Total monthly cost of ownership
Cost to Own a Home in Salem, Illinois
A $100,000 home here costs
$1,072per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $514. The real number is $558 higher every month — 109% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Salem against Marion County and Illinois
| Measure | Salem | Marion County |
|---|---|---|
| Median home value | $99,800 | $100,100 |
| Median property tax | $1,837 | $1,709 |
| Effective tax rate | 1.841% | 1.707% |
| Median gross rent | $752 | $771 |
| Population | 7,341 | 37,294 |
The weather behind that power bill
Salem sits in Marion County, which averages a high of 87.8°F in its hottest month and a low of 20.8°F in its coldest, with 45.89" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,328 cooling and 4,986 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Marion County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Marion County
Full Marion County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Salem?
A $100,000 home in Salem, Illinois costs approximately $1,072 per month with 20% down at 6.66%. That is $514 principal and interest, $153 property tax, $39 homeowners insurance, $282 utilities and $83 set aside for maintenance.
What is the property tax rate in Salem?
Salem has an effective property tax rate of 1.841%, based on a median home value of $99,800 and median real estate taxes of $1,837. That is higher than the Marion County average of 1.707%.
What is the average home price in Salem?
The median owner-occupied home value in Salem, Illinois is $99,800, against $100,100 across Marion County.
Is it cheaper to rent or buy in Salem?
Median gross rent in Salem is $752 a month, against $1,072 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Salem — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Illinois.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.