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Salem city Housing Market

Virginia · 133 counties · Ranked #2329 in home value

Below National Avg

Housing at a Glance

Median Home Value

$244,800

vs national$244,800 vs $281,900 national

Median Gross Rent

$1,046/mo

vs national$1,046 vs $1,163 national

Effective Tax Rate

0.91%

vs national0.91% vs 1.02% national

Median Household Income

$66,716

vs national$66,716 vs $74,755 national

Affordability Ratio

3.7x

Home value ÷ income. <3 = affordable, >5 = expensive.

Rent Burden

29.0%

% of income spent on rent. >30% = burdened.

More Housing Data

Property Tax (Median)

$2,232

Tax as % of Home Value

0.91%

Monthly Owner Cost

$1,168

Renter Income

$42,040

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Frequently Asked Questions

What is the median home value in Salem city?

The median home value in Salem city is $244,800. This is below the national median of $281,900.

How much is rent in Salem city?

The median gross rent in Salem city is $1,046 per month.

What is the property tax rate in Salem city?

The effective property tax rate in Salem city is 0.91%. The median annual property tax bill is $2,232.

Is Salem city affordable?

With a home-value-to-income ratio of 3.7x, Salem city is moderately affordable compared to the recommended 3-4x guideline.

Data: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.