Total monthly cost of ownership
Cost to Own a Home in Salem, Virginia
A $245,000 home here costs
$2,036per 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 $87,500 a year.
A standard mortgage calculator would have told you $1,336. The real number is $701 higher every month, 52% more than the payment most buyers budget for.
Compare Salem city 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 city and Virginia
| Measure | Salem | Salem city |
|---|---|---|
| Median home value | $244,800 | $244,800 |
| Median property tax | $2,232 | $2,232 |
| Effective tax rate | 0.912% | 0.912% |
| Median gross rent | $1,046 | $1,046 |
| Population | 25,477 | 25,477 |
The weather behind that power bill
Salem sits in Salem city, which averages a high of 88.1°F in its hottest month and a low of 28.7°F in its coldest, with 42.82" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,368 cooling and 3,869 heating degree days, which is what sets the $182 electricity line above.
See the full climate breakdown for Salem city , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Salem city
No other places of this size are published in Salem city.
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 $245,000 home in Salem, Virginia costs approximately $2,036 per month with 20% down at 7.24%. That is $1,336 principal and interest, $186 property tax, $60 homeowners insurance, $250 utilities and $204 set aside for maintenance.
What is the property tax rate in Salem?
Salem has an effective property tax rate of 0.912%, based on a median home value of $244,800 and median real estate taxes of $2,232. That is in line with the Salem city average of 0.912%.
What is the average home price in Salem?
The median owner-occupied home value in Salem, Virginia is $244,800, against $244,800 across Salem city.
Is it cheaper to rent or buy in Salem?
Median gross rent in Salem is $1,046 a month, against $2,036 to own the median home all in. Renting 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, Virginia at today's rate takes a household income of roughly $87,500 a year. That covers the full $2,036 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 Virginia.
- 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.