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Somverille

Somerville By The Numbers

Somerville is quickly becoming one of the most popular neighborhoods in and around Boston, and for good reason – it’s dynamic, convenient to downtown Boston and Cambridge, diverse, historic and vibrant. What was once a popular stop-over neighborhood for young graduates has become a destination for families and professionals who value the energy of city living without the expense or inconveniences of traffic. If you’ve spent a lot of time in Somerville then you likely have much of the qualitative evidence you need for a good appraisal of the city. But it’s important to have a well-rounded view of the area, especially for those that are purchasing Somerville real estate for the first time, so we put together a list of important numbers. Let’s take a look:

Total Area: 4.2 square miles

Distance From Downtown Boston: 4.7 miles

Number of Neighborhoods: 14

Average Summer Temperature: 70 degrees

Total Population: 81,360

Population Per Square Mile: 18,404

Median Age of Residents: 31.6 years

Percentage of Female Residents: 50.5%

Percentage of Male Residents: 49.5%

Total Families: 13,983

Per Capita Income: $40,356

Median Home Value: $512,500

Number of Somerville Condos For Sale Currently: 59

Percentage of Residents with a Bachelors Degree or Higher: 58.58%

Number of Employees: 51,656

Unemployment Rate: 2.3%

Number of Jobs Currently Available Within A 5 Mile Radius: 38,318 

Number of Private Business Establishments: 7,741

Walk Score: 86

Transit Score: 63

Bike Score: 96

Number of Public Schools: 10

Number of Private Schools: 4

Number of Colleges and Universities Within a 5 Mile Radius: 33

Areavibes.com ranks Somerville in the 80th percentile for livability because of its stable housing market, local amenities and high income per capita, and crime is 10% lower than the Massachusetts average.  The unemployment rate is significantly lower than the national average, and future job growth, income per capita, household income and family median income are all quite a bit higher.  Those that own single-family homes and condos in Somerville will catch a break in 2018 as residential tax rates will decrease, and they’ll also enjoy the highest residential tax exemption in the Commonwealth at 35%.  When comparing the average cost of real estate in Somerville to some of its neighbors like Cambridge and Charlestown, condo buyers will find that prices are significantly lower, and that there are a number of new, luxury condo buildings, like Metro 9, that offer high-end amenities and are optimally located with easy access to public transportation, highways, restaurants and local conveniences. In fact, the Green line is just a 10-minute walk from the condos at Metro 9, and the Red and Orange lines are less than 20-minutes by foot.

Somerville has become an alluring destination for condo buyers in the last decade, and there’s more to come with the 2.3 million square foot redevelopment of Union Square and the influx of chic new restaurants and boutiques to every square in the area. For more information about the city and the newest luxury condo building in Somerville, Metro 9, just contact us.

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The information in this article was aggregated from several sources including census.gov, datausa.io, worldpopulationreview.com, walkscore.com, collegesimply.com, monster.com and areavibes.com. 

 

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