Somerset cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexSomersetMassachusettsNational
Cost of living index126130100
IndexSomersetMassachusettsNational
Goods & Services index123111100
Groceries index111113100
Health care index117111100
Housing index141167100
Transportation index111117100
Utilities index126126100
The above illustration supplies generalized information for the Somerset, MA cost of living index. Compared to other cities in Massachusetts and cities across the country, the cost of living index in Somerset, MA is 126, which is 3% lower than the Massachusetts average and 26% higher than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Somerset, MA are 11% higher than the average for Massachusetts and 23% higher than the rest of the country.

Did you know?

  • The cost of living in Somerset is 3% lower than the Massachusetts average.
  • The cost of living in Somerset is 26% higher than the national average.
  • The cost of housing in Somerset is 41% higher than the national average.
  • Massachusetts general sales tax is 23% higher than the national average.
  • Massachusetts state income tax is 132% higher than the national average.

Find Real Estate Listings In Somerset

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Somerset

Compare Somerset, MA Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Use the salary calculator to compare your current income in Somerset, MA to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Somerset, MA, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Somerset, MA salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$82,449$6,871$1,924$2,474
Renters$33,152$2,763$773$995
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Somerset, MA, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Somerset, MA has a median income of about $82,449 for people who own homes. Based on that number, a person should spend a maximum of $1,924 on expenses related to housing. Renters have a slightly different median income, which is $33,152. Based on this average, renters should spend no more than $773 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Massachusetts Sales Tax

StateGeneral Sales TaxWith Max Surtax
Massachusetts6.25%6.25%

Massachusetts Income Tax

StateIncome Tax (Low)Income Tax (High)
Massachusetts5.15%5.15%
For those who live in Somerset, MA and want to know what the true cost of living is, they ought to look at both the Massachusetts income tax rate and the Massachusetts sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Massachusetts, the sales tax is 6.25%, while the most you'll pay in surtax is 6.25%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Massachusetts, the income tax rate ranges between 5.15% to 5.15%.

Goods & Services

ItemSomersetNational avg.Difference
Haircut $15.00$14.592.8%
Beauty Salon $40.00$34.6815.3%
Toothpaste $2.50$2.471.1%
Shampoo $1.25$1.0222.3%
Movie $11.75$9.8719.1%
Bowling $4.75$4.398.2%

Groceries

ItemSomersetNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.59$1.468.6%
Milk $3.39$2.3643.8%
Potatoes $3.99$3.0630.3%
Pizza $8.50$9.248.0%
Beer $8.32$8.633.6%

Health Care

ItemSomersetNational avg.Difference
Optometrist $125.00$99.7825.3%
Doctor $149.00$105.0341.9%
Dentist $98.00$88.7010.5%
Ibuprofen $10.25$9.418.9%
Lipitor $293.99$298.501.5%

Housing

ItemSomersetNational avg.Difference
Home Price $278,400.00$175,700.0058.5%
Avg. Mortgage Payment $1,392.30$1,081.0328.8%
Apartment Rent $924.00$920.000.4%

Transportation

ItemSomersetNational avg.Difference
Gasoline $2.33$2.0911.4%
Tire Balancing $49.00$45.298.2%

Utilities

ItemSomersetNational avg.Difference
All Electricity$213.54$170.8025.0%
Phone $36.19$28.2628.1%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Central Falls, RI19,40611111%
Pawtucket, RI71,31311212%
Providence, RI178,56211515%
New Bedford, MA94,87311616%
Warwick, RI82,06511717%
Somerset, MA18,26212626%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Brigham City, UT18,26494-6%
Bothell West, WA18,24313131%
Vincennes, IN18,23381-19%
Islip, NY18,22914343%
Rutherford, NJ18,29715454%
Somerset, MA18,26212626%
Source: The Somerset, MA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.