Home Price Key
Affordable
Average
Expensive
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 $401,493, lower than the Massachusetts average of $477,554.
The average cost of rent is $1,549/mo in Salem, primarily driven by the current value of real estate in the Salem area. While nearly 26.94% of residents own their homes outright in Salem, 43.25% rent.
Housing affordability isn’t just about home prices, though. The average household income in Salem is $7,086 per month. Households that rent pay about 21.86% of their income on rent here. Salem's most expensive areas are in the northeastern regions, while the cheapest areas are in the northern parts of the city.
Nearby Cities
- Marblehead, MA: higher priced homes
- Swampscott, MA: higher priced homes
- Peabody, MA: equally priced homes
- Beverly, MA: higher priced homes
- Lynn, MA: equally priced homes
- Danvers, MA: higher priced homes
- Wenham, MA: higher priced homes
- Nahant, MA: higher priced homes
- Saugus, MA: higher priced homes
- Lynnfield, MA: higher priced homes
Cities with Similar Populations
- San Bruno, CA: higher priced homes
- Leominster, MA: less expensive homes
- Linden, NJ: less expensive homes
- Meadow Woods, FL: less expensive homes
- Moline, IL: less expensive homes
- Moorhead, MN: less expensive homes
- Muskogee, OK: less expensive homes
- North Atlanta, GA: higher priced homes
- Pahrump, NV: less expensive homes
- Pittsfield, MA: less expensive homes
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