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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 $461,217, lower than the New Jersey average of $496,577.
The average cost of rent is $2,281/mo in Somerset, primarily driven by the current value of real estate in the Somerset area. In Somerset, 26.58% of households rent, and 37.59% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Somerset is $10,830 per month. Households that rent pay about 21.06% of their income on rent here. Somerset’s most expensive areas are in the western 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
- East Franklin, NJ: less expensive homes
- Franklin Center, NJ: higher priced homes
- New Brunswick, NJ: less expensive homes
- North Brunswick, NJ: equally priced homes
- Millstone, NJ: higher priced homes
- South Bound Brook, NJ: less expensive homes
- Zarephath, NJ: higher priced homes
- Pleasant Plains, NJ: higher priced homes
- Highland Park, NJ: equally priced homes
- Franklin Park, NJ: less expensive homes
Cities with Similar Populations
- Alamogordo, NM: less expensive homes
- Woodridge, IL: less expensive homes
- Williamstown, NJ: less expensive homes
- Wildomar, CA: higher priced homes
- Westchester, FL: higher priced homes
- West Monroe, LA: less expensive homes
- West Hills, CA: higher priced homes
- Trumbull, CT: higher priced homes
- Sanger, CA: less expensive homes
- Hudsonville, MI: less expensive homes
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