The typical owner-occupied home in Somerville is worth about $96,100, 56% below the Indiana median of $218,200 and 71% below the national median of $332,700. The median household earns $60,208 a year, so the median home costs 1.6 times the median income (3.0 times for Indiana). 81% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Somerville at a glance
| Somerville | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $96,100 | $218,200 | $332,700 |
| Median property tax paid per year | – | $1,614 | $3,119 |
| Median household income | $60,208 | $71,957 | $80,734 |
| Homes lived in by their owners | 81% | 71% | 65% |
| Owner homes with a mortgage | 59% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $958 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 15.2% | 18.1% | 21.0% |
| Median rent | $488 | $1,062 | $1,413 |
| Rent as a share of renters' income | 16.3% | 29.1% | 30.6% |
| Median year homes were built | 1958 | 1976 | 1980 |
| Vacant homes | 11.0% | 8.8% | 10.1% |
| Population | 243 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Somerville
At this week's average 30-year rate of 7.11%, buying the median Somerville home of $96,100 with 20% down costs about $645 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $805, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $27,656 for the 20%-down payment. That payment is 13% of the median Somerville household income of $60,208; at that income and 20% down, the 28% guideline points to a home of about $209,000.
The median rent here is $488 a month, so owning the median home costs about $157 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $19,220 |
|---|---|
| Loan amount | $76,880 |
| Principal and interest | $517 |
| Property taxes (1.10% a year) | $88 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| PMI | $0 |
| Total per month | $645 |
Change the numbers in the calculator
| Down payment | $3,364 |
|---|---|
| Loan amount | $94,359 |
| Principal and interest | $635 |
| Property taxes (1.10% a year) | $88 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| FHA mortgage insurance | $42 |
| Total per month | $805 |
Change the numbers in the calculator
Questions about home buying in Somerville
What is the median home value in Somerville?
About $96,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Somerville?
For the median home with 20% down at 7.11%, the payment is about $645 a month. Keeping that under 28% of gross income takes about $27,656 a year.
More about Somerville
- Mortgage Refinance in Somerville
- Debt Relief in Somerville
- Home Equity Loans in Somerville
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data