Housing costs in Somerset?
A typical home costs
$278,800, which is 17.5% less expensive than the national average of
$338,100 and 9.9% less expensive than the average Minnesota home, at
$309,500. Renting a two-bedroom unit in Somerset costs
$930 per month, which is 35.0% more than the national average of
$1,430 and 33.3% more than the state average of
$1,240.
Can I afford Somerset?
To live comfortably in Somerset, Minnesota, a minimum annual income of
$53,280 for a family, and
$28,800 for a single person is recommended.
What does A.I. say about Somerset?
The cost of living in Somerset, MN is slightly higher than the national average. This is due to its close proximity to the Twin Cities metropolitan area, as well as its unique combination of rural charm and city amenities. The median home price in the city is $152,000, while the median income for single earners is $40,000. Despite this higher cost of living, residents enjoy lower taxes than in other areas of Minnesota and access to a variety of entertainment options and restaurants. Additionally, the low crime rate offers added peace of mind for those who live in Somerset.