Housing costs in Somerset?
A typical home costs
$225,700, which is 33.2% less expensive than the national average of
$338,100 and 16.2% more expensive than the average Kentucky home, at
$194,300. Renting a two-bedroom unit in Somerset costs
$810 per month, which is 12.0% cheaper than the national average of
$920 and 4.9% more than the state average of
$770.
Can I afford Somerset?
To live comfortably in Somerset (zip 42503), Kentucky, a minimum annual income of
$43,200 for a family, and
$24,800 for a single person is recommended.
What does A.I. say about Somerset?
The cost of living in 42503 Somerset, KY is relatively affordable. According to BestPlaces, the total cost of living index in Somerset is 69.25, which is significantly lower than the national average of 100. Housing prices are also quite reasonable; while it may be more expensive to buy a house as opposed to renting one, the median home price in Somerset is reported to be $127,800, which is considerably lower than the national median home price of $231,200. Additionally, groceries and other essential goods tend to be slightly cheaper in Somerset than other parts of Kentucky and the United States as a whole. All in all, this small town offers a surprisingly low cost of living making it an ideal place for families and individuals looking for an affordable option for settling down.