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These days, finding an affordable place to live in the Somerset area can be challenging. Home prices in Somerset are now at a median cost of $166,138, lower than the Indiana average of $232,932.
The average cost of rent is $675/mo in Somerset, primarily driven by the current value of real estate in the Somerset area. In Somerset, 13.83% of households rent, and 40.99% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Somerset is $6,689 per month. Households that rent pay about 10.10% of their income on rent here. Somerset’s most expensive areas are in the southern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Treaty, IN: higher priced homes
- Jalapa, IN: higher priced homes
- Mier, IN: higher priced homes
- Amboy, IN: higher priced homes
- Converse, IN: higher priced homes
- La Fontaine, IN: less expensive homes
- Peoria, IN: higher priced homes
- Santa Fe, IN: higher priced homes
- New Santa Fe, IN: equally priced homes
- North Grove, IN: higher priced homes
Cities with Similar Populations
- Mora, GA: higher priced homes
- Range, WI: higher priced homes
- Prospect Harbor, ME: higher priced homes
- North Chevy Chase, MD: higher priced homes
- Nocona Hills, TX: higher priced homes
- Nisqually Indian Community, WA: higher priced homes
- Newry, SC: higher priced homes
- New Bavaria, OH: equally priced homes
- New Alexandria, OH: less expensive homes
- Munsonville, NH: higher priced homes
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