Cost of Living in Somerset, IN
Population: 241 | Indiana
Somerset is 24% less expensive than the national average.
Cost of Living in Somerset, IN: What You Need to Know
With a cost of living index of 76, Somerset, IN is a very affordable place to live. Living here is 24% cheaper than the national average and in line with the Indiana state average. Somerset is a small community of 241 residents.
The median household income in Somerset is $105,272, which is 40% higher than the national median of $75,149. Residents spend roughly 7% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.
Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.
Income
- Median Household Income
- $105,272
- vs US Median ($75,149)
- +40%
Housing
- Median Rent
- $603/mo
- Median Monthly Housing Cost
- $736/mo