salaryRent is higher than in 85% of U.S. cities. A typical house costs about 3.4 years of household income. Commutes are long, about 35.3 minutes each way. It is a highly educated city: 62% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $98,840 a year. That is $48 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
No. Rent here is more expensive than in most of New Jersey. It is number 186 of 291 cities from cheapest to most expensive.
How much do households earn in Somerset?
Share of households by yearly income. 48.2% of households earn $100,000 or more.
Rent by apartment size in Somerset
| Size | Somerset | U.S. average |
|---|---|---|
| Studio | $2,220 | $1,338 |
| 1 bedroom | $2,144 | $1,324 |
| 2 bedrooms | $2,521 | $1,509 |
| 3 bedrooms | $2,915 | $1,698 |
| 4 bedrooms | $2,517 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Somerset overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Somerset, so the New Jersey figure is shown.
Taxes and bills in Somerset
Life in Somerset
Is it cheaper to rent or buy in Somerset?
Renting is cheaper right now: about $574 a month less.
Owning assumes a typical $438,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $43,880 for the down payment.
Frequently asked questions
What is the average rent in Somerset, NJ?
Renting in Somerset costs a median of about $2,471 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Somerset?
To keep rent under 30% of income, you need about $98,840 a year, or $48 an hour at a full-time job.
Is Somerset cheap or expensive?
Somerset is rated OK: rent takes 22.7% of the typical household income of $130,529. It ranks 186th cheapest of 291 New Jersey cities we track.
How much are property taxes in Somerset?
The median homeowner in Somerset pays $8,224 a year in property taxes, about 1.87% of the median home value.
Is Somerset more expensive than the national average?
Overall prices in New Jersey are 9% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Somerset?
The median home value in Somerset is $438,800, about 3.4 times the typical yearly household income.
22,720 people live in Somerset. Numbers are typical (middle) values.