Somerset, MD is a vibrant community with plenty of amenities and attractions. The cost of living in Somerset is slightly higher than the national average, which is reflected in the rent rate for a two bedroom apartment being $2,450. This amount is over $1,000 more than the two bedroom rent rate in the US. Additionally, grocery costs are 19% higher than the national average index of 100. There are numerous local businesses to explore such as Home Hardware and Garden Center and Schmucker Trading Company that offer unique products for visitors and locals alike. The town also has reputable restaurants including The Red Roost Tavern & Inn. Somerset is an ideal place for those looking for a highly-livable rural area with plenty of opportunities for fun and relaxation.
Somerset has an unemployment rate of 5.7%. The US average is 6.0%.
Somerset has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 31.0%, which is lower than the US average of 33.5%.
Tax Rates for Somerset
- The Sales Tax Rate for Somerset is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Somerset is 8.0%. 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 $111,508 a year. The US average is $28,555 a year.
- The Median household income of a Somerset resident is $250,001 a year. The US average is $69,021 a year.