The typical owner-occupied home in Wilmington is worth about $307,000, 28% below the New York median of $423,800 and 8% below the national median of $332,700. Owners pay a median $3,015 a year in property taxes, about 0.98% of their home's value, lower than the New York rate of 1.55%. The median household earns $90,625 a year, so the median home costs 3.4 times the median income (4.9 times for New York). 79% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Wilmington at a glance
| Wilmington | New York | U.S. | |
|---|---|---|---|
| Median home value | $307,000 | $423,800 | $332,700 |
| Median property tax paid per year | $3,015 | $6,582 | $3,119 |
| Property tax as a share of value | 0.98% | 1.55% | 0.94% |
| Median household income | $90,625 | $85,974 | $80,734 |
| Homes lived in by their owners | 79% | 54% | 65% |
| Owner homes with a mortgage | 66% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,535 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 18.0% | 22.5% | 21.0% |
| Median rent | $1,179 | $1,621 | $1,413 |
| Rent as a share of renters' income | 23.3% | 31.2% | 30.6% |
| Median year homes were built | 1972 | 1959 | 1980 |
| Vacant homes | 37.8% | 10.0% | 10.1% |
| Population | 904 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Wilmington
At this week's average 30-year rate of 7.11%, buying the median Wilmington home of $307,000 with 20% down costs about $2,031 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,542, 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 $87,034 for the 20%-down payment. That payment is 27% of the median Wilmington household income of $90,625; at that income and 20% down, the 28% guideline points to a home of about $320,000.
The median rent here is $1,179 a month, so owning the median home costs about $852 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $61,400 |
|---|---|
| Loan amount | $245,600 |
| Principal and interest | $1,652 |
| Property taxes (0.98% a year) | $251 |
| Homeowners insurance (our estimate, 0.5% a year) | $128 |
| PMI | $0 |
| Total per month | $2,031 |
Change the numbers in the calculator
| Down payment | $10,745 |
|---|---|
| Loan amount | $301,439 |
| Principal and interest | $2,028 |
| Property taxes (0.98% a year) | $251 |
| Homeowners insurance (our estimate, 0.5% a year) | $128 |
| FHA mortgage insurance | $136 |
| Total per month | $2,542 |
Change the numbers in the calculator
Questions about home buying in Wilmington
What is the median home value in Wilmington?
About $307,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Wilmington?
Homeowners pay a median $3,015 a year, which is about 0.98% 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 Wilmington?
For the median home with 20% down at 7.11%, the payment is about $2,031 a month. Keeping that under 28% of gross income takes about $87,034 a year.
More about Wilmington
- Mortgage Refinance in Wilmington
- Debt Relief in Wilmington
- Home Equity Loans in Wilmington
- 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