Cost of Living in Salem city, Virginia
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Salem city Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Salem city ranks #2,289 of 3,144 counties for affordability (bottom 27%)
Data Story
About Cost of Living in Salem city, Virginia
Salem balances affordability and urban character
Salem city's rent-to-income ratio of 18.8% is virtually on par with Virginia's state average of 18.6%, while its median household income of $66,716 sits comfortably near state levels. This smaller city delivers moderate affordability alongside genuine urban amenities.
At-average affordability for Virginia markets
Salem city's 18.8% rent-to-income ratio closely tracks Virginia's state average of 18.6%, making it a representative example of typical Virginia housing cost burdens. The median rent of $1,046 is 8% below the state median of $1,140, offering modest rental savings.
Moderate pricing in regional context
Salem city's $1,046 median rent sits between Roanoke city ($964) and Roanoke County ($1,148), positioning it as a middle option in the southwestern corridor. Home values of $244,800 are below Roanoke County ($267,300) but above Roanoke city ($180,500), reflecting its status as a moderate-sized urban center.
Renters and owners face different burdens
Renters pay $1,046 monthly while homeowners face a higher $1,168 monthly cost from a median income of $66,716. The 18.8% rent-to-income ratio keeps rents manageable, though prospective homebuyers may face tighter affordability depending on their specific financing situation.
Sweet spot for urban comfort and value
Salem city offers reliable affordability at near-state-average levels, paired with genuine downtown character and regional connectivity—ideal for relocators seeking urban flavor without premium pricing. The 18.8% rent-to-income ratio suggests sustainable long-term housing costs for most households.
Cost of Living Advisory: Salem city
Affordability Verdict
Housing in Salem city is affordable. The median rent is $1,046/month against a median household income of $66,716, putting rent at 18.8% of income.
Rent vs. Own
The median rent in Salem city is $1,046/month, while owner costs run $1,168/month. Renting saves approximately $122/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $41,840/year. For owner costs at the 28% rule, the required income is roughly $50,057/year. With a median household income of $66,716, most households can comfortably afford rent here. Notably, 29.0% of renter households in Salem city are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Franklin city where rent averages $995/month, Salem city is approximately 5% more expensive.
Affordability Calculator
See how your income compares to housing costs in Salem city
Rent Burden
18.8%
of gross income
Max Housing (28% Rule)
$1,557
per month
Owner Cost Burden
21.0%
of gross income
The median home in Salem city may be a stretch
Median home value is $244,800. Estimated monthly cost: $1,954 vs. your max of $1,557.
Rent Affordability Guide
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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