The typical owner-occupied home in Somerville is worth about $312,900, 9% above the Tennessee median of $286,700 and 6% below the national median of $332,700. Owners pay a median $975 a year in property taxes, about 0.31% of their home's value, lower than the Tennessee rate of 0.50%. The median household earns $44,310 a year, so the median home costs 7.1 times the median income (4.1 times for Tennessee). 55% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Somerville at a glance
| Somerville | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $312,900 | $286,700 | $332,700 |
| Median property tax paid per year | $975 | $1,442 | $3,119 |
| Property tax as a share of value | 0.31% | 0.50% | 0.94% |
| Median household income | $44,310 | $69,595 | $80,734 |
| Homes lived in by their owners | 55% | 67% | 65% |
| Owner homes with a mortgage | 67% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,364 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 38.5% | 19.6% | 21.0% |
| Median rent | $710 | $1,189 | $1,413 |
| Rent as a share of renters' income | 27.0% | 29.5% | 30.6% |
| Median year homes were built | 1983 | 1987 | 1980 |
| Vacant homes | 11.0% | 10.2% | 10.1% |
| Population | 3,466 | 7,066,383 | 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 $312,900 with 20% down costs about $1,895 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,416, 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 $81,220 for the 20%-down payment. That payment is 51% of the median Somerville household income of $44,310; at that income and 20% down, the 28% guideline points to a home of about $171,000.
The median rent here is $710 a month, so owning the median home costs about $1,185 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $62,580 |
|---|---|
| Loan amount | $250,320 |
| Principal and interest | $1,684 |
| Property taxes (0.31% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $130 |
| PMI | $0 |
| Total per month | $1,895 |
Change the numbers in the calculator
| Down payment | $10,952 |
|---|---|
| Loan amount | $307,233 |
| Principal and interest | $2,067 |
| Property taxes (0.31% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $130 |
| FHA mortgage insurance | $138 |
| Total per month | $2,416 |
Change the numbers in the calculator
Questions about home buying in Somerville
What is the median home value in Somerville?
About $312,900 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 $975 a year, which is about 0.31% 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 $1,895 a month. Keeping that under 28% of gross income takes about $81,220 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