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Salem

Learn about the people, housing, costs and businesses in Salem

Median Home$420,912
Median Rent$1,444/month
Population438,906
Leading IndustriesConstruction · Agriculture & Mining · Wholesale Trade5% construction
Home Value Growth⬆+7.0% over 2 years
Family-Friendly23% of residentsnear the national average
Homeowners63% of occupied units
NotableVeteran Community8% of residents · top 28% nationally
Salem

Explore Salem

Real local data across mortgage, insurance, natural hazard, and place.

Frequently Asked Questions

What are today's mortgage rates in Salem?›

Mortgage rates for Salem are updated daily on Safe Rate using live investor pricing. Rates depend on your credit score, loan type (Conventional, FHA, VA, Jumbo), and down payment. A 30-year fixed rate is the most common product for home purchases.

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What is the median home price in Salem?›

The median home value in Salem is $421k. The median monthly rent is $1,444. Annual property taxes average $4k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Salem?›

Home values in Salem have increased 7.0% over the past two years. This represents moderate growth. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Salem?›

Based on a typical all-in ownership cost of $1,483/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $64k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Salem is $83k/year.

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What industries drive the economy in Salem?›

The largest employment sectors in Salem are public administration (23%) and wholesale trade (9%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.