| Index | Somerset | Massachusetts | National |
| Cost of living | 125 | 131 | 100 |
| Groceries | 107 | 109 | 100 |
| Health care | 120 | 116 | 100 |
| Housing | 146 | 169 | 100 |
| Transportation | 115 | 115 | 100 |
| Utilities | 118 | 117 | 100 |
| Lifestyle & Entertainment | 116 | 115 | 100 |
| Household Items | 109 | 109 | 100 |
| Education & Childcare | 134 | 127 | 100 |
Knowing the cost of living in Somerset allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Somerset stands at 125, marking it 25% higher than the national average.
The cost of living in Somerset is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Somerset falls into this category, which may not be suitable for those seeking an economically favorable living environment.
Housing costs significantly influence the Somerset cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 45.6%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Somerset affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Somerset, the median home price is 57.3% higher than the national average and monthly rent prices are 18.4% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Somerset boasting a median household income of $134,926, 65.9% higher than the national average.
Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Somerset, the transportation index is 15% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Somerset, the groceries index is 6.9% higher than the national average.
The Somerset cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $142,236 | $11,853 | $3,319 | $4,268 |
| Renters | $102,985 | $8,582 | $2,403 | $3,090 |
| State | General Sales Tax | With Max Surtax |
| Massachusetts | 6.25% | 6.25% |
| State | Income Tax (Low) | Income Tax (High) |
| Massachusetts | 5% | 9% |
| City | Population | Cost of Living Index | National Avg. |
| Central Falls, RI | 20,175 | 103 | 3.0% |
| Pawtucket, RI | 74,311 | 108 | 7.7% |
| New Bedford, MA | 97,315 | 116 | 16.5% |
| Providence, RI | 185,554 | 109 | 9.0% |
| East Providence, RI | 48,849 | 108 | 8.4% |
| Somerset, MA | 18,700 | 125 | 24.7% |
| City | Population | Cost of Living Index | National Avg. |
| Ashtabula, OH | 18,701 | 82 | 17.6% |
| Trenton, MI | 18,684 | 95 | 5.4% |
| North Massapequa, NY | 18,681 | 149 | 48.8% |
| St. Marys, GA | 18,720 | 108 | 7.8% |
| Schofield Barracks, HI | 18,724 | 175 | 75.1% |
| Somerset, MA | 18,700 | 125 | 24.7% |
Here are the best places to live in Massachusetts
These are the largest cities in Massachusetts
Most Dangerous Cities In The US
Check out the 10 most dangerous cities in Massachusetts