President Biden Will End His Term in January: See What It’s Like To Retire in Delaware Where He Owns 2 Homes

In a historic move, President Joe Biden dropped out of the 2024 presidential race on Sunday.

“I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term,” Biden announced on X.

Biden made the statement from his vacation home in Rehoboth Beach, DE, where he is currently isolated after being diagnosed with COVID-19.

This 4,800-square-foot beach house, purchased for $2.74 million in cash in 2017, isn’t the only home the Bidens own in Delaware. His primary residence is located 95 miles away in Wilmington.

The Bidens’ main house—at 6,850 square feet with three bedrooms and 4.5 baths—was custom-built on a 4-acre lot they bought in 1998 for $350,000. The home is now worth at least $2 million, the Wall Street Journal reports.

How the Bidens boosted Delaware’s popularity

The Bidens’ impact on the Delaware real estate market cannot be overstated, according to local real estate agent Michael Kelczewski, of Monument Sotheby’s International Realty.

“Biden put Delaware on the map,” Kelczewski says. “Most people considered Delaware as a state to simply transit. Few took moving or living in the state seriously. The past few years, significant development has occurred throughout the state.”

Kelczewski certainly knows what he’s talking about, since he was the listing agent for the house next door to the Bidens’ home in July 2021.

“It was an honor to help my clients and the President,” Kelczewski says. “Receiving a Secret Service call one morning asking if I was going to hold an open house was quite surprising.”

Given how much property in Delaware has appreciated over the years, the Bidens made good use of this by refinancing these two homes a whopping 35 times—about once every 17 months, according to the Daily Mail.

Is Delaware a good place to retire?

While Biden plans to serve out his term as president, it’s unclear what he will do after he officially vacates the White House in January. He has two homes in Delaware, so many wonder if this is where he’ll spend his time, and perhaps even retire.

If he does, he’ll be in good company: Delaware was named the fourth best state to retire in by WalletHub earlier this year. Here are some of its key findings:

• Delaware has one of the lowest overall tax burdens in the nation, including no estate or inheritance tax.
• The state also has a larger population of seniors than most states, and boasts the second-lowest risk of social isolation for seniors.
• Delaware ranks No. 3 in the nation for affordability, with the lowest rate of poverty among people aged 65-plus.

Kelczewski agrees that Delaware is a great choice for retirees, and he’s helped many in this age group settle in the area.

“We’ve got highly rated amenities such as health care that really benefit residents,” Kelczewski says. “And the close proximity to Philadelphia, New York, and New Jersey provide easy access to the region.”

Considering retiring in Delaware? Here are three homes in 55-plus communities currently on the market right now, plus the median list price for each area.

Wilmington, DE

Median list price: $326,000

This semi-detached townhome in the 55-plus community known as Cloutier Court is listed for $449,900. It’s one of only five units with a two-car garage and also features a screened rear porch.

Dover, DE

Median list price: $379,900

This 1,296-square-foot manufactured home in the 55-plus community of Wild Meadows is listed for $150,000. The monthly land lease of $822 includes lawn mowing; a heated pool; and a clubhouse with a gym, hot tub, library, bocce court, and horseshoes.

Bridgeville, DE

Median list price: $380,000

This three-bedroom, three-bathroom house in the 55-plus Heritage Shores neighborhood is listed for $429,000. Residents have access to an 18-hole golf course, a 28,000-square-foot clubhouse, and a state-of-the-art fitness center.