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City · 44,795 residents · Essex County, Massachusetts

Salem , Massachusetts

In Salem, a typical home is worth $542,800 and typical rent is $1,836 a month. Compared with all of Essex County, typical household income is 16% lower, the typical home value is 12% lower, and the share of households that own their home is 14 points lower.

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  • Typical home value

    $542,800

    12% below the county

    3% below Massachusetts

    • Salem
    • Essex
    • Massachusetts

  • Typical rent

    $1,836a month

    5% above the county

    4% above Massachusetts

    • Salem
    • Essex
    • Massachusetts

  • Typical household income

    $85,153a year

    16% below the county

    18% below Massachusetts

    • Salem
    • Essex
    • Massachusetts

  • Households that own their home

    50%

    14 points below the county

    13 points below Massachusetts

    • Salem
    • Essex
    • Massachusetts

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$603,696
0.6% more than 12 months ago
Typical rent
$2,683 a month
2.1% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Salem is in Essex County. The FHA loan limit ($962,550 for a one-unit home), the fair market rents and the help on this page are those of all of Essex County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Salem apart

What this place has that others do not, from public data, most unusual first.

  1. 50% of households in Salem own their home, against 64% in Essex County.

  2. The typical household income in Salem is $85,153, 16% less than in Essex County as a whole ($101,883).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Salem

What homes there are in Salem, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

In Salem there is a bit of everything: no kind of home reaches half. The most common are buildings of 2 to 4 homes (38%), more than in Essex County (22%).

Year built

In Salem, at least half of the homes were built before 1940, and 61% date from before 1960.

In Salem, 25% of homes have 1 bedroom or none (studios); 35% have 3 bedrooms or more, against 56% in Essex County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

At least 93% of rented homes in Salem cost less than $3,000, below HUD's 2-bedroom fair market rent ($3,008).

With a mortgage

$2,685 a month

Essex County: $2,867 a month

Without a mortgage

$1,033 a month

Essex County: $1,106 a month

Owners with a mortgage

72%

Essex County: 70%

Owning costs less in Salem: with a mortgage, the typical cost is $2,685 a month; in Essex County, $2,867. Without one, $1,033.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Salem rose 48%; in Essex County, it rose 51%.

Much as in Essex County, the typical rent in Salem rose 42% since 2015–2019.

Here income did not keep up with housing: it rose 24%, while home values changed +48% and rent +42%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureSalemEssex CountyMassachusettsUnited States
Rental vacancy 2.6%2.6%3.5%5.5%
Homeowner vacancy Unreliable estimate0.3%0.6%0.9%
More than one person per room 1.6%2.8%2.3%3.4%
People per household 2.132.542.442.53
Drive alone 56%68%61%69%
Carpool 6%7%7%9%
Public transit 5%4%7%3%
Walk or bike 7%3%5%3%
Work from home 22%16%19%15%
Other means 4%2%2%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

Much as in Essex County, the rental vacancy rate in Salem is 2.6%.

Fewer households are short on space in Salem: 1.6% have more than one person per room; in Essex County, 2.8%.

Fewer people live in each home here: 2.13 on average, against 2.54 in Essex County.

Many people here do not commute at all: 22% work from home; in Essex County, 16%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Salem?

A typical home costs more than the typical income allows

We start with a typical home in Salem, worth $542,800, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 65% of the typical household income in Salem, which is $85,153 a year. For that payment to be 28% of income, a household would need to earn about $196,624 a year.

The calculator's FHA and conventional loan limits are those of all of Essex County.

Your numbers

Local data
$

Starts at the typical home value in Salem. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $18,998 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$4,588

at 7.18% · 30 years

Loan amount
$532,969
Total interest
$766,817
Paid off in
November 2056

Includes $9,167 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,987 a month

  • Tight

    $1,987 to $2,555 a month

  • Hard

    more than $2,555 a month

    Your payment · 65%

Compared with the typical household income in Salem ($85,153 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$4,588
Principal & interest$3,611
Property tax$511
Home insurance$226
FHA mortgage insurance (MIP)$240

You need at least $18,998 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Salem and Essex County

Salem is in Essex County, Massachusetts. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Salem's own numbers

Typical home value
$542,800
Typical monthly rent
$1,836
Typical yearly household income
$85,153
Households that own their home
50%
Effective property tax rate
1.13%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Essex County

FHA limit, one-unit home
$962,550
Conventional limit, one unit
$962,550
HUD fair market rent, 2 bedrooms
$2,367–$3,008
Price change over 5 years (FHFA)
+50%
Homes in a high flood-risk zone
3.8%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Essex County.

Everything about Essex County

Buying

Buying a home in Salem

A typical home in Salem is worth $542,800: 12% below the county and 3% below Massachusetts. With the typical household income in Salem ($85,153 a year), a typical home costs 6.4 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Salem 6.4 years
  • Essex 6.1 years
  • Massachusetts 5.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Essex County

According to FHFA’s house price index, home prices in Essex County rose 92% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Essex County.

Period County Massachusetts U.S.
Last year (2025) +4.8% +3.7% +2.9%
5 years (2020–2025) +50% +49% +47%
10 years (2015–2025) +92% +87% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Salem next to Essex County, Massachusetts and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Salem $542,800
  • Essex $619,100
  • Massachusetts $562,100
  • United States $332,700
Typical monthly rent
  • Salem $1,836
  • Essex $1,756
  • Massachusetts $1,762
  • United States $1,413
Typical yearly household income
  • Salem $85,153
  • Essex $101,883
  • Massachusetts $103,960
  • United States $80,734
See the full table
Salem next to Essex County and Massachusetts
Measure Salem Essex County Massachusetts U.S.
Typical home value $542,800 $619,100 $562,100 $332,700
Typical monthly rent $1,836 $1,756 $1,762 $1,413
Typical yearly household income $85,153 $101,883 $103,960 $80,734
Households that own their home 50% 64% 63% 65%
Typical yearly property tax $6,114 $6,430 $5,992 $3,119
Effective property tax rate 1.13% 1.04% 1.07% 0.94%
Renters with high rent for their income 55% 57% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Essex County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Salem

For a typical $542,800 home in Salem, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Salem's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $4,588a month

    Least cash to close
    Down payment
    $18,998
    Cash to close
    $35,282
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $240

  • Conventional, 5% down $4,488a month

    Down payment
    $27,140
    Cash to close
    $43,424
    Rate
    7.18%
    Mortgage insurance
    PMI · $258

  • Conventional, 20% down, no PMI $3,679a month

    Down payment
    $108,560
    Cash to close
    $124,844
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $4,181a month

    Down payment
    $81,420
    Cash to close
    $97,704
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Salem and for Essex County.

Property tax

Effective rate in Salem

1.13%of the home’s value each year

$6,114 a year for the typical owner in Salem.

  • Salem 1.13%
  • Essex 1.04%
  • Massachusetts 1.07%

What Massachusetts publishes Local senior exemption (clause 41C) (Massachusetts General Court (General Laws))

Exemptions and deadlines in Massachusetts

Flood risk in Essex County

FEMA does not publish these numbers by city: they are for all of Essex County.

Homes in the high-risk zone
3.8%
7,538
Of those, with NFIP insurance
58%
County Massachusetts U.S.
Homes in the high-risk zone 3.8% 3% 3.5%
Of those, with NFIP insurance 58% 50% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Salem

Typical rent in Salem is $1,836 a month: 5% above the county. In Salem, 55% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for each area of Essex County; Salem is in Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area. To pay the 2-bedroom one ($3,008 a month) without spending more than 30% of your income, you would need to earn $57.85 an hour working full time.

Fair market rent by size in Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $2,440 $46.92 $97,600
1 bedroom $2,518 $48.42 $100,720
2 bedrooms $3,008 $57.85 $120,320
3 bedrooms $3,584 $68.92 $143,360
4 bedrooms $3,953 $76.02 $158,120

HUD splits this county into 2 areas with different fair market rents: for 2 bedrooms they run from $2,367 to $3,008. The table by area, below, shows which one each town is in.

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

Fair market rent by HUD area in Essex County

HUD splits this county into 2 areas, each with its own fair market rent. Find your town in its area's list; the housing agency tells you which one it uses for your voucher.

HUD area Studio1 bd2 bd3 bd4 bdHourly wage, 2 bd
Boston-Cambridge-Quincy, MA-NH HUD Metro FMR Area The area where most people liveSalem is in this area
24 towns in this area

Amesbury city, Beverly city, Danvers town, Essex town, Gloucester city, Hamilton town, Ipswich town, Lynn city, Lynnfield town, Manchester-by-the-Sea town, Marblehead town, Middleton town, Nahant town, Newbury town, Newburyport city, Peabody city, Rockport town, Rowley town, Salem city, Salisbury town, Saugus town, Swampscott town, Topsfield town, Wenham town

 $2,440$2,518$3,008$3,584$3,953$57.85
Lawrence, MA-NH HUD Metro FMR Area
10 towns in this area

Andover town, Boxford town, Georgetown town, Groveland town, Haverhill city, Lawrence city, Merrimac town, Methuen city, North Andover town, West Newbury town

 $1,677$1,809$2,367$2,820$3,111$45.52

HUD fair market rent by area and size, per month, Fiscal year 2027. The wage is what full-time work must pay to rent 2 bedrooms without spending more than 30% of income. Source: HUD, Fiscal year 2027 Source: Fair Market Rents (HUD) Fiscal year 2027 Fair Market Rents (HUD)

By ZIP code

Fair market rent by ZIP code in Salem

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Salem is in ZIP code 01970.

For 2 bedrooms it is $2,650.

  • 01970 $2,650$3,180

A ZIP code counts for Salem when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Salem

HUD lists 18 buildings with rents for lower incomes in Salem. These are the largest.

  • Fairweather Apts 40R Highland Ave, Salem 321 homes, 306 low-income · Studio: 259 · 1 bd: 62
  • Salem Heights Preservation Assoc 12 Pope St, Salem 283 homes, 255 low-income · 1 bd: 97 · 2 bd: 186
  • Loring Towers 1000 Loring Ave, Salem 250 low-income homes · 1 bd: 104 · 2 bd: 146
  • Fairweather Apartments 40R Highland Ave, Salem 01970 321 homes, 220 low-income · For older adults
  • Pequot Highlands 12 1st St, Salem 250 homes, 106 low-income · Studio: 1 · 1 bd: 42 · 2 bd: 148 · 3 bd: 59 · In service since 1997

See all 201 buildings in Essex County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Salem

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 4 HUD-approved agencies with an office in Essex County; 2 say they serve in Spanish.

A grandmother smiles, seated at home.

HUD counseling is free or low-cost

Assistance programs in Salem

No down payment, repair or rent-help program on our list is for Salem or Essex County. The ones below are statewide in Massachusetts: they work in Salem the same as in the rest of the state.

Which programs do I qualify for? All programs in Massachusetts

  • MassHousing Down Payment Assistance

    Statewide in Massachusetts

    Massachusetts state agency second mortgage for the down payment: up to $30,000 at 0% and deferred, or up to $25,000 at 2% or 3% over 15 years, for first-time buyers with eligible income. Offered by MassHousing.

    DeferredRepayable

    See the program Official page

Housing counselors near Salem

The HUD-approved agencies closest to the center of Salem, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Community Service Network, Inc.

    91 Summer St, Stoneham · 10 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 4 more
    (781) 438-9254

  • Chelsea Restoration Corporation

    154 Pearl St Ofc 2, Chelsea · 10 miles away

    • Mortgage delinquency and default
    • Pre-purchase counseling
    • and 1 more
    (617) 889-2277

  • Neighborhood of Affordable Housing, Inc.

    143 Border St, East Boston · 11 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 3 more
    (617) 567-5882

Every agency in Essex County All counseling agencies in Massachusetts

Help in Spanish near Salem

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Salem

HUD’s record names them for Salem or Essex County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Salem Housing Authority Public housing and Section 8 vouchers (978) 744-4432

19 other authorities have an office in Essex County: see the list Source: HUD

Cities

Other cities in Essex County

These cities are also in Essex County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Essex County Housing in Massachusetts
See 4 more cities in Essex County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Salem, with the typical home value.

Neighboring counties

If Essex County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Salem.

All guides
Two parents walk hand in hand with their little daughter.

Questions

Housing questions about Salem

Short answers with the numbers for Salem and all of Essex County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Salem?

The typical home value in Salem is $542,800, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Essex County it is $619,100.

How much does it cost to rent in Salem?

Typical rent in Salem is $1,836 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Essex County is $2,367–$3,008.

What is the FHA loan limit in Salem?

Salem uses the FHA limit for all of Essex County (2026): $962,550 for a one-unit home and $1,851,100 for a four-unit home.

How much property tax do owners pay in Salem?

The typical homeowner in Salem pays $6,114 a year, according to the U.S. Census Bureau. That is 1.13% of the home’s value; in Essex County, the rate is 1.04%.

Where can I find free help to buy or rent in Salem?

There are 4 HUD-approved counseling agencies with an office in Essex County. 2 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).