Somerset, IN is a small city in Indiana with a lot to offer. It's known for its affordable housing, with the average two-bedroom rent being around $860 - well below the US national average of $1,430. This makes it an ideal place for those looking to save on rent costs while still enjoying all that the town has to offer. The grocery cost index in Somerset is also significantly lower than the rest of the country at 94 versus 100 nationally. This makes it easy to stretch your budget further when you live here.
The local companies in Somerset provide plenty of job opportunities as well as recreational activities. Austin Motors and DiCicco Custom Homes are some of the bigger companies that have been around for years while numerous other businesses have recently opened up in the area. There are also plenty of parks and trails nearby to explore, as well as local restaurants and shopping centers that are sure to keep residents entertained.
Overall, Somerset is an excellent place to live if you're looking for affordability without sacrificing amenities or fun activities. With low rent prices and a low cost index, it's easy to make your money go further while still having access to all sorts of activities and day trips out of town.
Somerset has an unemployment rate of 3.8%. The US average is 6.0%.
Somerset has seen the job market decrease by -6.6% over the last year. Future job growth over the next ten years is predicted to be 22.3%, which is lower than the US average of 33.5%.
Tax Rates for Somerset
- The Sales Tax Rate for Somerset is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Somerset is 6.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Somerset
- The average income of a Somerset resident is $31,477 a year. The US average is $37,638 a year.
- The Median household income of a Somerset resident is $76,250 a year. The US average is $69,021 a year.