Housing costs in Somerset?
A typical home costs
$1,772,600, which is 424.3% more expensive than the national average of
$338,100 and 356.7% more expensive than the average Maryland home, at
$388,100. Renting a two-bedroom unit in Somerset costs
$2,450 per month, which is 71.3% more than the national average of
$1,430 and 33.9% more than the state average of
$1,620.
Can I afford Somerset?
To live comfortably in Somerset, Maryland, a minimum annual income of
$339,480 for a family, and
$86,000 for a single person is recommended.
What does A.I. say about Somerset?
The cost of living in Somerset, MD is slightly lower than the rest of Maryland and the nation as a whole. The median household income in this area is around $50,000 and the median home value is about $208,500. This means that the cost of living in this area is relatively affordable for many people. The average cost of groceries, utilities, and healthcare are all below the national averages. Housing costs are also much lower than other areas in Maryland with an average rent of $1,114 per month. Overall, Somerset, MD provides residents with an excellent quality of life at an affordable price.