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These days, finding an affordable place to live in the Somerville area can be challenging. Home prices in Somerville are now at a median cost of $947,550, higher than the Massachusetts average of $625,090.
The average cost of rent is $2,529/mo in Somerville, primarily driven by the current value of real estate in the Somerville area. In Somerville, 65.68% of households rent, and 27.65% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Somerville is $11,562 per month. Households that rent pay about 21.87% of their income on rent here. Somerville’s most expensive areas are in the western regions, while the cheapest areas are in the northeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Cambridge, MA: higher priced homes
- Medford, MA: less expensive homes
- Charlestown, MA: equally priced homes
- Allston, MA: less expensive homes
- Watertown, MA: equally priced homes
- Everett, MA: less expensive homes
- Arlington, MA: equally priced homes
- Belmont, MA: higher priced homes
- Malden, MA: less expensive homes
- Chelsea, MA: less expensive homes
Cities with Similar Populations
- Richmond, TX: less expensive homes
- Richardson, TX: less expensive homes
- Rio Rancho, NM: less expensive homes
- Rochester Hills, MI: less expensive homes
- Redondo Beach, CA: higher priced homes
- Richmond, CA: less expensive homes
- Rockford, IL: less expensive homes
- Riverview, FL: less expensive homes
- Rialto, CA: less expensive homes
- Riverside, CA: less expensive homes
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