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City · 22,720 residents · Somerset County, New Jersey

Somerset , New Jersey

In Somerset, a typical home is worth $438,800 and typical rent is $2,121 a month. Compared with all of Somerset County, the typical home value is 21% lower and typical household income is 14% lower.

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  • Typical home value

    $438,800

    21% below the county

    3% below New Jersey

    • Somerset
    • County
    • New Jersey

  • Typical rent

    $2,121a month

    4% above the county

    23% above New Jersey

    • Somerset
    • County
    • New Jersey

  • Typical household income

    $121,028a year

    14% below the county

    17% above New Jersey

    • Somerset
    • County
    • New Jersey

  • Households that own their home

    73%

    1 points below the county

    9 points above New Jersey

    • Somerset
    • County
    • New Jersey

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$571,085
2.6% more than 12 months ago
Typical rent
$2,648 a month
1% less than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Somerset is in Somerset County. The FHA loan limit ($1,249,125 for a one-unit home), the fair market rents and the help on this page are those of all of Somerset County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Somerset apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in New Brunswick, the typical home value is $353,800: 19% less than in Somerset ($438,800).

  2. The typical home in Somerset is worth $438,800, 21% less than in Somerset County as a whole ($552,100).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Somerset

What homes there are in Somerset, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Homes in Somerset are varied: detached houses are the largest group, at 48%, against 58% in Somerset County.

Year built

By age, homes in Somerset look like those in Somerset County: the typical year built is 1980.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$2,674 a month

Somerset County: $3,156 a month

Without a mortgage

$1,159 a month

Somerset County: $1,408 a month

Owners with a mortgage

66%

Somerset County: 64%

The typical cost for an owner with a mortgage in Somerset is $2,674 a month, less than in Somerset County ($3,156); without one, $1,159.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Somerset rose 39%; in Somerset County, it rose 28%.

The typical rent in Somerset rose 30% since 2015–2019, about the same as in Somerset County (28%).

Housing prices ran ahead of income in Somerset: typical income rose 26%, against +39% for home values and +30% for rent.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureSomersetSomerset CountyNew JerseyUnited States
Rental vacancy Unreliable estimate2.0%3.5%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.7%0.9%
More than one person per room Unreliable estimate3.0%4.0%3.4%
People per household 2.352.642.622.53
Drive alone 66%64%62%69%
Carpool 6%7%8%9%
Public transit 7%3%8%3%
Walk or bike Unreliable estimate1%3%3%
Work from home 20%23%17%15%
Other means Unreliable estimate2%2%2%
Typical commute Unreliable estimate20 to 29 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Somerset has 2.35 people, fewer than in Somerset County (2.64).

In Somerset, 7% of workers get to work by public transit; in Somerset County, 3%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Somerset?

A typical home costs more than the typical income allows

We start with a typical home in Somerset, worth $438,800, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 39% of the typical household income in Somerset, which is $121,028 a year. For that payment to be 28% of income, a household would need to earn about $170,548 a year.

The calculator's FHA and conventional loan limits are those of all of Somerset County.

Your numbers

Local data
$

Starts at the typical home value in Somerset. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $15,358 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$3,979

at 7.18% · 30 years

Loan amount
$430,852
Total interest
$619,895
Paid off in
November 2056

Includes $7,410 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,824 a month

  • Tight

    $2,824 to $3,631 a month

  • Hard

    more than $3,631 a month

    Your payment · 39%

Compared with the typical household income in Somerset ($121,028 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$3,979
Principal & interest$2,919
Property tax$684
Home insurance$183
FHA mortgage insurance (MIP)$194

You need at least $15,358 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Somerset and Somerset County

Somerset is in Somerset County, New Jersey. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Somerset's own numbers

Typical home value
$438,800
Typical monthly rent
$2,121
Typical yearly household income
$121,028
Households that own their home
73%
Effective property tax rate
1.87%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Somerset County

FHA limit, one-unit home
$1,249,125
Conventional limit, one unit
$1,209,750
HUD fair market rent, 2 bedrooms
$2,623
Price change over 5 years (FHFA)
+56%
Homes in a high flood-risk zone
1.3%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Somerset County.

Everything about Somerset County

Buying

Buying a home in Somerset

A typical home in Somerset is worth $438,800: 21% below the county and 3% below New Jersey. With the typical household income in Somerset ($121,028 a year), a typical home costs 3.6 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Somerset 3.6 years
  • County 3.9 years
  • New Jersey 4.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Somerset County

According to FHFA’s house price index, home prices in Somerset County rose 73% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Somerset County.

Period County New Jersey U.S.
Last year (2025) +6.3% +6.2% +2.9%
5 years (2020–2025) +56% +63% +47%
10 years (2015–2025) +73% +88% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Somerset next to Somerset County, New Jersey and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Somerset $438,800
  • County $552,100
  • New Jersey $454,400
  • United States $332,700
Typical monthly rent
  • Somerset $2,121
  • County $2,033
  • New Jersey $1,720
  • United States $1,413
Typical yearly household income
  • Somerset $121,028
  • County $140,374
  • New Jersey $103,556
  • United States $80,734
See the full table
Somerset next to Somerset County and New Jersey
Measure Somerset Somerset County New Jersey U.S.
Typical home value $438,800 $552,100 $454,400 $332,700
Typical monthly rent $2,121 $2,033 $1,720 $1,413
Typical yearly household income $121,028 $140,374 $103,556 $80,734
Households that own their home 73% 74% 64% 65%
Typical yearly property tax $8,224 $10,001 $9,590 $3,119
Effective property tax rate 1.87% 1.81% 2.11% 0.94%
Renters with high rent for their income 55% 49% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Somerset County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Somerset

For a typical $438,800 home in Somerset, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Somerset's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $3,979a month

    Least cash to close
    Down payment
    $15,358
    Cash to close
    $28,522
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $194

  • Conventional, 5% down $3,899a month

    Down payment
    $21,940
    Cash to close
    $35,104
    Rate
    7.18%
    Mortgage insurance
    PMI · $208

  • Conventional, 20% down, no PMI $3,245a month

    Down payment
    $87,760
    Cash to close
    $100,924
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $3,650a month

    Down payment
    $65,820
    Cash to close
    $78,984
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Somerset and for Somerset County.

Property tax

Effective rate in Somerset

1.87%of the home’s value each year

$8,224 a year for the typical owner in Somerset.

  • Somerset 1.87%
  • County 1.81%
  • New Jersey 2.11%

What New Jersey publishes ANCHOR, Senior Freeze and Stay NJ: one combined application (New Jersey Division of Taxation)

Exemptions and deadlines in New Jersey

Flood risk in Somerset County

FEMA does not publish these numbers by city: they are for all of Somerset County.

Homes in the high-risk zone
1.3%
1,323
Of those, with NFIP insurance
53%
County New Jersey U.S.
Homes in the high-risk zone 1.3% 6.7% 3.5%
Of those, with NFIP insurance 53% 63% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Somerset

Typical rent in Somerset is $2,121 a month: 4% above the county. In Somerset, 55% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Somerset County, by unit size. To pay the 2-bedroom one ($2,623 a month) without spending more than 30% of your income, you would need to earn $50.44 an hour working full time.

HUD fair market rent for all of Somerset County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,953 $37.56 $78,120
1 bedroom $2,103 $40.44 $84,120
2 bedrooms $2,623 $50.44 $104,920
3 bedrooms $3,125 $60.10 $125,000
4 bedrooms $3,508 $67.46 $140,320

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Somerset

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Somerset is in ZIP code 08873.

For 2 bedrooms it is $2,840: $217 more than the fair market rent for Somerset County ($2,623).

  • 08873 $2,840$3,380

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Somerset when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Somerset

HUD lists 9 buildings with rents for lower incomes in Somerset. These are the largest.

  • The Lena and David T. Wilentz Senior Residence 360 Demott Ln, Somerset 08873 101 homes, 100 low-income · For older adults (845) 356-7773, ext. 127
  • Somerset Square (franklin Twp) 41 Berry St, Somerset 151 homes, 83 low-income
  • Parkside Family Housing 727 Franklin Blvd, Somerset 70 low-income homes · In service since 2011
  • Independence Crossing 630 Franklin Blvd, Somerset 64 low-income homes · In service since 2013
  • Voorhees Station 853 Somerset St, Somerset 76 homes, 61 low-income · In service since 2014

See all 53 buildings in Somerset County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Somerset

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Somerset County; 1 says it serves in Spanish.

Two women and a girl laugh together at the bus stop.

HUD counseling is free or low-cost

Assistance programs in Somerset

No down payment, repair or rent-help program on our list is for Somerset or Somerset County. The ones below are statewide in New Jersey: they work in Somerset the same as in the rest of the state.

Which programs do I qualify for? All programs in New Jersey

Housing counselors near Somerset

The HUD-approved agencies closest to the center of Somerset, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Central Jersey Housing Resource Center, Inc.

    92 E Main St, Somerville · 7 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and credit workshops
    • and 7 more
    (908) 446-0036

  • Puerto Rican Action Board, Inc.

    754 Route 18, East Brunswick · 8 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    (732) 832-7535

  • Puerto Rican Association for Human Development, Inc.

    100 1st St, Perth Amboy · 12 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 6 more
    (732) 638-2824

Every agency in Somerset County All counseling agencies in New Jersey

Help in Spanish near Somerset

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Somerset

In HUD’s record, no housing authority with an office in Somerset County is named for Somerset or Somerset County.

3 other authorities have an office in Somerset County: see the list Source: HUD

Cities

Other cities in Somerset County

These cities are also in Somerset County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Somerset County Housing in New Jersey
See 10 more cities in Somerset County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Somerset, with the typical home value.

Neighboring counties

If Somerset County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Somerset.

All guides
A family walks a boardwalk trail in the forest; one of them uses a wheelchair.

Questions

Housing questions about Somerset

Short answers with the numbers for Somerset and all of Somerset County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Somerset?

The typical home value in Somerset is $438,800, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Somerset County it is $552,100.

How much does it cost to rent in Somerset?

Typical rent in Somerset is $2,121 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Somerset County is $2,623.

What is the FHA loan limit in Somerset?

Somerset uses the FHA limit for all of Somerset County (2026): $1,249,125 for a one-unit home and $2,402,625 for a four-unit home.

How much property tax do owners pay in Somerset?

The typical homeowner in Somerset pays $8,224 a year, according to the U.S. Census Bureau. That is 1.87% of the home’s value; in Somerset County, the rate is 1.81%.

Where can I find free help to buy or rent in Somerset?

There is 1 HUD-approved counseling agency with an office in Somerset County. 1 says it serves in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).