The typical owner-occupied home in Salem is worth about $61,500, 75% below the New Mexico median of $248,100 and 82% below the national median of $332,700. Owners pay a median $368 a year in property taxes, about 0.60% of their home's value, lower than the New Mexico rate of 0.70%. The median household earns $31,386 a year, so the median home costs 2.0 times the median income (3.9 times for New Mexico). 75% of occupied homes here are lived in by their owners, and 0% of those owners still have a mortgage.
Salem at a glance
| Salem | New Mexico | U.S. | |
|---|---|---|---|
| Median home value | $61,500 | $248,100 | $332,700 |
| Median property tax paid per year | $368 | $1,731 | $3,119 |
| Property tax as a share of value | 0.60% | 0.70% | 0.94% |
| Median household income | $31,386 | $64,059 | $80,734 |
| Homes lived in by their owners | 75% | 70% | 65% |
| Owner homes with a mortgage | 0% | 52% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,564 | $1,963 |
| Median rent | – | $1,067 | $1,413 |
| Median year homes were built | 1984 | 1985 | 1980 |
| Vacant homes | 7.6% | 12.5% | 10.1% |
| Population | 916 | 2,120,246 | 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 $61,500 with 20% down costs about $387 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $490, 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 $16,601 for the 20%-down payment. That payment is 15% of the median Salem household income of $31,386; at that income and 20% down, the 28% guideline points to a home of about $116,000.
| Down payment | $12,300 |
|---|---|
| Loan amount | $49,200 |
| Principal and interest | $331 |
| Property taxes (0.60% a year) | $31 |
| Homeowners insurance (our estimate, 0.5% a year) | $26 |
| PMI | $0 |
| Total per month | $387 |
Change the numbers in the calculator
| Down payment | $2,152 |
|---|---|
| Loan amount | $60,386 |
| Principal and interest | $406 |
| Property taxes (0.60% a year) | $31 |
| Homeowners insurance (our estimate, 0.5% a year) | $26 |
| FHA mortgage insurance | $27 |
| Total per month | $490 |
Change the numbers in the calculator
Questions about home buying in Salem
What is the median home value in Salem?
About $61,500 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 $368 a year, which is about 0.60% 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 $387 a month. Keeping that under 28% of gross income takes about $16,601 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