Somerset is a city in Kentucky state in USA with a population of 11548 residents..
The poverty rate of Somerset is 30.7%, which is 119% higher than national average.
The typical household in Somerset earns $27739 a year, compared to the national median of $67,500.
Financial hardship is relatively common in the city as 1 in every 3 residents live below the poverty line, well above the national poverty rate of 14.1%. Additionally, more than 1 in every 7 area households live on an income of less than $10,000 a year. Nationwide, 5.8% of households do. Nearly 65.4% of households earn less than $50,000 a year compared to 39% national rate.
With a lack of available jobs, many in Somerset are struggling financially. Nearly one in every 1 in every 9 workers in Somerset is unemployed.
The unemployment rate of Somerset remained 10.8%, which is 130% higher than national rate. Nearly 2 times comparable to 4.7% national rate, according to the Census.
Cost of living in Somerset is 85, which is 15% lower than national average.
In Somerset, only 15% of adults have a bachelor's degree and 37% have some college but no degree.
Median home value in Somerset is $113400 , which is 51% lower than national average.
While median income in Somerset remained $27739, which is 59% lower than national average.