolia | Delaware | U.S. | |
|---|---|---|---|
| Median home value | $229,800 | $352,000 | $332,700 |
| Median property tax paid per year | $718 | $1,768 | $3,119 |
| Property tax as a share of value | 0.31% | 0.50% | 0.94% |
| Median household income | $113,333 | $84,954 | $80,734 |
| Homes lived in by their owners | 83% | 73% | 65% |
| Owner homes with a mortgage | 74% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,613 | $1,816 | $1,963 |
| Those costs as a share of the owners' income | 18.0% | 20.0% | 21.0% |
| Median rent | – | $1,401 | $1,413 |
| Rent as a share of renters' income | 45.0% | 29.9% | 30.6% |
| Median year homes were built | 1938 | 1987 | 1980 |
| Vacant homes | 14.8% | 13.4% | 10.1% |
| Population | 274 | 1,021,191 | 334,922,499 |
What a typical home costs per month in Magnolia
At this week's average 30-year rate of 7.11%, buying the median Magnolia home of $229,800 with 20% down costs about $1,392 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,775, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $59,649 for the 20%-down payment. That payment is 15% of the median Magnolia household income of $113,333; at that income and 20% down, the 28% guideline points to a home of about $437,000.
| Down payment | $45,960 |
|---|---|
| Loan amount | $183,840 |
| Principal and interest | $1,237 |
| Property taxes (0.31% a year) | $59 |
| Homeowners insurance (our estimate, 0.5% a year) | $96 |
| PMI | $0 |
| Total per month | $1,392 |
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| Down payment | $8,043 |
|---|---|
| Loan amount | $225,638 |
| Principal and interest | $1,518 |
| Property taxes (0.31% a year) | $59 |
| Homeowners insurance (our estimate, 0.5% a year) | $96 |
| FHA mortgage insurance | $102 |
| Total per month | $1,775 |
Change the numbers in the calculator
Questions about home buying in Magnolia
What is the median home value in Magnolia?
About $229,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Magnolia?
Homeowners pay a median $718 a year, which is about 0.31% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Magnolia?
For the median home with 20% down at 7.11%, the payment is about $1,392 a month. Keeping that under 28% of gross income takes about $59,649 a year.
More about Magnolia
- Mortgage Refinance in Magnolia
- Debt Relief in Magnolia
- Home Equity Loans in Magnolia
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data