The typical owner-occupied home in Millsboro is worth about $332,600, 6% below the Delaware median of $352,000 and about the same as the national median of $332,700. Owners pay a median $1,481 a year in property taxes, about 0.45% of their home's value, lower than the Delaware rate of 0.50%. The median household earns $78,707 a year, so the median home costs 4.2 times the median income (4.1 times for Delaware). 68% of occupied homes here are lived in by their owners, and 74% of those owners still have a mortgage.
Millsboro at a glance
| Millsboro | Delaware | U.S. | |
|---|---|---|---|
| Median home value | $332,600 | $352,000 | $332,700 |
| Median property tax paid per year | $1,481 | $1,768 | $3,119 |
| Property tax as a share of value | 0.45% | 0.50% | 0.94% |
| Median household income | $78,707 | $84,954 | $80,734 |
| Homes lived in by their owners | 68% | 73% | 65% |
| Owner homes with a mortgage | 74% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,628 | $1,816 | $1,963 |
| Those costs as a share of the owners' income | 25.2% | 20.0% | 21.0% |
| Median rent | $1,277 | $1,401 | $1,413 |
| Rent as a share of renters' income | 30.4% | 29.9% | 30.6% |
| Median year homes were built | 2012 | 1987 | 1980 |
| Vacant homes | 7.8% | 13.4% | 10.1% |
| Population | 7,424 | 1,021,191 | 334,922,499 |
What a typical home costs per month in Millsboro
At this week's average 30-year rate of 7.11%, buying the median Millsboro home of $332,600 with 20% down costs about $2,053 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,607, 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 $87,996 for the 20%-down payment. That payment is 31% of the median Millsboro household income of $78,707; at that income and 20% down, the 28% guideline points to a home of about $297,000.
The median rent here is $1,277 a month, so owning the median home costs about $776 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $66,520 |
|---|---|
| Loan amount | $266,080 |
| Principal and interest | $1,790 |
| Property taxes (0.45% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $139 |
| PMI | $0 |
| Total per month | $2,053 |
Change the numbers in the calculator
| Down payment | $11,641 |
|---|---|
| Loan amount | $326,576 |
| Principal and interest | $2,197 |
| Property taxes (0.45% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $139 |
| FHA mortgage insurance | $147 |
| Total per month | $2,607 |
Change the numbers in the calculator
Questions about home buying in Millsboro
What is the median home value in Millsboro?
About $332,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Millsboro?
Homeowners pay a median $1,481 a year, which is about 0.45% 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 Millsboro?
For the median home with 20% down at 7.11%, the payment is about $2,053 a month. Keeping that under 28% of gross income takes about $87,996 a year.
More about Millsboro
- Mortgage Refinance in Millsboro
- Debt Relief in Millsboro
- Home Equity Loans in Millsboro
- 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