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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 $179,094, lower than the Kentucky average of $219,615.
The average cost of rent is $856/mo in Somerset, primarily driven by the current value of real estate in the Somerset area. In Somerset, 32.57% of households rent, and 49.40% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Somerset is $4,623 per month. Households that rent pay about 18.51% of their income on rent here. Somerset’s most expensive areas are in the southwestern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Ferguson, KY: less expensive homes
- Hogue, KY: less expensive homes
- Science Hill, KY: less expensive homes
- Frazer, KY: higher priced homes
- Bronston, KY: less expensive homes
- Burnside, KY: less expensive homes
- Walnut Grove, KY: less expensive homes
- Shopville, KY: less expensive homes
- Nancy, KY: equally priced homes
- Pointer, KY: equally priced homes
Cities with Similar Populations
- Woburn, MA: higher priced homes
- Bangor, ME: higher priced homes
- Bell Gardens, CA: higher priced homes
- Belleville, NJ: higher priced homes
- Belton, TX: higher priced homes
- West Fargo, ND: higher priced homes
- Calhoun, GA: higher priced homes
- Claremont, CA: higher priced homes
- Old Bridge, NJ: higher priced homes
- Portage, IN: higher priced homes
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