Somerset, NJ Cost Of Living
Cost Of Living In Somerset, NJ Summary
Cost of living in Somerset research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Somerset is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in New Jersey, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Somerset is 123, with 100 being the average.
The cost of living index in Somerset is 1.2x higher than the national average.
Somerset ranks as the #109 cheapest in New Jersey out of 251.
Somerset ranks as the #4,954 cheapest out of 6,412 in the US.
The median home value in Somerset is $330,300.
The median income in Somerset is $101,627.
Table Of Contents
Somerset's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Somerset, NJ?
According to the most recent data on the cost of living, Somerset has an overall cost of living index of 123, which is 1.2x higher than the national index of 100.
Compared to New Jersey, Somerset has a cost of living index that's 1.1x higher than New Jersey's index of 111.
The standard of living in Somerset ranks as #109 most affordable out of the 251 places we measured in New Jersey. By definition, that implies Somerset ranks as the #142 most expensive place in the Garden State.
For more reading on life in Somerset, check out:
- Living In Somerset
- Search Homes For Sale In Somerset, NJ
In New Jersey
In America
Somerset Cost Of Living Vs. New Jersey
Six factors go into calculating the cost of living index in Somerset. Here is how it fairs on each of the criteria:
The Services index in Somerset is 113.
The Groceries index in Somerset is 108.
The Health index in Somerset is 102.
The Housing index in Somerset is 164.
The Transportation index in Somerset is 108.
The Utilities index in Somerset is 100.
| Living Expense | Somerset | New Jersey | National Average | |
|---|---|---|---|---|
| Overall | 123 | 111 | 100 | |
| Services | 113 | 104 | 100 | |
| Groceries | 108 | 104 | 100 | |
| Health | 102 | 95 | 100 | |
| Housing | 164 | 130 | 100 | |
| Transportation | 108 | 106 | 100 | |
| Utilities | 100 | 108 | 100 | |
Somerset, NJ Housing Cost Breakdown
Housing swings affordability the most between places in New Jersey, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Somerset is $330,300.
The Median Rent in Somerset is $1,846.
The Median Income in Somerset is $101,627.
The Home Value To Income in Somerset is 3.3x.
The Rent To Monthly Income in Somerset is 0.22x.
| Statistic | Somerset | New Jersey | United States |
|---|---|---|---|
| Median Home Value | $330,300 | $355,700 | $244,900 |
| Median Rent | $1,846 | $1,436 | $1,163 |
| Median Income | $101,627 | $89,703 | $69,021 |
| Home Value To Income | 3.3x | 4.0x | 3.5x |
| Rent To Monthly Income | 0.22x | 0.19x | 0.2x |
Median Home Value
Median Rent
Median Income
Somerset, NJ Costs By Category
Detailed Somerset Services Costs Vs. New Jersey
| Item | Somerset | New Jersey |
|---|---|---|
| Shampoo | $1.03 | $1.06 |
| Movie | $12.59 | $10.68 |
| Bowling | $17.73 | $14.67 |
| Haircut | $20.73 | $18.62 |
| Beauty Salon | $36.4 | $39.05 |
Detailed Somerset Groceries Costs Vs. New Jersey
| Item | Somerset | New Jersey |
|---|---|---|
| Ground Beef | $3.87 | $4.22 |
| Fried Chicken | $1.67 | $1.39 |
| Milk | $2.41 | $2.05 |
| Potatoes | $3.09 | $3.29 |
| Pizza | $11.4 | $10.62 |
| Beer | $9.19 | $9.38 |
| Toothpaste | $2.16 | $2.34 |
Detailed Somerset Health Costs Vs. New Jersey
| Item | Somerset | New Jersey |
|---|---|---|
| Optometrist | $101.33 | $108.57 |
| Doctor | $94.5 | $116.17 |
| Dentist | $113.15 | $99.13 |
Detailed Somerset Transportation Costs Vs. New Jersey
| Item | Somerset | New Jersey |
|---|---|---|
| Gasoline | $2.26 | $2.22 |
| Tire Balancing | $56.66 | $50.07 |
Detailed Somerset Utilities Costs Vs. New Jersey
| Item | Somerset | New Jersey |
|---|---|---|
| All Electricity | $174.26 | $167.67 |
| Phone | $179.87 | $175.64 |
Somerset SnackAbility
/10
Cost Of Living In Cities Around Somerset
The cost of living varies in the cities and towns around Somerset. Here's a quick look at the cost of living in the most populous nearby places:
New Brunswick, NJ has a cost of living index of 117, 1.0x Somerset.
Westfield, NJ has a cost of living index of 170, 1.4x Somerset.
Bradley Gardens, NJ has a cost of living index of 144, 1.2x Somerset.
| City | Population | Cost Of Living | Vs. Somerset |
|---|---|---|---|
| New Brunswick, NJ | 55,671 | 117 | 1.0x |
| Westfield, NJ | 30,950 | 170 | 1.4x |
| Bradley Gardens, NJ | 14,798 | 144 | 1.2x |
| Middlesex, NJ | 14,513 | 123 | 1.0x |
| Florham Park, NJ | 12,655 | 165 | 1.3x |
| Martinsville, NJ | 11,980 | 155 | 1.3x |
| East Franklin, NJ | 8,375 | 117 | 1.0x |
| Twin Rivers, NJ | 8,049 | 114 | 0.9x |
| Bernardsville, NJ | 7,862 | 164 | 1.3x |
| Mountainside, NJ | 7,003 | 170 | 1.4x |
