The typical owner-occupied home in New Salem is worth about $84,000, 68% below the Illinois median of $263,300 and 75% below the national median of $332,700. The median household earns $46,875 a year, so the median home costs 1.8 times the median income (3.2 times for Illinois). 68% of occupied homes here are lived in by their owners, and 25% of those owners still have a mortgage.
New Salem at a glance
| New Salem | Illinois | U.S. | |
|---|---|---|---|
| Median home value | $84,000 | $263,300 | $332,700 |
| Median property tax paid per year | – | $5,298 | $3,119 |
| Median household income | $46,875 | $83,390 | $80,734 |
| Homes lived in by their owners | 68% | 67% | 65% |
| Owner homes with a mortgage | 25% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $950 | $1,987 | $1,963 |
| Those costs as a share of the owners' income | 15.0% | 20.6% | 21.0% |
| Median rent | $732 | $1,274 | $1,413 |
| Rent as a share of renters' income | 51.0% | 29.1% | 30.6% |
| Median year homes were built | 1938 | 1971 | 1980 |
| Vacant homes | 23.0% | 7.7% | 10.1% |
| Population | 93 | 12,694,798 | 334,922,499 |
What a typical home costs per month in New Salem
At this week's average 30-year rate of 7.11%, buying the median New Salem home of $84,000 with 20% down costs about $564 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $704, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $24,174 for the 20%-down payment. That payment is 14% of the median New Salem household income of $46,875; at that income and 20% down, the 28% guideline points to a home of about $163,000.
The median rent here is $732 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,800 |
|---|---|
| Loan amount | $67,200 |
| Principal and interest | $452 |
| Property taxes (1.10% a year) | $77 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| PMI | $0 |
| Total per month | $564 |
Change the numbers in the calculator
| Down payment | $2,940 |
|---|---|
| Loan amount | $82,479 |
| Principal and interest | $555 |
| Property taxes (1.10% a year) | $77 |
| Homeowners insurance (our estimate, 0.5% a year) | $35 |
| FHA mortgage insurance | $37 |
| Total per month | $704 |
Change the numbers in the calculator
Questions about home buying in New Salem
What is the median home value in New Salem?
About $84,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in New Salem?
For the median home with 20% down at 7.11%, the payment is about $564 a month. Keeping that under 28% of gross income takes about $24,174 a year.
More about New Salem
- Mortgage Refinance in New Salem
- Debt Relief in New Salem
- Home Equity Loans in New Salem
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data