Cost of Living in Somerville
The biggest cost-of-living factor in Somerville, Massachusetts is housing. The median home is priced around $899K, or about $740 per square foot.
With 20% down on a median-priced home, the estimated monthly mortgage payment (principal and interest) is about $4,665, plus roughly $817 per month in property taxes. Rates and down payment change this figure significantly.
Somerville's FY2025 residential property tax rate is $10.91 per $1,000 of assessed value. Combined with home prices, that gives a clear picture of the monthly cost of owning in Somerville.