The typical owner-occupied home in Salem is worth about $42,500, 82% below the Nebraska median of $238,600 and 87% below the national median of $332,700. Owners pay a median $367 a year in property taxes, about 0.86% of their home's value, lower than the Nebraska rate of 1.49%. 56% of occupied homes here are lived in by their owners, and 3% of those owners still have a mortgage.
Salem at a glance
| Salem | Nebraska | U.S. | |
|---|---|---|---|
| Median home value | $42,500 | $238,600 | $332,700 |
| Median property tax paid per year | $367 | $3,549 | $3,119 |
| Property tax as a share of value | 0.86% | 1.49% | 0.94% |
| Median household income | – | $76,475 | $80,734 |
| Homes lived in by their owners | 56% | 67% | 65% |
| Owner homes with a mortgage | 3% | 58% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,736 | $1,963 |
| Median rent | – | $1,072 | $1,413 |
| Median year homes were built | 1938 | 1975 | 1980 |
| Vacant homes | 14.9% | 7.6% | 10.1% |
| Population | 102 | 1,978,707 | 334,922,499 |
What a typical home costs per month in Salem
At this week's average 30-year rate of 7.11%, buying the median Salem home of $42,500 with 20% down costs about $277 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $348, 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 $11,867 for the 20%-down payment.
| Down payment | $8,500 |
|---|---|
| Loan amount | $34,000 |
| Principal and interest | $229 |
| Property taxes (0.86% a year) | $30 |
| Homeowners insurance (our estimate, 0.5% a year) | $18 |
| PMI | $0 |
| Total per month | $277 |
Change the numbers in the calculator
| Down payment | $1,488 |
|---|---|
| Loan amount | $41,730 |
| Principal and interest | $281 |
| Property taxes (0.86% a year) | $30 |
| Homeowners insurance (our estimate, 0.5% a year) | $18 |
| FHA mortgage insurance | $19 |
| Total per month | $348 |
Change the numbers in the calculator
Questions about home buying in Salem
What is the median home value in Salem?
About $42,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Salem?
Homeowners pay a median $367 a year, which is about 0.86% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Salem?
For the median home with 20% down at 7.11%, the payment is about $277 a month. Keeping that under 28% of gross income takes about $11,867 a year.
More about Salem
- Mortgage Refinance in Salem
- Debt Relief in Salem
- Home Equity Loans in 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