Somerset County, New Jersey Housing Market
In Somerset County, New Jersey, the median home value is $552,100, with a median monthly rent of $2,033. This places Somerset County at #101 nationally out of 3134 counties by median home value, and #4 within New Jersey.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $2,235
- Establishments: 10,887
- BLS QCEW, 2025
Housing Supply
- Single-family: 267
- Multi-family: 496
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 147,616 (avg $170,839)
- Outflow: 144,707 (avg $174,809)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 10 active ZIP codes in Somerset County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 08823 | 280.4 | +8.81% | 2025 |
| 2 | 07069 | 210.1 | -3.74% | 2025 |
| 3 | 08869 | 270.6 | +9.67% | 2025 |
| 4 | 08805 | 279.6 | +9.45% | 2025 |
| 5 | 07059 | 247.4 | +3.85% | 2025 |
| 6 | 08835 | 286.6 | +6.03% | 2025 |
| 7 | 08873 | 283.7 | +4.78% | 2025 |
| 8 | 08807 | 254.1 | +7.65% | 2025 |
| 9 | 08844 | 269.1 | +4.71% | 2025 |
| 10 | 08880 | 310.5 | +1.07% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Somerset County Compares
| Metric | Somerset County | New Jersey Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $552,100 | $430,014 | $227,706 |
| Median Gross Rent | $2,033 | $1,634 | $968 |
| Owner Occupancy Rate | 74.3% | 68.3% | 73.3% |
| Price/Rent Ratio | 22.6 | 21.6 | 18.7 |
Market Analysis
The median home value in Somerset County is 28.4% above the New Jersey state average and 142.5% above the U.S. national average. The median rent of $2,033/month is 24.4% above the state average.
With a price-to-rent ratio of 22.6, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Somerset County has an owner-occupancy rate of 74.3%, compared to 68.3% in New Jersey and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Multnomah County | Oregon | $552,700 | $1,646 |
| Forsyth County | Georgia | $550,400 | $2,090 |
| Clarke County | Virginia | $550,100 | $1,371 |
| Kitsap County | Washington | $555,100 | $1,822 |
| Plymouth County | Massachusetts | $556,000 | $1,747 |
Other Counties in New Jersey
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Hudson County | $539,700 | $1,894 | 30.7% |
| Union County | $529,200 | $1,730 | 57.4% |
| Essex County | $524,100 | $1,531 | 44.9% |
| Morris County | $582,500 | $1,904 | 74.3% |
| Hunterdon County | $517,200 | $1,687 | 85.1% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).