Somerset, KY

Very Low · 53

Kentucky · Population 12,108 · Updated March 2026

$830
Median Rent / Month
$32,910
Median Income
$140,900
Median Home Value
$815
Owner Costs / Month

Affordability

How far your income goes in Somerset

30.3%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Kentucky

State-level tax rates that affect your costs

4.0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.83%
Property Tax Rate

Estimated Annual Costs

$9,960
Annual Rent
$1,316
State Income Tax
$1,169
Property Tax (est.)

Cost of Living Overview

Somerset is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 53 (where 100 equals the national median), Somerset residents can expect to pay median rent of $830/month while earning a median household income of $32,910/year.

The median home value in Somerset, KY is $140,900, with typical monthly owner costs around $815 including mortgage, insurance, and taxes. At 30.3% rent-to-income ratio, residents of Somerset are spending more than the recommended 30% of income on housing, indicating moderate cost burden.

Kentucky has a moderate income tax rate of 4.0%. Combined with a 6.0% sales tax rate and 0.83% effective property tax rate, the overall tax environment is a factor in the total cost of living in Somerset.

Frequently Asked Questions

Common questions about living costs in Somerset

What is the cost of living in Somerset, KY?
The cost of living index in Somerset, KY is 53 (US average = 100). Median monthly rent is $830, median household income is $32,910/year, and the median home value is $140,900.
Is Somerset, KY affordable?
Yes, Somerset is more affordable than the national average with a cost index of 53. The rent-to-income ratio is 30.3%—above the 30%% affordability threshold.
What is the average rent in Somerset, KY?
The median gross rent in Somerset, KY is $830 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $9,960.
What is the median household income in Somerset?
The median household income in Somerset, KY is $32,910 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Kentucky?
Kentucky has a top income tax rate of 4.0%, a sales tax of 6.0%, and an effective property tax rate of 0.83%.