Somerset, KY—42501
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Somerset, KY
Home Price Trends — Somerset, KY
As of Oct '25, the median home price in Somerset, KY is $149,000, with a year-over-year change of 1.2%. This indicates that home prices in Somerset, KY are increasing. According to Zillow, the 1-year price projection is -3.0%, suggesting a decrease housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $149,000 | 1.2% |
| Single Family | $149,000 | 0.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | $215,000 | 5.4% |
4 Bed | $274,000 | 4.6% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Somerset, KY
As of July '25, Rentcast reports the average rent in Somerset, KY is $1,340, with a year-over-year rent change of -5.6%. Per bedroom, the median rent as of July '25 in Somerset, KY is 1-bedrooms: $700, 2-bedrooms: $1,120, 3-bedrooms: $1,600. The most common rental property sizes in Somerset, KY are 2-bedroom and 3-bedroom, accounting for 39.7% and 37.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,250 | $1,340 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $700 | $700 |
| 2 Bed Rent | $1,200 | $1,120 |
| 3 Bed Rent | $1,600 | $1,600 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Somerset, KY
As of Oct '25, Realtor.com reports that the median days on market for a home in Somerset, KY is 82. This is a increase of 41.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $259,000 | 12.0% |
Listing Count | 107 | 30.0% |
| Listings as % of Homes | 0.8% | 30.0% |
Days on Market | 82 | 41.0% |
Demographics — Somerset, KY
As of the latest ACS Survey released in 2023, Somerset, KY has a population of 17,400, which has remained stable by -0.4% over the past 5 years. Somerset, KY is a moderately popular place for families, as children make up 23.6% of the population. The area has a poorly educated workforce, with 17.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 5.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 17,400 | -0.4% |
% Under 18 | 23.6% | 6.3% |
% Seniors | 17.7% | -2.2% |
% WFH | 5.4% | 134.8% |
% w/ College Degree | 17.0% | 50.4% |
As of the latest ACS Survey released in 2023, Somerset, KY is a predominantly white area, with 91.1% of the population identifying as white. The white population has shrunk by 2.1% in the last 5 years. The second most common race or ethnicity in Somerset, KY is hispanic, making up 3.0% of the population. Foreign-born residents account for 0.7% of the population in Somerset, KY, and this percentage has decreased by 66.7% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 91.1% | -2.1% |
% Black | 2.2% | 46.7% |
% Hispanic | 3.0% | -6.2% |
% Asian | 0.5% | ∞% |
% Foreign Born | 0.7% | -66.7% |
Mortgage and Risk — Somerset, KY
According to HUD data as of 2023, there were 235 mortgage originations in Somerset, KY, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 67.0%, with 31.0% above 90% LTV (very high). This implies large mortgage risk in Somerset, KY. Investor activity is low, as 3.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 235 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 3.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Somerset, KY
Somerset, KY lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 775 |
Total Units Section 8 | 533 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 81.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$10 | $700 | $690 |
| 2 Bedroom | -$300 | $1,200 | $900 |
| 3 Bedroom | -$520 | $1,600 | $1,080 |
| 4 Bedroom | N/A | N/A | $1,390 |
Affordability — Somerset, KY
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $149,000 |
| Median Household Income | $49,400 |