Cost of Living in Salem, VA: Rent, Income & Home Prices

OKRent takes 25 cents of every $1 people earn here.

🏠 Rent per month (2026)$1,47516% lower than U.S. average

💵 Families earn per year (2026)$71,963about $5,997/month · 17% lower than U.S. average

🔑 House price$258,60022% lower than U.S. average

Rent is lower than in 59% of U.S. cities. A typical house costs about 3.6 years of household income. Commutes are short, about 19 minutes.

How much money do I need?

To rent here comfortably, you should earn about $59,000 a year. That is $28 an hour at a full-time job.

Is rent cheaper than other Virginia cities?

Yes. Rent here is cheaper than in most of Virginia. It is number 47 of 199 cities from cheapest to most expensive.

Salem

$1,475

$1,610

$1,366

$2,075

$2,551

$2,548

$3,500+

How much do households earn in Salem?

Under $25k

13.3%

$25k–50k

28.5%

$50k–100k

29.8%

$100k–150k

15.6%

$150k+

8.8%

Share of households by yearly income. 24.4% of households earn $100,000 or more.

Rent by apartment size in Salem

Size	Salem	U.S. average
Studio	$956	$1,338
1 bedroom	$966	$1,324
2 bedrooms	$1,168	$1,509
3 bedrooms	$1,456	$1,698
4 bedrooms	$2,178	$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Salem overall?

Everyday prices in Virginia overall are 1% above the U.S. average (index 101.1, U.S. = 100).

Housing

107

Goods (food, clothes…)

100

Utilities

Other services

100

U.S. average

100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Salem, so the Virginia figure is shown.

Taxes and bills in Salem

🏛️ Property tax$2,316a year · 0.90% of home value · U.S. $3,119

⚡ Electric bill$171a month (typical) · U.S. $156

Life in Salem

Commute to work19 minU.S.: 26.4 min

College degree33%U.S.: 35.7%

Own their home62.8%U.S.: 65.2%

Below poverty line10.2%U.S.: 12.5%

Unemployment3.6%U.S.: 5.2%

Is it cheaper to rent or buy in Salem?

Renting is cheaper right now: about $319 a month less.

Renting

$1,475

Owning

$1,794

Owning assumes a typical $258,600 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $25,860 for the down payment.

Frequently asked questions

What is the average rent in Salem, VA?

Renting in Salem costs a median of about $1,475 a month in 2026, including utilities. The Virginia median is $2,049.

How much do I need to make to live in Salem?

To keep rent under 30% of income, you need about $59,000 a year, or $28 an hour at a full-time job.

Is Salem cheap or expensive?

Salem is rated OK: rent takes 24.6% of the typical household income of $71,963. It ranks 47th cheapest of 199 Virginia cities we track.

How much are property taxes in Salem?

The median homeowner in Salem pays $2,316 a year in property taxes, about 0.90% of the median home value.

Is Salem more expensive than the national average?

Overall prices in Virginia are 1% 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 $258,600, about 3.6 times the typical yearly household income.

25,618 people live in Salem. Numbers are typical (middle) values.

Is Salem, VA expensive to live in?