Somerset, MA

Average · 108

Massachusetts · Population 18,246 · Updated March 2026

$1,313
Median Rent / Month
$111,720
Median Income
$389,400
Median Home Value
$1,565
Owner Costs / Month

Affordability

How far your income goes in Somerset

14.1%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Massachusetts

State-level tax rates that affect your costs

9.0%
Income Tax (Top Rate)
6.25%
Sales Tax
1.15%
Property Tax Rate

Estimated Annual Costs

$15,756
Annual Rent
$10,055
State Income Tax
$4,478
Property Tax (est.)

Cost of Living Overview

Somerset is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 108 (where 100 equals the national median), Somerset residents can expect to pay median rent of $1,313/month while earning a median household income of $111,720/year.

The median home value in Somerset, MA is $389,400, with typical monthly owner costs around $1,565 including mortgage, insurance, and taxes. The median rent-to-income ratio of 14.1% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Massachusetts's top income tax rate of 9.0% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.25% sales tax rate and 1.15% 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, MA?
The cost of living index in Somerset, MA is 108 (US average = 100). Median monthly rent is $1,313, median household income is $111,720/year, and the median home value is $389,400.
Is Somerset, MA affordable?
No, Somerset is more expensive than the national average with a cost index of 108. The rent-to-income ratio is 14.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Somerset, MA?
The median gross rent in Somerset, MA is $1,313 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,756.
What is the median household income in Somerset?
The median household income in Somerset, MA is $111,720 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Massachusetts?
Massachusetts has a top income tax rate of 9.0%, a sales tax of 6.25%, and an effective property tax rate of 1.15%.