salaryRent is higher than in 77% of U.S. cities. Incomes are on the low side for rents this high, so budgets feel tight. A typical house costs under 3 years of household income, which is easy by U.S. standards. Most households rent (65%), so there are plenty of rental options.
How much money do I need?
To rent here comfortably, you should earn about $89,400 a year. That is $43 an hour at a full-time job.
Is rent cheaper than other New Jersey cities?
Yes. Rent here is cheaper than in most of New Jersey. It is number 144 of 291 cities from cheapest to most expensive.
How much do households earn in Salem?
Share of households by yearly income. 12.9% of households earn $100,000 or more.
Rent by apartment size in Salem
| Size | Salem | U.S. average |
|---|---|---|
| Studio | $930 | $1,338 |
| 1 bedroom | $1,114 | $1,324 |
| 2 bedrooms | $1,055 | $1,509 |
| 3 bedrooms | $1,826 | $1,698 |
| 4 bedrooms | $1,588 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Salem overall?
Everyday prices in New Jersey overall are 9% above the U.S. average (index 108.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Salem, so the New Jersey figure is shown.
Taxes and bills in Salem
Life in Salem
Is it cheaper to rent or buy in Salem?
Buying is cheaper month to month: about $1,681 a month less than renting.
Owning assumes a typical $79,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $7,980 for the down payment.
Frequently asked questions
What is the average rent in Salem, NJ?
Renting in Salem costs a median of about $2,235 a month in 2026, including utilities. The New Jersey median is $2,240.
How much do I need to make to live in Salem?
To keep rent under 30% of income, you need about $89,400 a year, or $43 an hour at a full-time job.
Is Salem cheap or expensive?
Salem is rated Expensive: rent takes 64.2% of the typical household income of $41,761. It ranks 144th cheapest of 291 New Jersey cities we track.
How much are property taxes in Salem?
The median homeowner in Salem pays $3,648 a year in property taxes, about 4.57% of the median home value.
Is Salem more expensive than the national average?
Overall prices in New Jersey are 9% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Salem?
The median home value in Salem is $79,800, about 1.9 times the typical yearly household income.
5,322 people live in Salem. Numbers are typical (middle) values.