Cost of Living in Somerset, NJ
Housing
The housing market plays a significant role in determining the cost of living in Somerset, NJ.
- Housing Index: 125.0 / 100
- Median Home Price is: $496,000
- Average Rent (2 BR Apartment): $2100 per month
- Average Rent (2 BR House): $2136 per month
Analyzing the housing data for Somerset, NJ, we observe a housing index of 125.0, indicating slightly elevated home prices compared to the national average. The median home price is positioned at 496000, which could suggest a competitive market for prospective buyers. Renting is also relatively high, with an average rent of 2100 for a 2BR apartment and 2136 for a 2BR house. Those relocating should weigh these costs against the local job market and lifestyle amenities in Somerset to ensure their decision aligns with long-term financial goals and lifestyle preferences.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Somerset, NJ.
- Electricity Price: $19.88 USD (median by state)
- Natural Gas Price: $14.01 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $275 per month
Living in Somerset, NJ could entail higher utility costs. Electricity costs sit at $19.88, while natural gas is priced at $14.01 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $275 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Somerset is a financially viable option for your relocation.