Cost of Living in Somerset, WI

With a cost of living index of 93, Somerset, WI is slightly more affordable than average. Living here is 7% cheaper than the national average and 14% above the Wisconsin state average of 79. Somerset is a small community of 3,084 residents.

Housing costs are the biggest factor in Somerset's cost of living. The median monthly rent is $1,127 (15% below the US median of $1,319), and the median home value sits at $271,200 (11% below the national median of $304,900). At current prices, the median home costs roughly 3.6x the median household income — a moderately affordable ratio by today's standards.

The median household income in Somerset is $76,176, which is 1% higher than the national median of $75,149. Residents spend roughly 18% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Everyday prices in the Minneapolis-St. Paul-Bloomington, MN-WI (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.