Is It Worth Buying a Home in Salem, OR?
The decision to rent or buy in Salem, Oregon depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $355,000 and median monthly rent of $1,550, the math plays out differently depending on your personal situation.
Salem has an average property tax rate of 1.01% annually, which adds approximately $299/month to the cost of homeownership on a median-priced home.
Historically, home values in Salem have appreciated at roughly 3.2% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Salem Buyers
- Down payment of 20% on a median home = $71,000
- Monthly mortgage (30yr at 6.99%) ≈ $1,888/mo
- Property tax ≈ $299/mo
- Estimated maintenance ≈ $296/mo