D for Delaware and D for.. (Dover, Newark: real estate market, mortgage, houses)

[Wayr2go]

Dilemma.. well hello guys - I recently came across this forum and unlike many others saw it quite abuzz with activity so thought i'd join in and interact with the more experienced minds to help me with the decision making process that seems to be pushing me down in the sea of confusion.

I am considering moving to Delaware for academic reasons as I have been offered a spot at the local university with some good financial reward. I've never been to Delaware and the reason I initially applied to study at the university was because Delaware state's central location and proximity to the financial sector -Maryland, DC, NJ, Philly, NY all easily accessible. Other places I have considered studying and have been offered spots (with comparatively little or no funding) is in the mid-west area. I am a winter person so I actually like the colder environment and hence the snow isn't going to pull me back from being in the mid-west.

The dilemma is two fold :

1.) As you may have sensed, I have a financial/banking sector professional background and my primary goal after completing my graduate degree is to find a good job. I think Delaware's college environment would be conducive to a student oriented environment unlike say being right in NYC schools, where environment is very commercial and may have a lot of unnecessary distractions + would be cheaper in everyday expenses comparatively. I am hoping that I could find an opportunity somewhere in the eastern belt. Again -finding the job is my primary objective.

2.) My secondary objective is that in a year or two after finding a job, I'd like to buy/mortgage a house. I have looked at the houses and the prices in Delaware/Penn and they don't seem to be coming cheap. Besides the houses in my budget (200k-250k) range appear mostly old/dilapidated. In that range, mid-west houses lets say WI, MN, IN, MI seem to be much better in condition and space.

So with the above 2 objectives in mind, I seem to be in a state of confusion where opting for a mid-west student life may serve my 2nd objective better in that the housing situation would perhaps be lot comfortable/spacious however landing a job in financial sector may not be as easier/possible which would ofcourse affect my secondary objective.

Wherein, Delaware student life may be great and perhaps provide work related opportunities however housing could be a problem.

I was wondering if the more experienced personalities with some local knowledge could share their thoughts and experiences on my thoughts above.

Is the housing situation any different to what I've described above in both the regions?

Is Delaware's location going to be advantageous for work related opportunities if the financial rewards offered by universities (in midwest) pair up against that by the university in Delaware?

I would really appreciate the efforts and thoughts contributed by the members.

Thanks all.

[rdlr]

First, Which University? Delaware State University in Dover, or University of Delaware in Newark?
Dover is in the middle of the state, Newark is at the northern end of the state. Dover's in Kent County, Newark's in New Castle County. There are many differences in those locations in regard to jobs available, prices of housing, and proximity to beaches (south) and Philadelphia (north).

The real estate market has something for everyone. There are plenty of extremely nice homes on the market for $250,000 and less, both in condition and location. In some areas, the real estate market continues to decline, and those seeking to buy at this time will be surprised at the nice selection of housing available.

Here's some more food for thought: http://news.delaware.gov/2012/02/16/...s-to-delaware/

[Wayr2go]

Thanks rdlr, I'd be going to UDelaware in Newark should I decide to go ahead with it. Newark, I see, is about an hours drive from Philly and a little more to NJ & NY so hopefully the university will have some reach out to these markets. Would you know what the market is like in DE itself? I hear DE had a good financial base (ofcourse not what you'd find on Wall St) but relatively good presence of finance/banking companies. Thanks for the link that sounds like a positive since 2008 crash.

Which areas would you recommend for housing.

I was considering somewhere closer to PA/DE border or in PA itself -ofcourse depending on where I find work etc.

[rdlr]

Businesses love to incorporate in Delaware. Here's a link, although as you have a professional banking background, you know this. Why Incorporate in Delaware or Nevada?

Newark housing? While I'm familiar with all of Delaware's real estate market (since the state is only 96 miles long) most likely, someone actually living in New Castle County would be more helpful to you. I live in Kent County, but travel the entire state most days to conduct business, which is bank related.
Hopefully, someone will chime in with more info for you.

[Wayr2go]

Thanks rdlr -much appreciated.