Housing costs in Somerset?
A typical home costs
$435,400, which is 28.8% more expensive than the national average of
$338,100 and 0.8% more expensive than the average New Jersey home, at
$432,100. Renting a two-bedroom unit in Somerset costs
$2,100 per month, which is 46.9% more than the national average of
$1,430 and 18.6% more than the state average of
$1,710.
Can I afford Somerset?
To live comfortably in Somerset (zip 08873), New Jersey, a minimum annual income of
$83,520 for a family, and
$66,400 for a single person is recommended.
What does A.I. say about Somerset?
The cost of living in 08873 Somerset, NJ is relatively high compared to many other locations throughout the United States. This is mainly due to the fact that the area is known for its high-end housing and amenities, as well as its close proximity to New York City and Philadelphia. Residents in the area often pay higher prices for goods and services than individuals located in more rural areas, but they do benefit from an increased quality of life. Housing costs tend to be on the higher end of the spectrum with an average home costing around $400,000, while rent can range anywhere from $1,500 to $3,000 per month depending on location and size. Food prices are also higher than most other cities due to the larger selection of restaurants in the area. Despite thesehigher costs, many people enjoy living in this area due to its beautiful scenery, safe environment, and close proximity to major metropolitan areas.