Somerset, MI Economy


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Somerset, MI is a small city located in Michigan. It has a population of over 200 people and offers plenty of amenities and opportunities for its residents. The 2 bedroom rent is $1,040 which is significantly lower than the national average of $1,430. Additionally, groceries are more inexpensive in Somerset with a Grocery Cost Index that is 94 compared to the US average of 100. There are several companies located in Somerset such as Detroit Axle Manufacturing Company, North Pointe Plastics Inc., and County Line Farms. Overall, Somerset offers an affordable cost of living which makes the city ideal for those who want to save money while still enjoying all the benefits that come with living in a small town.

Somerset has an unemployment rate of 5.4%. 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 27.1%, 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 4.3%. 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 $29,852 a year. The US average is $28,555 a year.
- The Median household income of a Somerset resident is $75,833 a year. The US average is $69,021 a year.

Income by Population Percent

  EconomySomerset, MichiganUnited States
  5.46
  -7.2%-6.2%
  27.1%33.5%
  6.0%6.2%
  4.3%4.6%
  $43,451$37,638
  $75,833$69,021
  $84,761$85,028
  Population by Occupation
  1.6%1.2%
  0.0%0.5%
  4.6%6.8%
  22.3%10.0%
  3.1%2.5%
  7.2%11.0%
  6.8%4.8%
  2.2%0.8%
  0.0%1.9%
  2.7%4.7%
  0.3%1.9%
  8.1%7.6%
  0.0%0.1%
  1.3%4.2%
  7.5%9.3%
  18.2%14.0%
  0.9%2.1%
  2.4%7.0%
  2.2%4.8%
  8.5%4.7%
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