HomeNew JerseySomerset County
Somerset County, New Jersey: commercial real estate data.
Somerset County, New Jersey has a population of 349,846 across 302 square miles, up 3.5 percent since the 2020 census base. County output reached $54.49 bn in 2024, 9,831 establishments operate here, and the SBA record carries 484 7(a) approvals worth $244.8 m.
123 sourced county values · tier FULL · 11 sections
Somerset County
How many people live in Somerset County
- Population349,846
- Households130,802
- Average household size2.67
- Median household income$140,374
- Median age41.8
- Median gross rent$2,033 per month
- Median owner-occupied home value$552,100
- Home value to household income3.9 times
- Annual rent as a share of median income17.4 percent
- Adults 25 and over with a bachelor degree or higher57.8 percent
- Adults 25 and over with a graduate degree26.6 percent
- Adults 25 and over247,882
- Population under 1874,044
- Share under 1821.2 percent
- Population 65 and over59,537
- Share 65 and over17.0 percent
- Working age population, 18 to 64216,265
- Civilian labor force200,035
- Unemployment rate4.7 percent
- Labor force participation, adults 18 and over72.5 percent
- Rank by population among New Jersey counties13th of 21
- Rank by population among US county-equivalents213th
Somerset County is the 13th largest of 21 New Jersey counties by population. A median home costs 3.9 times median household income, which is an affordable ownership market by national standards. Residents under 18 outnumber those 65 and over, at 21.2 percent against 17.0 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Somerset County
Is Somerset County growing
- Population change since the 2020 census base3.51 percent
- Census 2020 base population345,362
- Births, 20243,239
- Deaths, 20242,508
- Natural change, 2024731
- Net domestic migration, 2024-17
- Net international migration, 20244,661
- Total net migration, 20244,644
- Cumulative net domestic migration, 2021 to 2024-1,546
- Rank by growth among US county-equivalents776th
The county has grown 3.51 percent since the 2020 census base. Migration contributed more to 2024 change than births over deaths, so demand here follows people arriving rather than families forming.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Somerset County
Where people moving to Somerset County come from
- Tax returns filed by households arriving11,171
- People arriving, from those returns19,492
- Adjusted gross income arriving$1.37 bn
- Net adjusted gross income movement$0
- Average income of an arriving household$123,037
- Largest single originSomerset County Non-migrants (134,906 households)
- Largest single destination (134,906 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Somerset County Non-migrants | 134,906 | 278,927 | $23.76 bn |
| Middlesex County | 2,713 | 4,954 | $242.2 m |
| Other flows - Different State | 1,539 | 2,550 | $178.0 m |
| Union County | 1,320 | 2,500 | $120.4 m |
| Other flows - South | 708 | 1,172 | $81.2 m |
| Morris County | 685 | 1,219 | $122.8 m |
| Hudson County | 540 | 1,007 | $87.9 m |
| Essex County | 524 | 973 | $62.9 m |
The largest single source of arrivals is Somerset County Non-migrants, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Somerset County
What the Somerset County economy runs on
- County GDP, 2024$54.49 bn
- County GDP, 2023$51.76 bn
- GDP change, 2023 to 20245.3 percent
- GDP change over five years30.6 percent
- Rank by GDP among New Jersey counties7th
- Rank by GDP among US county-equivalents108th
- GDP per resident$155,766
Output grew 5.3 percent in the latest year and 30.6 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Somerset County
Who employs people in Somerset County
- Covered employment, annual average190,468
- Establishments reporting10,950
- Average annual pay$106,418
- Average weekly wage$2,046
- Sector 54, employment25,627
- Sector 54, average annual pay$162,074
- Sector 62, employment24,063
- Sector 62, average annual pay$61,905
- Sector 44-45, employment17,015
- Sector 44-45, average annual pay$44,794
- Sector 31-33, employment15,552
- Sector 31-33, average annual pay$127,994
- Sector 56, employment12,950
- Sector 72, employment11,880
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 54 | 25,627 | 1,658 | $162,074 |
| Sector 62 | 24,063 | 1,834 | $61,905 |
| Sector 44-45 | 17,015 | 921 | $44,794 |
| Sector 31-33 | 15,552 | 334 | $127,994 |
| Sector 56 | 12,950 | 778 | $71,948 |
| Sector 72 | 11,880 | 771 | $32,905 |
| Sector 42 | 11,347 | 570 | $146,275 |
| Sector 55 | 11,267 | 96 | $232,619 |
The largest sector is the biggest private employer group at 25,627 jobs, 13.5 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Somerset County
What businesses operate in Somerset County
- Establishments, all industries9,831
- Employment at those establishments188,127
- Annual payroll$18.14 bn
- Establishments per 1,000 residents28.1
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against.
US Census Bureau, County Business Patterns, 2023.
Somerset County
What is being built in Somerset County
- Housing units authorised by permit, 2024635
- Declared construction value permitted$121.1 m
- Single family units authorised320
- Multifamily units authorised315
- Multifamily share of units49.6 percent
- Average declared value per unit$190,728
- Units authorised per 1,000 households4.9
Multifamily is 49.6 percent of units authorised, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Somerset County
How much SBA lending happens in Somerset County
- 7(a) approvals recorded484
- 7(a) gross approval dollars$244.8 m
- Average 7(a) approval$505,849
- Median 7(a) approval$200,000
- 10th percentile approval$25,000
- 90th percentile approval$1,400,000
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)4,714
- Jobs per approval9.7
- Distinct 7(a) lenders active78
- Distinct industries receiving approvals181
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer12.8 percent
- Loans on real estate terms62
- Loans on working capital terms, 120 months or shorter390
- Franchise loans65
- Franchise share of approvals13.4 percent
- Leading industry by approval countBeauty Salons (18)
- Most active lenderTD Bank, National Association (99)
- 504 approvals recorded50
- 504 gross approval dollars$63.7 m
- Average 504 approval$1,273,160
- Median 504 approval$713,000
- Distinct CDCs active4
- 504 jobs per approval16.4
- 504 jobs per million dollars approved12.9
- Most active CDCTrenton Business Assistance Corporation (29)
- 7(a) share of SBA approvals90.6 percent
- Combined SBA approval dollars$308.5 m
The average approval of $505,849 sits well above the median of $200,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually gets. Only 12.8 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Somerset County
Do SBA loans in Somerset County get paid back
- Loans with a final outcome recorded76
- Paid in full68
- Charged off8
- Charge off rate on resolved loans10.5 percent
- Status: Paid in full68
- Status: Exempt from disclosure311
- Status: Cancelled67
- Status: Charged off8
- Status: Committed, not yet disbursed30
Of the 76 loans that have reached a final outcome, 10.5 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Somerset County
Which parts of Somerset County get the lending
- Places in the county with recorded lending35
- Hillsborough, approvals63
- SOMERSET, approvals63
- Bridgewater, approvals41
- SOMERVILLE, approvals36
- BRANCHBURG, approvals31
- WARREN, approvals28
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Hillsborough | 63 | $32,020,500 |
| SOMERSET | 63 | $45,548,700 |
| Bridgewater | 41 | $12,766,300 |
| SOMERVILLE | 36 | $18,595,400 |
| BRANCHBURG | 31 | $30,037,600 |
| WARREN | 28 | $7,920,300 |
| BEDMINSTER | 21 | $10,227,900 |
| SKILLMAN | 21 | $7,526,900 |
Hillsborough accounts for 63 approvals against 63 in SOMERSET. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Somerset County
How big is Somerset County
- Land area302 sq mi
- Rank by land area among New Jersey counties13th of 21
- Width, east to west19.7 mi
- Height, north to south26.5 mi
- Geographies sharing a boundary5
- Residents per square mile of land1,158
- Establishments per square mile32.55
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
Feasibility studies
When a Somerset County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Somerset County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population349,846
- Households130,802
- Average household size2.67
- Median household income$140,374
- Median age41.8
Common questions
Somerset County questions, answered from the record.
How many people live in Somerset County, New Jersey?
349,846, in 130,802 households, ranking 13th of 21 New Jersey counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Somerset County growing?
The population has grown 3.51 percent since the 2020 census base. In 2024 there were 3,239 births against 2,508 deaths, with net migration of 4,644. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Somerset County?
$140,374. The median owner-occupied home is valued at $552,100, which is 3.9 times income, and median gross rent is $2,033 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are there in Somerset County?
9,831 establishments, employing 188,127 people with an annual payroll of $18.14 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is the average wage in Somerset County?
Average annual pay is $106,418, or $2,046 a week, across 190,468 covered jobs. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Somerset County?
484 7(a) approvals totalling $244.8 m since FY2020, across 78 lenders, with a median approval of $200,000, plus 50 504 approvals worth $63.7 m. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Somerset County get paid back?
Of the 76 loans that have reached a final outcome, 68 were paid in full and 8 charged off, a charge off rate of 10.5 percent. Loans still running are excluded, because they have not yet succeeded or failed.
What is being built in Somerset County?
635 housing units were authorised by permit in 2024, with a declared construction value of $121.1 m. Multifamily was 49.6 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Somerset County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Somerset County come from?
The largest single origin is Somerset County Non-migrants, with 134,906 households. Arriving households report an average income of $123,037 against null for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Somerset County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Somerset County?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.