Somerville, MA is an ideal location for individuals and families alike. It is home to many great local companies such as Reebok, Tufts University, and the Institute of Contemporary Art. The average rent for a two bedroom apartment in Somerville is $3,050, which is significantly higher than the national average of $1,430 per month. Additionally, the grocery cost index in Somerville is 114 compared to 100 nationally. This means that food costs more in Somerville than most other places in the US. All-in-all Somerville offers a high quality of living with its great local businesses and amenities.
Somerville has an unemployment rate of 4.4%. The US average is 6.0%.
Somerville has seen the job market increase by 4.3% over the last year. Future job growth over the next ten years is predicted to be 44.6%, which is higher than the US average of 33.5%.
Tax Rates for Somerville
- The Sales Tax Rate for Somerville is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Somerville is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Somerville
- The average income of a Somerville resident is $36,229 a year. The US average is $28,555 a year.
- The Median household income of a Somerville resident is $108,896 a year. The US average is $69,021 a year.