Somerset, MD
Population 1,020 · Maryland
About Somerset, MD
Somerset is a small town located in Maryland with a population of 1,020 residents according to the latest US Census Bureau American Community Survey data. The median household income is $250,001 per year, which is 233% above the national median of $75,149. The median age of 50.4 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Somerset features a median home value of $1,820,800, which is 643% above the national median of $244,900. This places Somerset in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $3,501, 201% above the national average of $1,163/month. Of the 381 total housing units, 89% are owner-occupied (318 units) and 11% are renter-occupied (41 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Somerset shows an unemployment rate of 0.8%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 2.2%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Somerset have an average one-way commute time of 34.9 minutes.
Education & Demographics
94.2% of Somerset residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 0.9% White, 0.0% Hispanic or Latino, 0.7% Black or African American, and 6.0% Asian residents, with 18.5% of the population being foreign-born.
How Somerset Ranks in Maryland
Cost of Living in Somerset, MD
Compared to national averages, Somerset has a median household income of $250,001 (233% above the national median of $75,149). Home values average $1,820,800, which is 643% above the national median. Monthly rent at $3,501 is 201% above the US average of $1,163. Within Maryland, Somerset's income is 132% above the state average of $107,956, and home values are 352% above the state median of $402,447.
Why Live in Somerset, MD?
Somerset offers a strong local economy with a median household income of $250,001, well above the national average, and a strong job market with an unemployment rate of just 0.8%, and a well-educated community where 94.2% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 2.2%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $1,820,800. However, Somerset’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Somerset has a population of 1,020 with a median age of 50.4 years. Compare Somerset with other cities to see how it stacks up, or explore all cities in Maryland.
Similar Cities Near Somerset
Cities in Maryland with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Martin's Additions | 1,019 | $250,001 | $1,454,900 | Compare |
| Algonquin | 1,027 | $72,917 | $332,600 | Compare |
| Morningside | 1,031 | $80,000 | $287,000 | Compare |
| Queenstown | 990 | $106,500 | $366,900 | Compare |
| Church Hill | 1,052 | $69,688 | $272,000 | Compare |
| Chevy Chase Section Three | 985 | $250,001 | $1,583,900 | Compare |
| Potomac Park | 974 | $49,330 | $122,600 | Compare |
| Grantsville | 970 | $46,354 | $230,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Maryland
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Somerset With Other Cities
Frequently Asked Questions about Somerset
What is the population of Somerset, MD?
The population of Somerset, MD is 1,020 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Maryland.
What is the median household income in Somerset?
The median household income in Somerset, MD is $250,001 per year, which is 233% above the national median of $75,149.
What is the median home value in Somerset?
The median home value in Somerset, MD is $1,820,800, which is 643% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Somerset?
The median monthly rent in Somerset, MD is $3,501, which is 201% above the national average of $1,163/month.
What is the unemployment rate in Somerset?
The unemployment rate in Somerset, MD is 0.8%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Somerset, MD a good place to live?
Somerset offers above-average incomes, a competitive housing market, and a strong job market. With a population of 1,020 and a median age of 50.4, the city appeals to established professionals and retirees.
How educated is Somerset, MD?
94.2% of residents in Somerset aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Somerset?
Key cost-of-living indicators for Somerset, MD: median home value is $1,820,800 (643% above national), median rent is $3,501/month, and median household income is $250,001. The home-value-to-income ratio is 7.3x, which suggests housing may be stretched relative to local earnings.
What is the poverty rate in Somerset?
The poverty rate in Somerset, MD is 2.2%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Somerset, MD?
Somerset's population is 0.9% White, 0.0% Hispanic or Latino, 0.7% Black or African American, 6.0% Asian, and 2.1% two or more races. 18.5% of residents are foreign-born.