Sussex County’s Retirement Boom

In the last couple of decades, Sussex County has seen a population explosion unlike any in its history. There are many reasons for this, among the most popular being our proximity to the Atlantic Ocean and the low tax rates enjoyed throughout the county.

It’s primarily these two reasons that are bringing new residents by the thousands to southern Delaware, which is obviously good for those of us in real estate. A dose of reality is also needed – there’s a noticeable shortage of high paying jobs in the region, which has led to our changing demographics as much, if not more, than anything else.

The largest demographic surge in southern Delaware over the last 10 to 15 years has been the influx of retirees, men and women who have learned that their retirement dollars can go much further in southern Delaware than in any of the surrounding states.

Due to this surge of older residents, there has been a noticeably sharp increase in recent years in the number of residential communities catering to the 55 and over crowd, people who have retired and no longer need to work.

There are many REALTORS® in southern Delaware now who cater almost exclusively to this growing demographic. And with the number of senior housing communities in the region, many with impressive lists of amenities, it’s no wonder why.

At these 55 and over communities throughout the region, seniors from northern Delaware, as well as surrounding states, are eating fine meals, enjoying rounds of golf on signature courses and even playing hours of pickleball with friends.

Of course, the First State has long been known for its business friendly tax environment and its lack of a state sales tax, but there are many other financial benefits to living out your golden years in Sussex County.

New residents purchasing retirement real estate in Sussex County enjoy many tax advantages, for example, beyond simply not having to pay a state sales tax.

Some of the other tax benefits to retiring in southern Delaware include:

• No inheritance tax for most residents
• No personal property taxes
• Low property taxes

Add all of these benefits together and it’s no wonder why Delaware has become one of the East Coast’s most popular retirement destinations, and will likely continue to be for some time to come.