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Cost of Living in Somerset County

Is it better to rent or buy in Somerset County? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$57,938
$919/mo

Median in area: $919

$167,460

Median in area: $167,460

$33,492

If you Rent

🔑
$1,091 /mo
Base Rent$919
Est. Utilities$172
% of Income22.6%
Pre-tax Residual$3,737

If you Buy

🏠
$1,293 /mo
P&I (7.191%)$909
Taxes & Ins$212
Est. Utilities$172
% of Income26.8%
Pre-tax Residual$3,536

Compare Nearby Areas

See how Somerset County stacks up against neighboring areas.

countyWaldo County, ME
$1,013/mo
countyPenobscot County, ME
$1,044/mo
countyKennebec County, ME
$1,063/mo
countyFranklin County, ME
$806/mo
countyPiscataquis County, ME
$833/mo

Cost of Living FAQs

Is it cheaper to rent or buy in Somerset County?›

Based on median housing data, renting is currently more affordable on a monthly basis in Somerset County. The estimated all-in monthly cost for renting is $1,091, while owning a median-priced home with a 20% down payment is roughly $1,293 per month (a difference of $202).

How much do utilities cost in Somerset County?›

The average monthly utility cost (electricity and natural gas) for a typical home in Somerset County is approximately $172. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Somerset County?›

To comfortably afford the median rent and utilities in Somerset County without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $43,640 per year.