Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Somerset County | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $154,421 | $248,766 | $242,182 |
| Price Trend (Annual %) | 12.7% | 8.9% | 8.2% |
| Median Gross Rent | $886 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Somerset County is about 38% lower than in Maine. Rent is about 18% lower than the Maine average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Somerset County, up about 12.7% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Somerset County rose about 29.6% between 2015 and 2023, from $683 to $886. Over the same span, rent in Maine rose about 39.7%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Somerset County.
Buying the median-priced home in Somerset County costs roughly 14.5 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Somerset County. The price-to-rent ratio in Maine is about 19.1.
| Metric | Somerset County | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $154,421 | $248,766 | $242,182 |
| Median Household Income | $55,812 | $72,025 | $78,145 |
| Price-to-Income Ratio | 2.8 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Somerset County rose about 125.3%, while median household income rose about 53.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Somerset County | Maine Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.5% | 58.4% | 58.2% |
| Rental Rate | 17.2% | 20.5% | 31.3% |
| Vacancy Rate | 24.2% | 21.1% | 10.6% |
| Median Tenure (years) | 18.0 | 16.0 | 15.0 |
| Median Year Moved In | 2008 | 2010 | 2011 |
Somerset County has a homeownership rate of 58.5%, about the same as the Maine average of 58.4%. Its housing vacancy rate is 24.2%, compared with 21.1% in Maine.
Housing Stock
| Metric | Somerset County | Maine Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.20 people | 2.27 people | 2.54 people |
| Median Structure Built Year | 1975 | 1973 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Somerset County was built around 1975. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Somerset County, Maine.
What is the median home price in Somerset County, Maine?
The median home price in Somerset County, Maine is $154,421, lower than the Maine average of $248,766.
What is the average home price in Somerset County, Maine?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Somerset County, Maine?
The median gross rent in Somerset County, Maine is $886 per month, lower than the Maine average of $1,084.
What was the median gross rent in Somerset County in 2020?
In 2020, the median gross rent in Somerset County, Maine was $758 per month.
What is the price-to-rent ratio in Somerset County, Maine?
The price-to-rent ratio in Somerset County, Maine is about 14.5, meaning it would take roughly 14.5 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Somerset County.
Are home prices or rent rising faster in Somerset County, Maine?
Both home prices and rent are rising in Somerset County, up about 12.7% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Somerset County, Maine?
58.5% of households in Somerset County, Maine own their home, about the same as the Maine average.
What is the vacancy rate in Somerset County, Maine?
The housing vacancy rate in Somerset County, Maine is 24.2%, higher than the Maine average of 21.1%.