Total monthly cost of ownership
Cost to Own a Home in Salem, New Jersey
A $69,000 home here costs
$971per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $41,500 a year.
A standard mortgage calculator would have told you $376. The real number is $595 higher every month, 158% more than the payment most buyers budget for.
Compare Salem County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Salem against Salem County and New Jersey
| Measure | Salem | Salem County |
|---|---|---|
| Median home value | $69,300 | $223,000 |
| Median property tax | $3,487 | $6,757 |
| Effective tax rate | 5.032% | 3.030% |
| Median gross rent | $992 | $1,185 |
| Population | 5,315 | 64,973 |
The weather behind that power bill
Salem sits in Salem County, which averages a high of 86.8°F in its hottest month and a low of 25.6°F in its coldest, with 45.33" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 1,229 cooling and 4,647 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Salem County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Salem County
Full Salem County cost breakdown · Every county in New Jersey
Talk to someone who works this market
These are Salem averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Salem every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Salem?
A $69,000 home in Salem, New Jersey costs approximately $971 per month with 20% down at 7.24%. That is $376 principal and interest, $289 property tax, $17 homeowners insurance, $231 utilities and $58 set aside for maintenance.
What is the property tax rate in Salem?
Salem has an effective property tax rate of 5.032%, based on a median home value of $69,300 and median real estate taxes of $3,487. That is higher than the Salem County average of 3.030%.
What is the average home price in Salem?
The median owner-occupied home value in Salem, New Jersey is $69,300, against $223,000 across Salem County.
Is it cheaper to rent or buy in Salem?
Median gross rent in Salem is $992 a month, against $971 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Salem?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Salem, New Jersey at today's rate takes a household income of roughly $41,500 a year. That covers the full $971 monthly cost, not just the mortgage payment.
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 New Jersey.
- 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.