Salem, OR
Marion County · Pop. 178,510
Ranked #137 of 243 cities
38Crisis
Median Home Price
🏠$380K
3.5% YoY
Median Rent
🔑$1,450
3.0% YoY
Median Income
💰$55K
Rent Burden
📊32.5%
% of income to rent
Income to Buy
🏦$109K
annual income needed
Income to Rent
📝$58K
annual income needed
Price-to-Income
⚖️6.9x
Homeownership
🏡52.0%
Rent vs. Buy
Buy
$2,023/mo
Est. mortgage (7%, 20% down)
Need $109K/yr income
Rent
$1,450/mo
Median rent
Need $58K/yr income
How Salem Compares
| Metric | Salem | Oregon | National |
|---|---|---|---|
| Home Price | $380K | $485K | $410K |
| Rent | $1,450 | $1,481 | $1,500 |
| Income | $55K | $80K | $75K |
| Rent Burden | 32.5% | 35.5% | 30.0% |
Key Takeaways
- • Home prices in Salem are 7% lower than the national average.
- • Rent is 3% lower than the national average.
- • You need an income of $109K to comfortably buy a home here.
- • The homeownership rate is 52.0%, compared to 65.0% nationally.