The Somerset Census Designated Place had a population of 407 as of July 1, 2019. Somerset ranks in the lower quartile for Population Density and Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Indiana. See peer rankings below.
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 elevation is 810 feet.
The Somerset Census Designated Place (GNIS ID: 2631626) 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.
Alternate Unofficial Names for Somerset: Springfield, Twin Springs.
HOUSING AFFORDABILITY INDEX
|Somerset, IN Housing Affordability Index is 231 |
State of Indiana Housing Affordability Index is 180
|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.|
|Somerset, IN Wealth Index is 111 |
State of Indiana Wealth Index is 81
|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.|
These new demographic attributes are availiable for Neighborhoods, Cities, Counties, and ZIP Codes.
More Tools and Resources:
|Total Population||407 (100%)|
|Population in Households||407 (100.0%)|
|Population in Families||353 (86.7%)|
|Population in Group Quarters1||0|
|Median Household Income||$63,028|
|Average Household Income||$83,689|
|Per Capita Income||$34,378|
|Total Housing Units||205 (100%)|
|Owner Occupied HU||150 (73.2%)|
|Renter Occupied HU||34 (16.6%)|
|Vacant Housing Units||21 (10.2%)|
|Median Home Value||$152,778|
|Housing Affordability Index3||231|
|Average Household Size||2.21|
|Average Family Size||3|
GROWTH RATE / YEAR
|Median Household Income||4.22%|
|Per Capita Income||3.21%|
The table below compares Somerset to the other 679 incorporated cities, towns and CDPs in Indiana by rank and percentile using July 1, 2019 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.
|Total Population||# 510||25th|
|Population Density||# 546||20th|
|Diversity Index||# 520||24th|
|Median Household Income||# 163||76th|
|Per Capita Income||# 76||89th|
Additional comparisons and rankings can be made with a VERY EASY TO USE Indiana Census Data Comparison Tool.