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Somerset County Housing Market

New Jersey · 21 counties · Ranked #3043 in home value

Above National Avg

Housing at a Glance

Median Home Value

$523,900

vs national+$523,900 vs $281,900 national

Median Gross Rent

$1,921/mo

vs national+$1,921 vs $1,163 national

Effective Tax Rate

1.91%

vs national+1.91% vs 1.02% national

Median Household Income

$135,960

vs national+$135,960 vs $74,755 national

Affordability Ratio

3.9x

Home value ÷ income. <3 = affordable, >5 = expensive.

Rent Burden

29.0%

% of income spent on rent. >30% = burdened.

More Housing Data

Property Tax (Median)

$10,001

Tax as % of Home Value

1.91%

Monthly Owner Cost

$2,461

Renter Income

$80,203

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Mortgage

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Similar Counties by Home Value

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Frequently Asked Questions

What is the median home value in Somerset County?

The median home value in Somerset County is $523,900. This is above the national median of $281,900.

How much is rent in Somerset County?

The median gross rent in Somerset County is $1,921 per month.

What is the property tax rate in Somerset County?

The effective property tax rate in Somerset County is 1.91%. The median annual property tax bill is $10,001.

Is Somerset County affordable?

With a home-value-to-income ratio of 3.9x, Somerset County is moderately affordable compared to the recommended 3-4x guideline.

Data: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.