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Affordable
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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 $283,180, lower than the Tennessee average of $315,131.
The average cost of rent is $1,187/mo in Salem, primarily driven by the current value of real estate in the Salem area. In Salem, 12.56% of households rent, and 41.20% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Salem is $10,021 per month. Households that rent pay about 11.85% of their income on rent here. Salem’s most expensive areas are in the central regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Liverwort, TN: equally priced homes
- Round Pond, TN: less expensive homes
- Southside, TN: equally priced homes
- Cunningham, TN: less expensive homes
- Henrietta, TN: less expensive homes
- Clarksville, TN: equally priced homes
- Louise, TN: less expensive homes
- Port Royal, TN: higher priced homes
- Palmyra, TN: higher priced homes
- Adams, TN: higher priced homes
Cities with Similar Populations
- Earleton, FL: less expensive homes
- Wasco, OR: less expensive homes
- Fristoe, MO: less expensive homes
- Friendly, WV: less expensive homes
- Fort Blackmore, VA: less expensive homes
- Foose, MO: less expensive homes
- Fontanet, IN: less expensive homes
- Weatherby, MO: less expensive homes
- Fernwood, ID: equally priced homes
- Felt, ID: higher priced homes
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