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 | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $98,514 | $154,283 | $242,182 |
| Price Trend (Annual %) | 7.5% | 4.4% | 8.2% |
| Median Gross Rent | $748 | $1,161 | $1,342 |
| Rent Trend (Annual %) | 3.6% | 4.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Somerset County is about 36% lower than in Pennsylvania. Rent is about 36% lower than the Pennsylvania 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 7.5% and 3.6% a year respectively. Home prices are changing faster.
Median rent in Somerset County rose about 28.9% between 2015 and 2023, from $580 to $748. Over the same span, rent in Pennsylvania rose about 38.3%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Somerset County.
Buying the median-priced home in Somerset County costs roughly 11.0 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 Pennsylvania is about 11.1.
| Metric | Somerset County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Median Home Price | $98,514 | $154,283 | $242,182 |
| Median Household Income | $59,228 | $76,231 | $78,145 |
| Price-to-Income Ratio | 1.7 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Somerset County rose about 18.4%, while median household income rose about 54.4% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Somerset County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.7% | 62.8% | 58.2% |
| Rental Rate | 15.2% | 27.8% | 31.3% |
| Vacancy Rate | 23.1% | 9.4% | 10.6% |
| Median Tenure (years) | 22.0 | 17.0 | 15.0 |
| Median Year Moved In | 2004 | 2009 | 2011 |
Somerset County has a homeownership rate of 61.7%, lower than the Pennsylvania average of 62.8%. Its housing vacancy rate is 23.1%, compared with 9.4% in Pennsylvania.
Housing Stock
| Metric | Somerset County | Pennsylvania Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.37 people | 2.40 people | 2.54 people |
| Median Structure Built Year | 1962 | 1965 | 1978 |
| Median Number of Rooms | 6.0 | 6.0 | 5.5 |
The typical housing unit in Somerset County was built around 1962. On average, 2.4 people live in a home with about 6.0 rooms, staying for about 22.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Somerset County, Pennsylvania.
What is the median home price in Somerset County, Pennsylvania?
The median home price in Somerset County, Pennsylvania is $98,514, lower than the Pennsylvania average of $154,283.
What is the average home price in Somerset County, Pennsylvania?
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, Pennsylvania?
The median gross rent in Somerset County, Pennsylvania is $748 per month, lower than the Pennsylvania average of $1,161.
What was the median gross rent in Somerset County in 2020?
In 2020, the median gross rent in Somerset County, Pennsylvania was $608 per month.
What is the price-to-rent ratio in Somerset County, Pennsylvania?
The price-to-rent ratio in Somerset County, Pennsylvania is about 11.0, meaning it would take roughly 11.0 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, Pennsylvania?
Both home prices and rent are rising in Somerset County, up about 7.5% and 3.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Somerset County, Pennsylvania?
61.7% of households in Somerset County, Pennsylvania own their home, lower than the Pennsylvania average of 62.8%.
What is the vacancy rate in Somerset County, Pennsylvania?
The housing vacancy rate in Somerset County, Pennsylvania is 23.1%, higher than the Pennsylvania average of 9.4%.