Somerset, IN Profile: Facts & Data

The primary coordinate point for Somerset is located at latitude 40.6692 and longitude -85.8283 in Wabash County. The formal boundaries for the Somerset Census Designated Place encompass a land area of 0.66 sq. miles and a water area of 0.14 sq. miles. Wabash County is in the Eastern time zone (GMT -5).

The Somerset Census Designated Place has a U1 Census Class Code which indicates a census designated place with an official federally recognized name. It also has a Functional Status Code of "S" which identifies a statistical entity.

A Census Designated Place (CDP) is a statistical counterpart to a self-governing (incorporated) place such as a city, town, or village. A CDP is not a legal entity and has no governmental functions.

Somerset, IN Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	377 (100%)
Population in Households	377 (100.0%)
Population in Families	319 (84.6%)
Population in Group Quarters¹	0
Population Density	554
Diversity Index²	14


INCOME
Median Household Income	$79,143
Average Household Income	$99,681
% of Income for Mortgage⁴	15%
Per Capita Income	$47,064
Wealth Index⁵	97
Socioeconomic Status Index⁶	Moderate (49.0)

HOUSING
Total HU (Housing Units)	190 (100%)
Owner Occupied HU	153 (80.5%)
Renter Occupied HU	25 (13.2%)
Vacant Housing Units	12 ( 6.3%)
Median Home Value	$183,036
Average Home Value	$234,150
Housing Affordability Index³	179

HOUSEHOLDS
Total Households	178
Average Household Size	2.12
Family Households	124
Average Family Size	3.00

NOTES

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.
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.
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.
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).
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.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Somerset, IN - Peer Comparisons by Rank and Percentile

The table below compares Somerset to the other 976 incorporated cities, towns and CDPs in Indiana by rank and percentile using July 1, 2024 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.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	-0.49%	-0.16%
Households	-0.13%	0.00%
Families		-0.32%
Median Household Income		1.06%
Per Capita Income		3.37%
Owner Occupied HU		-0.13%

Variable Description	Rank	Percentile
Total Population	# 543	45th
Population Density	# 626	36th
Median Household Income	# 314	68th
Housing Affordability Index	# 846	87th
Per Capita Income	# 138	86th
Diversity Index	# 669	31st

Somerset, IN Profile: Facts & Data

Somerset, Indiana - Basic Facts

Somerset, IN Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Somerset, IN - Peer Comparisons by Rank and Percentile

Somerset, IN - Most Popular Things to Do

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