Somerset County, Maine: commercial real estate data.
Somerset County, Maine had an estimated 51,338 residents on July 1, 2024, up 1.7 percent since the 2020 census base of 50,478, across 3,924 square miles. County output reached $2.44 bn in 2024, 1,211 establishments operate here, and the SBA record carries 44 7(a) approvals worth $13.7 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Somerset County
How many people live in Somerset County
- Population, American Community Survey 2020-202450,959
- Households23,209
- Average household size2.20
- Median household income$58,179
- Median age47.0
- Median gross rent$910 per month
- Median owner-occupied home value$166,900
- Home value to household income2.9 times
- Annual rent as a share of median income18.8 percent
- Adults 25 and over with a bachelor degree or higher21.1 percent
- Adults 25 and over with a graduate degree5.8 percent
- Adults 25 and over38,312
- Population under 189,389
- Share under 1818.4 percent
- Population 65 and over11,723
- Share 65 and over23.0 percent
- Working age population, 18 to 6429,847
- Civilian labor force23,818
- Unemployment rate3.5 percent
- Labor force participation, adults 18 and over57.3 percent
- Rank by population among Maine counties9th of 16
- Rank by population among US county-equivalents, Puerto Rico included1005th of 3,222
Somerset County is the 9th largest of 16 Maine counties by population. A median home costs 2.9 times median household income, which is affordable by national standards. Residents 65 and over outnumber those under 18, at 23.0 percent against 18.4 percent, which points demand at health care, services and single story product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Somerset County
Is Somerset County's population growing?
- Population, July 1, 202451,338
- Census 2020 base population50,478
- Population change since the 2020 census base1.70 percent
- Population change, 2023 to 2024167
- Births, 2024427
- Deaths, 2024752
- Natural change, 2024-325
- Net domestic migration, 2024471
- Net international migration, 202422
- Total net migration, 2024493
- Cumulative net domestic migration, 2021 to 20242,043
- Rank by growth among US county-equivalents1270th of 3,144
The county has grown 1.70 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Somerset County
Where are people moving to Somerset County from?
- Tax returns filed by households arriving1,534
- People arriving, from those returns2,601
- Tax returns filed by households leaving1,205
- Net household movement329
- Adjusted gross income arriving$71.7 m
- Net adjusted gross income movement$14.2 m
- Average income of an arriving household$46,763
- Average income of a leaving household$47,713
- Largest single originKennebec County (428 households)
- Largest single destinationKennebec County (379 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Kennebec County | 428 | 740 | $17.6 m |
| Penobscot County | 211 | 358 | $7.8 m |
| Franklin County | 79 | 123 | $3.8 m |
| Cumberland County | 74 | 129 | $5.2 m |
| Androscoggin County | 51 | 90 | $2.4 m |
| Waldo County | 43 | 67 | $1.3 m |
| York County | 34 | 57 | $1.2 m |
| Piscataquis County | 25 | 52 | $1.3 m |
Households arriving report $950 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Kennebec County, 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 is the Somerset County economy?
- County GDP, 2024$2.44 bn
- County GDP, 2023$2.36 bn
- GDP change, 2023 to 20243.6 percent
- GDP change over five years30.6 percent
- Rank by GDP among the Maine areas BEA publishes11th of 16
- Rank by GDP among the US county areas BEA publishes1118th of 3,127
- GDP per resident$47,861
Output grew 3.6 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
Employment by industry in Somerset County
- Covered employment, annual average16,034
- Establishments reporting1,574
- Average annual pay$55,148
- Average weekly wage$1,061
- Health care and social assistance, employment2,614
- Health care and social assistance, average annual pay$57,892
- Manufacturing, employment2,551
- Manufacturing, average annual pay$71,767
- Retail trade, employment2,346
- Retail trade, average annual pay$36,469
- Accommodation and food services, employment1,025
- Accommodation and food services, average annual pay$25,014
- Administrative and support and waste management services, employment525
- Professional, scientific and technical services, employment388
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 2,614 | 149 | $57,892 |
| Manufacturing | 2,551 | 77 | $71,767 |
| Retail trade | 2,346 | 190 | $36,469 |
| Accommodation and food services | 1,025 | 116 | $25,014 |
| Administrative and support and waste management services | 525 | 75 | $46,097 |
| Professional, scientific and technical services | 388 | 140 | $77,248 |
| Wholesale trade | 338 | 48 | $68,784 |
| Educational services | 294 | 16 | $45,797 |
Health care and social assistance is the largest private sector at 2,614 jobs, 16.3 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Somerset County
How many businesses are in Somerset County?
- Establishments, all industries1,211
- Employment at those establishments12,763
- Annual payroll$714.6 m
- Establishments per 1,000 residents23.8
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Somerset County
Building permits in Somerset County
- Housing units authorized by permit, 2024118
- Declared construction value permitted$27.6 m
- Single family units authorized102
- Multifamily units authorized16
- Multifamily share of units13.6 percent
- Average declared value per unit$233,591
- Units authorized per 1,000 households5.1
Single-family homes are 86.4 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Somerset County
SBA loans in Somerset County (7(a) and 504)
- 7(a) approvals recorded44
- 7(a) gross approval dollars$13.7 m
- Average 7(a) approval$310,941
- Median 7(a) approval$108,500
- 10th percentile approval$25,000
- 90th percentile approval$892,350
- Largest single approval$3,275,000
- Jobs reported supported, 7(a)258
- Jobs per approval5.9
- Distinct 7(a) lenders active13
- Distinct industries receiving approvals33
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer18.2 percent
- Loans on real estate terms8
- Loans on working capital terms, 120 months or shorter32
- Franchise loans0
- Franchise share of approvals0.0 percent
- Most active lenderBangor Savings Bank (13)
- 504 approvals recorded13
- 504 gross approval dollars$7.3 m
- Average 504 approval$558,000
- Median 504 approval$378,000
- Distinct CDCs active2
- 504 jobs per approval11.3
- 504 jobs per million dollars approved20.3
- Most active CDCGranite State Economic Development Corporation (11)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$20.9 m
The average approval of $310,941 sits well above the median of $108,500, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 18.2 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
SBA loan default and charge-off rates in Somerset County
Do SBA loans in Somerset County get paid back?
- Loans with a final outcome recorded5
- Paid in full5
- Charged off0
- Status: Exempt from disclosure30
- Status: Paid in full5
- Status: Cancelled6
- Status: Committed, not yet disbursed3
Only 5 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Somerset County
SBA lending by place in Somerset County
- Borrower cities with recorded lending17
- Fairfield, approvals7
- Norridgewock, approvals6
- Skowhegan, approvals5
- Pittsfield, approvals4
- Canaan, approvals3
- Madison, approvals3
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Fairfield | 7 | $750,000 |
| Norridgewock | 6 | $996,600 |
| Skowhegan | 5 | $3,307,000 |
| Pittsfield | 4 | $337,000 |
| Canaan | 3 | $4,917,500 |
| Madison | 3 | $174,000 |
| Saint Albans | 3 | $70,200 |
| Rockwood | 2 | $1,258,300 |
| 9 other borrower cities | 11 | $1,870,800 |
Fairfield accounts for 7 approvals against 6 in Norridgewock. 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 large is Somerset County?
- Land area3,924 sq mi
- Rank by land area among Maine counties3rd of 16
- Width, east to west62.2 mi
- Height, north to south137.9 mi
- Geographies sharing a boundary6
- Residents per square mile of land13
- Establishments per square mile0.31
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.
Somerset County
Flood risk in Somerset County
- Communities in the county in the NFIP Community Status Book116
- Of those, participating in the NFIP114
- NFIP participation rate98.3 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 8
- Communities carrying a CRS class2
- Radon levels in Somerset County, EPA zone predicted average indoor radon screening level greater than 4 pCi/LZone 1
The EPA places Somerset County in radon zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 8, which carries a flood insurance premium discount for policies written in that community. 98.3 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
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.
- Population, American Community Survey 2020-202450,959
- Households23,209
- Average household size2.20
- Median household income$58,179
- Median age47.0
Common questions
Somerset County questions, answered from the record.
How many people live in Somerset County, Maine?
The Census Bureau estimates 51,338 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 50,959, in 23,209 households, ranking 9th of 16 Maine counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Somerset County's population growing?
The population has grown 1.70 percent since the 2020 census base of 50,478, to 51,338 on July 1, 2024. In 2024 there were 427 births against 752 deaths, with net migration of 493. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Somerset County?
$58,179. The median owner-occupied home is valued at $166,900, which is 2.9 times income, and median gross rent is $910 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Somerset County?
1,211 establishments, employing 12,763 people with an annual payroll of $714.6 m. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Somerset County?
Health care and social assistance is the largest private sector at 2,614 jobs, 16.3 percent of covered employment. Covered employment averages 16,034 jobs at an average annual pay of $55,148, or $1,061 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Somerset County?
44 7(a) approvals totaling $13.7 m since FY2020, across 13 lenders, with a median approval of $108,500, plus 13 504 approvals worth $7.3 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Somerset County?
118 housing units were authorized by permit in 2024, with a declared construction value of $27.6 m. Multifamily was 13.6 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 Kennebec County, with 428 households. Arriving households report an average income of $46,763 against $47,713 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?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Somerset County
Cities and places in Somerset.
9 Census places lie wholly or partly in Somerset County. All 9 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Skowhegan | CDP | 6,662 | 5 | Wholly in this county |
| Pittsfield | CDP | 3,084 | 4 | Wholly in this county |
| Madison | CDP | 2,676 | 3 | Wholly in this county |
| Fairfield | CDP | 2,356 | 7 | Wholly in this county |
| Norridgewock | CDP | 1,378 | 6 | Wholly in this county |
| Anson | CDP | 680 | 2 | Wholly in this county |
| Bingham | CDP | 564 | 1 | Wholly in this county |
| Hartland | CDP | 561 | 1 | Wholly in this county |
| North Anson | CDP | 445 | None recorded | Wholly in this county |
A further 15 of the county's 44 SBA 7(a) approvals are to borrowers in cities that match no Census place in Somerset County, the largest being Canaan (3), Saint Albans (3), Rockwood (2). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.
Nearby