Somerset, TX is a great place to live with its low cost of living. The average 2 bedroom rent in Somerset is $800 compared to the US average of $1,430. Additionally, the Grocery Cost Index in Somerset is 90 compared to the US index of 100, making it even more affordable. There are many local companies in Somerset that contribute to this small town atmosphere. Businesses such as Legends Bank, Southside Pharmacy & Gifts and Miller's True Value Hardware all play a role in providing services to customers in this rural area. Living in Somerset can be beneficial for an individual as it offers cheaper housing options than most US cities while still providing access to local businesses and amenities.
Somerset has an unemployment rate of 6.7%. The US average is 6.0%.
Somerset has seen the job market increase by 1.6% over the last year. Future job growth over the next ten years is predicted to be 39.6%, which is higher than the US average of 33.5%.
Tax Rates for Somerset
- The Sales Tax Rate for Somerset is 6.8%. The US average is 7.3%.
- The Income Tax Rate for Somerset is 0.0%. 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 $18,107 a year. The US average is $28,555 a year.
- The Median household income of a Somerset resident is $66,941 a year. The US average is $69,021 a year.