Quick facts: Salem, OR

Quick Facts

111
Cost of Living
above US average
177,487
Population
41.54
Crime Rate per 1000
above US average
$67,540
Median Income
below US average
$399,999
Median House Price
above US average
$1516.92
Average Rent
above US average
11%
Poverty Rate
above US average
4.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $67,540.

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Income Needed to Buy

βœ— Stretch
$125k/year
Based on $399,999 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $125k vs median $67,540
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Income Needed to Rent

βœ“ Affordable
$65k/year
Based on $1516.92/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($67,540) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Salem, OR

Salem, the capital city of Oregon, is located in the Willamette Valley, approximately 47 miles south of Portland. With a rich history dating back to its establishment in 1842, Salem serves as a political and cultural hub. The city is known for its thriving agricultural landscape, particularly in the production of hops, berries, and wine, contributing to Oregon's reputation as a top wine-producing state. Salem features a vibrant downtown area, highlighted by the Oregon State Capitol with its distinctive golden pioneer atop the dome. The city is home to numerous parks, including the expansive Bush's Pasture Park and the scenic Riverfront City Park along the Willamette River, offering residents and visitors various outdoor activities. Additionally, the Hallie Ford Museum of Art showcases a diverse range of artwork, making it a cultural landmark. With a population of around 170,000, Salem embodies a friendly community atmosphere, with local events throughout the year, including festivals and farmers' markets. With its blend of history, culture, and natural beauty, Salem stands out as an appealing destination in the Pacific Northwest.

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