Home Price Key
Affordable
Average
Expensive
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 $350,025, lower than the New Jersey average of $388,929.
The average cost of rent is $1,712/mo in Somerset, primarily driven by the current value of real estate in the Somerset area. While nearly 34.79% of residents own their homes outright in Somerset, 29.85% rent.
Housing affordability isn’t just about home prices, though. The average household income in Somerset is $8,598 per month. Households that rent pay about 19.91% of their income on rent here. Somerset's most expensive areas are in the eastern regions, while the cheapest areas are in the southern parts of the city.
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: equally priced homes
- Williamstown, NJ: less expensive homes
- Wildomar, CA: higher priced homes
- Westchester, FL: equally 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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