Get & compare mortgage quotes anonymously Start in My Home

Safe Rate Local

Cost of Living in Salem

Is it better to rent or buy in Salem? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

← Back to Salem Hub

Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$58,399
$782/mo

Median in area: $782

$96,272

Median in area: $96,272

$19,254

If you Rent

🔑
$958 /mo
Base Rent$782
Est. Utilities$176
% of Income19.7%
Pre-tax Residual$3,909

If you Buy

🏠
$936 /mo
P&I (7.427%)$535
Taxes & Ins$225
Est. Utilities$176
% of Income19.2%
Pre-tax Residual$3,931

Cost of Living FAQs

Is it cheaper to rent or buy in Salem?›

Based on median housing data, buying is currently more affordable on a monthly basis in Salem. The estimated all-in monthly cost for renting is $958, while owning a median-priced home with a 20% down payment is roughly $936 per month (a difference of $22).

How much do utilities cost in Salem?›

The average monthly utility cost (electricity and natural gas) for a typical home in Salem is approximately $176. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Salem?›

To comfortably afford the median rent and utilities in Salem without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $38,320 per year.