Cost of Living in Salem, VA
Population: 25,477 • 2026 Data
$66,716
Median Household Income
-14% vs national
$1,046
Median Monthly Rent
-22% vs national
$244,800
Median Home Value
-28% vs national
3.4%
Unemployment Rate
Housing in Salem
The median home value in Salem, VA is $244,800. Monthly rent for a typical unit averages $1,046, while total monthly housing costs (including utilities and insurance) average $1,114.
Rent-to-income ratio: 18.8%. This is within the recommended 30% threshold, suggesting housing is relatively affordable for median-income earners.
Income and Employment
The median household income in Salem, VA is $66,716. The unemployment rate stands at 3.4%, with a labor force of 12,951 people.
Data Sources
All data from the US Census Bureau American Community Survey 5-Year Estimates. National median figures used for comparison context.