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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Somerset, NJ Housing Affordability Index

Somerset, New Jersey has an MBR Housing Affordability Index score of 94.7 (Near National Average) as of October 30, 2026, ranking 194th most affordable of 455 scored New Jersey cities, compared with 83.4 statewide and 97.4 nationally. On a median-priced $438,800 home with 20% down, the New Jersey average 30-year fixed rate of 7.27% means a monthly principal and interest payment of about $2,399, or 24% of the city’s $121,028 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Somerset is updated every night from live New Jersey mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Somerset MBR-HAI 94.7 Near National Average
Rank in New Jersey 194 of 455 1 = most affordable
New Jersey 83.4 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.27% New Jersey lenders
Median home value $438,800 U.S. Census Bureau

Somerset is 11.3 points above the New Jersey score. Scores as of October 30, 2026. See the New Jersey index

View Somerset Mortgage Rates

What It Takes to Buy in Somerset

$2,399/mo
Principal & Interest
Median home, 20% down, 7.27%
$102,800
Income Needed
To keep the payment at 28% of income
$121,028
Median Household Income
New Jersey: $103,556
3.6x
Price-to-Income Ratio
New Jersey: 4.4x
$2,160/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$8,176/yr
Median Property Tax
1.86% of median value
27.0%
Owner Cost Burden
Owners spending 30%+ of income on housing
53.3%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Somerset, New Jersey. The rate is the New Jersey average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

Cite the Somerset Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Somerset, New Jersey score: 94.7 (Near National Average), ranked 194 of 455 New Jersey cities. monitorbankrates.com/housing-affordability-index/new-jersey/somerset”