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These days, finding an affordable place to live in the Salem area can be challenging. Home prices in Salem are now at a median cost of $104,984, lower than the Illinois average of $300,242.
The average cost of rent is $824/mo in Salem, primarily driven by the current value of real estate in the Salem area. In Salem, 30.46% of households rent, and 40.44% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Salem is $5,562 per month. Households that rent pay about 14.82% of their income on rent here. Salem’s most expensive areas are in the northwestern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Selmaville, IL: higher priced homes
- Tonti, IL: higher priced homes
- Brubaker, IL: higher priced homes
- Odin, IL: higher priced homes
- Kell, IL: higher priced homes
- Alma, IL: higher priced homes
- Hubbard Woods, IL: higher priced homes
- Sandoval, IL: less expensive homes
- Iuka, IL: equally priced homes
- Junction City, IL: higher priced homes
Cities with Similar Populations
- Rossmoor, CA: higher priced homes
- Lake Bluff, IL: higher priced homes
- Lake City, SC: higher priced homes
- Lake Hopatcong, NJ: higher priced homes
- Lake Mohawk, NJ: higher priced homes
- Lake Park, FL: higher priced homes
- Lasalle, IL: higher priced homes
- Red Bank, SC: higher priced homes
- Rising Sun, MD: higher priced homes
- River Grove, IL: higher priced homes
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