Somers Point, NJ

Average · 93

New Jersey · Population 10,461 · Updated March 2026

$1,308
Median Rent / Month
$68,542
Median Income
$277,500
Median Home Value
$1,416
Owner Costs / Month

Affordability

How far your income goes in Somers Point

22.9%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New Jersey

State-level tax rates that affect your costs

10.75%
Income Tax (Top Rate)
6.625%
Sales Tax
2.23%
Property Tax Rate

Estimated Annual Costs

$15,696
Annual Rent
$7,368
State Income Tax
$6,188
Property Tax (est.)

Cost of Living Overview

Somers Point offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 93 (where 100 equals the national median), Somers Point residents can expect to pay median rent of $1,308/month while earning a median household income of $68,542/year.

The median home value in Somers Point, NJ is $277,500, with typical monthly owner costs around $1,416 including mortgage, insurance, and taxes. The median rent-to-income ratio of 22.9% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New Jersey's top income tax rate of 10.75% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.625% sales tax rate and 2.23% effective property tax rate, the overall tax environment is a factor in the total cost of living in Somers Point.

Frequently Asked Questions

Common questions about living costs in Somers Point

What is the cost of living in Somers Point, NJ?
The cost of living index in Somers Point, NJ is 93 (US average = 100). Median monthly rent is $1,308, median household income is $68,542/year, and the median home value is $277,500.
Is Somers Point, NJ affordable?
Yes, Somers Point is more affordable than the national average with a cost index of 93. The rent-to-income ratio is 22.9%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Somers Point, NJ?
The median gross rent in Somers Point, NJ is $1,308 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,696.
What is the median household income in Somers Point?
The median household income in Somers Point, NJ is $68,542 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New Jersey?
New Jersey has a top income tax rate of 10.75%, a sales tax of 6.625%, and an effective property tax rate of 2.23%.