The typical owner-occupied home in Salem is worth about $167,500, 35% below the South Carolina median of $259,000 and 50% below the national median of $332,700. Owners pay a median $533 a year in property taxes, about 0.32% of their home's value, lower than the South Carolina rate of 0.48%. The median household earns $62,143 a year, so the median home costs 2.7 times the median income (3.7 times for South Carolina). 81% of occupied homes here are lived in by their owners, and 28% of those owners still have a mortgage.
Salem at a glance
| Salem | South Carolina | U.S. | |
|---|---|---|---|
| Median home value | $167,500 | $259,000 | $332,700 |
| Median property tax paid per year | $533 | $1,251 | $3,119 |
| Property tax as a share of value | 0.32% | 0.48% | 0.94% |
| Median household income | $62,143 | $69,324 | $80,734 |
| Homes lived in by their owners | 81% | 72% | 65% |
| Owner homes with a mortgage | 28% | 57% | 61% |
| Median monthly costs, owners with a mortgage | $1,125 | $1,529 | $1,963 |
| Those costs as a share of the owners' income | 15.0% | 19.7% | 21.0% |
| Median rent | $500 | $1,180 | $1,413 |
| Rent as a share of renters' income | 51.0% | 31.1% | 30.6% |
| Median year homes were built | 1976 | 1992 | 1980 |
| Vacant homes | 26.5% | 13.3% | 10.1% |
| Population | 177 | 5,296,225 | 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 $167,500 with 20% down costs about $1,016 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,295, 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 $43,538 for the 20%-down payment. That payment is 20% of the median Salem household income of $62,143; at that income and 20% down, the 28% guideline points to a home of about $239,000.
The median rent here is $500 a month, so owning the median home costs about $516 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $33,500 |
|---|---|
| Loan amount | $134,000 |
| Principal and interest | $901 |
| Property taxes (0.32% a year) | $45 |
| Homeowners insurance (our estimate, 0.5% a year) | $70 |
| PMI | $0 |
| Total per month | $1,016 |
Change the numbers in the calculator
| Down payment | $5,862 |
|---|---|
| Loan amount | $164,466 |
| Principal and interest | $1,106 |
| Property taxes (0.32% a year) | $45 |
| Homeowners insurance (our estimate, 0.5% a year) | $70 |
| FHA mortgage insurance | $74 |
| Total per month | $1,295 |
Change the numbers in the calculator
Questions about home buying in Salem
What is the median home value in Salem?
About $167,500 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 $533 a year, which is about 0.32% 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 $1,016 a month. Keeping that under 28% of gross income takes about $43,538 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