The typical owner-occupied home in Somerset is worth about $286,600, 8% above the Wisconsin median of $266,500 and 14% below the national median of $332,700. Owners pay a median $3,665 a year in property taxes, about 1.28% of their home's value, lower than the Wisconsin rate of 1.42%. The median household earns $80,395 a year, so the median home costs 3.6 times the median income (3.4 times for Wisconsin). 57% of occupied homes here are lived in by their owners, and 82% of those owners still have a mortgage.
Somerset at a glance
| Somerset | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $286,600 | $266,500 | $332,700 |
| Median property tax paid per year | $3,665 | $3,792 | $3,119 |
| Property tax as a share of value | 1.28% | 1.42% | 0.94% |
| Median household income | $80,395 | $77,485 | $80,734 |
| Homes lived in by their owners | 57% | 68% | 65% |
| Owner homes with a mortgage | 82% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,697 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 19.5% | 21.0% |
| Median rent | $1,191 | $1,087 | $1,413 |
| Rent as a share of renters' income | 36.3% | 27.2% | 30.6% |
| Median year homes were built | 2002 | 1975 | 1980 |
| Vacant homes | 9.0% | 10.8% | 10.1% |
| Population | 3,208 | 5,914,872 | 334,922,499 |
What a typical home costs per month in Somerset
At this week's average 30-year rate of 7.11%, buying the median Somerset home of $286,600 with 20% down costs about $1,968 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,445, 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 $84,321 for the 20%-down payment. That payment is 29% of the median Somerset household income of $80,395; at that income and 20% down, the 28% guideline points to a home of about $273,000.
The median rent here is $1,191 a month, so owning the median home costs about $776 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $57,320 |
|---|---|
| Loan amount | $229,280 |
| Principal and interest | $1,542 |
| Property taxes (1.28% a year) | $306 |
| Homeowners insurance (our estimate, 0.5% a year) | $119 |
| PMI | $0 |
| Total per month | $1,968 |
Change the numbers in the calculator
| Down payment | $10,031 |
|---|---|
| Loan amount | $281,409 |
| Principal and interest | $1,893 |
| Property taxes (1.28% a year) | $306 |
| Homeowners insurance (our estimate, 0.5% a year) | $119 |
| FHA mortgage insurance | $127 |
| Total per month | $2,445 |
Change the numbers in the calculator
Questions about home buying in Somerset
What is the median home value in Somerset?
About $286,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Somerset?
Homeowners pay a median $3,665 a year, which is about 1.28% 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 Somerset?
For the median home with 20% down at 7.11%, the payment is about $1,968 a month. Keeping that under 28% of gross income takes about $84,321 a year.
More about Somerset
- Mortgage Refinance in Somerset
- Debt Relief in Somerset
- Home Equity Loans in Somerset
- 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