Somerset, MD Profile: Facts & Data

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Somerset, Maryland - Basic Facts

The Town of Somerset had a population of 1,246 as of July 1, 2020. Somerset ranks in the upper quartile for Population Density when compared to the other cities, towns and Census Designated Places (CDPs) in Maryland. See peer rankings below.

The primary coordinate point for Somerset is located at latitude 38.9659 and longitude -77.0961 in Montgomery County. The formal boundaries for the Town of Somerset encompass a land area of 0.27 sq. miles and a water area of 0 sq. miles. Montgomery County is in the Eastern time zone (GMT -5). The elevation is 299 feet.

The Town of Somerset (GNIS ID: 2391418) has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

The Town of Somerset is located within District 7, a minor civil division (MCD) of Montgomery County.


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Somerset, MD Data & Demographics (As of July 1, 2020)

POPULATION

Total Population 1,246 (100%)
Population in Households 1,246 (100.0%)
Population in Families 1,024 (82.2%)
Population in Group Quarters1 0
Population Density 4,539
Diversity Index2 40
 
 

INCOME

Median Household Income $160,492
Average Household Income $226,940
% of Income for Mortgage4 28%
Per Capita Income $88,594
Wealth Index5 376
 

HOUSING

Total HU (Housing Units) 424 (100%)
Owner Occupied HU 329 (77.6%)
Renter Occupied HU 75 (17.7%)
Vacant Housing Units 20 ( 4.7%)
Median Home Value $1,062,500
Average Home Value $1,098,333
Housing Affordability Index3 98
 

HOUSEHOLDS

Total Households 404
Average Household Size 3.08
Family Households 271
Average Family Size 4
NOTES
  1. Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
  2. The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
  3. The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
  4. The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
  5. The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.

GROWTH RATE / YEAR

2010-2020 2020-2025
Population 0.24% 0.0%
Households -0.07% -0.2%
Families -2.38% -0.15%
Median Household Income   2.48%
Per Capita Income   1.45%
Owner Occupied HU   -0.06%

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Somerset, MD - Peer Comparisons by Rank and Percentile

The table below compares Somerset to the other 518 incorporated cities, towns and CDPs in Maryland by rank and percentile using July 1, 2020 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

Variable Description Rank Percentile
Total Population # 302 42nd
Population Density # 67 87th
Median Household Income # 22 96th
Housing Affordability Index # 74 14th
Per Capita Income # 17 97th
Diversity Index # 245 53rd

Additional comparisons and rankings can be made with a VERY EASY TO USE Maryland Census Data Comparison Tool.

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