Somerset, NJ Real Estate

According to census data in the year 2000 there were 8,473 housing units in Somerset. This represents a 4% growth from 8,147 in 1990.

Of those housing units, 8,473 were located in either urbanized areas or urban clusters, and none were located in what is classified as a rural area.

Homeownership rate in Somerset is about 67%. Somerset's vacancy rate, including seasonal lodging, is about 2.3%. Average household size is 2.77 people.

The majority of houses, apartments or condos in Somerset were built after 1966.


Housing Size

Housing Units by Size
Studio Type2%
One Bedroom15.60%
Two Bedrooms20.90%
Three Bedrooms34.90%
Four Bedrooms23.90%
Five Bedrooms or more2.60%
As % of Housing Units

Owned Homes, Apartments and Condos

Average Household Size2.84
Median year structure was built1966
Median Value of occupied units$167,500
Median Price asked for vacant units$121,900

Rented Homes, Apartments and Condos

Average Household Size2.62
Median year structure was built1967
Median Monthly Rent asked for vacant units$770

Owners Finance Status

Housing Finance
Second Mortgage & Equity Loan0.50%
Second Mortgage8%
Home Equity Loan10.50%
Simple Mortgage55.60%
Debt Free25.40%
As % of Housing Units
Median part of Monthly Household Income dedicated to covering home ownership costs21.6%