Quick facts: Somerville, MA

Quick Facts

135.7
Cost of Living
above US average
79,762
Population
16.24
Crime Rate per 1000
below US average
$120,778
Median Income
above US average
$1,350,000
Median House Price
above US average
$3191.14
Average Rent
above US average
Poverty rate Data is updating, will be available soon
3.5%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $120,778.

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Income Needed to Buy

βœ— Stretch
$424k/year
Based on $1,350,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $424k vs median $120,778
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Income Needed to Rent

⚠ Stretch
$137k/year
Based on $3191.14/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $137k vs median $120,778
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Somerville, MA

Somerville, Massachusetts, is a vibrant city located just north of Boston. Known for its rich history and diverse culture, Somerville is home to a mix of artistic communities, historic landmarks, and a strong sense of local identity. The city boasts a variety of neighborhoods, each with unique characteristics; from the eclectic shops of Davis Square to the quiet charm of West Somerville. Somerville is famous for its artistic scene, highlighted by events like the Somerville Arts Council’s annual Somerville Open Studios. The city also offers numerous parks and green spaces, including the popular Assembly Row, which features shops, restaurants, and waterfront views. The city has a strong commitment to sustainability and community living, illustrated by initiatives such as its robust public transportation system and bike-friendly infrastructure. Somerville is also known for its rich culinary landscape, offering a spectrum of dining options reflecting its diverse population. With ongoing developments and a youthful energy due to its proximity to universities, Somerville continues to thrive as a dynamic urban hub that embraces both its historical roots and modern growth.

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