Compare Somerset, NJ mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Somerset.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Somerset. Plus, shopping lenders is free and there is no obligation.
May 24, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Somerset. Understand how much you need to earn to afford a home in Somerset, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Somerset fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Somerset is right for you.
The median home value for Somerset, NJ is $536,013
Based on current mortgage rates and a 10% down payment, you need to make $87,824 per year to buy the median priced home in Somerset
With this income, you could qualify for a $482,412 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Somerset is $2,034
The median household income for Somerset, NJ is $120,611
Based on this income, you can afford a home valued at approximately $736,126
The home price you can afford to buy based on household income in Somerset is 137% of the median home value which means housing prices are average. Somerset ranks 13 out of 21 counties in New Jersey and 2,735 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Somerset, NJ is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Somerset below.
Conforming loan limits for Somerset, NJ
FHA loan limits for Somerset, NJ
VA loan limits for Somerset, NJ