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.
Statistics
Housing Size
| Housing Units by Size |
|---|
| Studio Type | 2% |
| One Bedroom | 15.60% |
| Two Bedrooms | 20.90% |
| Three Bedrooms | 34.90% |
| Four Bedrooms | 23.90% |
| Five Bedrooms or more | 2.60% |
Owned Homes, Apartments and Condos
| Average Household Size | 2.84 |
| Median year structure was built | 1966 |
| Median Value of occupied units | $167,500 |
| Median Price asked for vacant units | $121,900 |
Rented Homes, Apartments and Condos
| Average Household Size | 2.62 |
| Median year structure was built | 1967 |
| Median Monthly Rent asked for vacant units | $770 |
Owners Finance Status
| Housing Finance |
|---|
| Second Mortgage & Equity Loan | 0.50% |
| Second Mortgage | 8% |
| Home Equity Loan | 10.50% |
| Simple Mortgage | 55.60% |
| Debt Free | 25.40% |
| Median part of Monthly Household Income dedicated to covering home ownership costs | 21.6% |
