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Somerset County, NJ

RANK #475 / 996  ·  POP 344,978  ·  NJ

PROJECTED GROWTH: +0.8%

Somerset County sits in the middle of the pack — stable but not accelerating.

[01] Why Somerset County?

Somerville, the county seat of Somerset County, New Jersey, offers a walkable downtown with shops and restaurants. Located in north-central New Jersey, the county balances suburban and rural environments. It is approximately an hour's drive from New York City and Philadelphia, with train and bus services available for commuters. The county is characterized by rolling hills and preserved open spaces, making it suitable for outdoor activities like hiking and biking.

Somerset County offers a quality of life that attracts families, with highly rated public schools and a strong sense of community. The local economy is driven by sectors such as life sciences, advanced manufacturing, and technology, with a growing startup presence. The county also sees investment in areas like transportation and warehousing. Many residents own their homes, and the county has a diverse population.

[02] Market Snapshot

Housing Ratio
3.7x

Undervalued relative to economy

GDP Growth
+3.2%

Above national median

Home Prices
+1.6%

Above national median

Climate & Terrain
-1.4

Below-average climate & terrain

Price/Rent
16x

Above national median (13x)

Housing looks undervalued at 3.7x — home prices are low relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Somerset County U.S. National

The Numbers

DEMOGRAPHICS
Population
344,978
+0.3% YoY
Median Household Income
$131,948
Median Home Value
$489,500
+1.55% 12mo
Median Rent
$1,846
Average Annual Pay
$106,418
+4.1% YoY
Employment
190,468
-0.1% YoY
Income-to-Home-Value
0.2696
More affordable than average
Migration Inflow
3.72%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$585,000
Days on Market
52
Moderate pace
Months of Supply
2.3
Seller's market
Sale-to-List Ratio
100.2%
Homes selling above asking
Sold Above List
38.1%
Listings w/ Price Drops
16.7%
Building Permits (2024)
635
Single-Family Permits
320

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$1,900M
TOTAL
PROJECT AMOUNT STATUS
Amwell Energy Center (Proposed Natural Gas Plant)
Genesis Power LLC
$1,000M Proposed
Somerset Technology Park Data Center Campus
Russo Development
$500M Under Construction
CyrusOne NYM1 Somerset Data Center
CyrusOne
$200M Operating
Williams Transco Compressor Station 206 Expansion
Williams Transco
$100M Planned
Somerset County Community Solar Portfolio (multiple projects)
NJR Clean Energy Ventures Corporation, Dimension Energy LLC, others
$50M Operating
Route 206 Widening in Hillsborough
State of New Jersey
$50M Under Construction

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +3.2% 61 percentile
Population Growth +0.3% 42 percentile
Income Growth +8.4% 48 percentile
Vacancy Rate 0.6% 92 percentile
Home Price Change +1.6% 53 percentile
Rent Growth +2.9% 48 percentile
Price/Rent 16x 25 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Somerset County, NJ a good place to move to?

Somerset County has a Boom Town Index score of 52/100, ranking #475 among 996 U.S. counties. With job growth at -0.1% and a median household income of $131,948, it's an above-average county on economic indicators.

Is Somerset County affordable?

The median home value in Somerset County is $489,500 with median rent at $1,846/month. The income-to-home-value ratio is 0.2696, which is more affordable than the national average.

Is Somerset County growing or shrinking?

Population growth: +0.3% year-over-year. Job growth: -0.1%. Home values changed +1.6% in the past 12 months.

Are people moving to Somerset County?

Yes — 3.72% of Somerset County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

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