Somerset, OH is a small town situated in the Southwest part of the state located right beneath Cuyahoga County. The local economy consists of many businesses, such as the popular chain stores like Walmart and Lowe's, as well as smaller companies like Somerset Electric Company, Joe’s Auto Repair, and Craig’s Barbershop. Accommodations are relatively affordable compared to other parts of the country, with 2 bedroom rent averaging out about $940 per month. Grocery cost index also remains low at 97 while the US average is 100. Overall, residents of Somerset enjoy a relaxed atmosphere while having access to all the necessary amenities.
Somerset has an unemployment rate of 5.5%. The US average is 6.0%.
Somerset has seen the job market increase by 0.6% over the last year. Future job growth over the next ten years is predicted to be 28.3%, which is lower than the US average of 33.5%.
Tax Rates for Somerset
- The Sales Tax Rate for Somerset is 7.3%. The US average is 7.3%.
- The Income Tax Rate for Somerset is 3.5%. 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 $17,720 a year. The US average is $28,555 a year.
- The Median household income of a Somerset resident is $51,012 a year. The US average is $69,021 a year.