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 high jobless rate has likely contributed to the widespread poverty in the city.

A high school education is a basic prerequisite for most jobs, and in Somerset, only 79% of adults have a high school diploma, compared to the 87.7% of adults nationwide. 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. Higher educational attainment can lead to improved job security and reduce the likelihood of financial insecurity. In Somerset, only 15% of adults have a bachelor's degree and 37% have some college but no degree.

Cost of living in Somerset is 85, which is 15% lower than national average. 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.