Total monthly cost of ownership
Cost to Own a Home in Salem, Missouri
A $97,000 home here costs
$879per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $499. The real number is $380 higher every month — 76% 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 Dent County and Missouri
| Measure | Salem | Dent County |
|---|---|---|
| Median home value | $97,200 | $149,700 |
| Median property tax | $699 | $843 |
| Effective tax rate | 0.719% | 0.563% |
| Median gross rent | $593 | $615 |
| Population | 4,673 | 14,506 |
The weather behind that power bill
Salem sits in Dent County, which averages a high of 87.6°F in its hottest month and a low of 21.8°F in its coldest, with 47" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,168 cooling and 4,670 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for Dent County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Dent County
No other places of this size are published in Dent County.
Common questions
How much does it cost to own a home in Salem?
A $97,000 home in Salem, Missouri costs approximately $879 per month with 20% down at 6.66%. That is $499 principal and interest, $58 property tax, $51 homeowners insurance, $191 utilities and $81 set aside for maintenance.
What is the property tax rate in Salem?
Salem has an effective property tax rate of 0.719%, based on a median home value of $97,200 and median real estate taxes of $699. That is higher than the Dent County average of 0.563%.
What is the average home price in Salem?
The median owner-occupied home value in Salem, Missouri is $97,200, against $149,700 across Dent County.
Is it cheaper to rent or buy in Salem?
Median gross rent in Salem is $593 a month, against $879 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 Missouri.
- 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.