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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 $279,143, higher than the Michigan average of $250,415.
The average cost of rent is $1,047/mo in Somerset, primarily driven by the current value of real estate in the Somerset area. In Somerset, 5.95% of households rent, and 34.27% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Somerset is $8,483 per month. Households that rent pay about 12.35% of their income on rent here. Somerset’s most expensive areas are in the central regions, while the cheapest areas are in the southwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Somerset Center, MI: less expensive homes
- Cement City, MI: less expensive homes
- Jerome, MI: equally priced homes
- Addison, MI: less expensive homes
- Clarklake, MI: higher priced homes
- Jefferson, MI: less expensive homes
- Liberty, MI: less expensive homes
- Manitou Beach, MI: less expensive homes
- Cambridge Junction, MI: equally priced homes
- Brooklyn, MI: equally priced homes
Cities with Similar Populations
- Dayton, WY: higher priced homes
- Varna, IL: less expensive homes
- Utica, NE: less expensive homes
- Farmington, IA: less expensive homes
- Downsville, NY: less expensive homes
- Diamond Point, NY: higher priced homes
- Dewey, WA: higher priced homes
- Deshler, NE: less expensive homes
- Dennehotso, AZ: less expensive homes
- Versailles, NY: less expensive homes
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