The typical owner-occupied home in Somerville is worth about $911,300, 62% above the Massachusetts median of $562,100 and 2.7 times the national median of $332,700. Owners pay a median $6,186 a year in property taxes, about 0.68% of their home's value, lower than the Massachusetts rate of 1.07%. The median household earns $132,572 a year, so the median home costs 6.9 times the median income (5.4 times for Massachusetts). 34% of occupied homes here are lived in by their owners, and 72% of those owners still have a mortgage.
Somerville at a glance
| Somerville | Massachusetts | U.S. | |
|---|---|---|---|
| Median home value | $911,300 | $562,100 | $332,700 |
| Median property tax paid per year | $6,186 | $5,992 | $3,119 |
| Property tax as a share of value | 0.68% | 1.07% | 0.94% |
| Median household income | $132,572 | $103,960 | $80,734 |
| Homes lived in by their owners | 34% | 63% | 65% |
| Owner homes with a mortgage | 72% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $3,452 | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 20.7% | 21.9% | 21.0% |
| Median rent | $2,517 | $1,762 | $1,413 |
| Rent as a share of renters' income | 24.9% | 30.9% | 30.6% |
| Median year homes were built | 1938 | 1964 | 1980 |
| Vacant homes | 5.4% | 8.1% | 10.1% |
| Population | 81,036 | 7,044,056 | 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 $911,300 with 20% down costs about $5,800 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $7,465, 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 $248,589 for the 20%-down payment. That payment is 53% of the median Somerville household income of $132,572; at that income and 20% down, the 28% guideline points to a home of about $486,000.
The median rent here is $2,517 a month, so owning the median home costs about $3,283 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $182,260 |
|---|---|
| Loan amount | $729,040 |
| Principal and interest | $4,904 |
| Property taxes (0.68% a year) | $516 |
| Homeowners insurance (our estimate, 0.5% a year) | $380 |
| PMI | $0 |
| Total per month | $5,800 |
Change the numbers in the calculator
| Down payment | $31,896 |
|---|---|
| Loan amount | $894,794 |
| Principal and interest | $6,019 |
| Property taxes (0.68% a year) | $516 |
| Homeowners insurance (our estimate, 0.5% a year) | $380 |
| FHA mortgage insurance | $550 |
| Total per month | $7,465 |
Change the numbers in the calculator
Questions about home buying in Somerville
What is the median home value in Somerville?
About $911,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Somerville?
Homeowners pay a median $6,186 a year, which is about 0.68% of the median home value. Your bill depends on your home's assessed value and local rates.
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 $5,800 a month. Keeping that under 28% of gross income takes about $248,589 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