Salem, Illinois Real Estate & Housing Market

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Salem Housing Information

Index	Salem	Illinois	National
Median home price	$73,600	$174,800	$184,700
Median rent asked	$536	$925	$949
Avg. people per household	2.2	2.6	2.6
Owner occupied households	65.8%	66.0%	63.6%
Renter occupied households	34.2%	34.0%	36.4%

A general summary of the real estate market in Salem, IL is listed above. Properties in Salem, IL average a cost of $73,600, which is 58% lower than the median home price for real estate located in Illinois. This means that the region of Salem, IL is, on average, more affordable when compared to the remainder of Illinois. Since tenants living in Salem, IL will pay an average of $536, the median rental cost is 42% lower than in Illinois. 65.8% of people in Salem, IL own their own homes, and an average of 2.2 people inhabit each property. Salem, IL has many assorted real estate listings available. These range from urban townhouses to inexpensive condos to luxurious residences. We make finding homes for sale and browsing real estate listings effortless. Simply use the search function above, and obtain filtered results according to price, location, bathrooms and bedrooms.

Salem Home Affordability

When starting your search for real estate in Salem, IL, it is crucial to consider home affordability. When calculating home affordability, the ratio of home price to median household income is one of the methods that is applicable in doing so. On average, a home in Salem, IL costs $73,600 while each household has an average income of $40,295. Consequently, the ratio of home price to household income is 1.8x; this ratio is 38% lower than the average in Illinois. Calculating the home affordability ratio involves dividing the average price of a home by the average income of homes in Salem, IL. When the ratio of home price to income is relatively low, the implication is that homes are more affordable on the basis of the home price in comparison with the home income. Note that besides home price to median household income ratio, there are various other factors to put into consideration when determining if home affordability exists. Check the home affordability calculator shown below to calculate how much you can afford to pay for real estate in Salem, IL.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Wamac, IL	1,302	$28,000	85%
Vernon, IL	111	$37,100	80%
Junction City, IL	455	$44,700	76%
Alma, IL	383	$46,500	75%
Patoka, IL	500	$48,300	74%
Salem, IL	6,930	$73,600	60%

Cities with similar population

City, State	Population	Home Price	National Avg.
Laurel, MT	6,931	$161,000	13%
Kathleen, FL	6,932	$96,700	48%
Lakes of the Four Seasons, IN	6,932	$180,500	2%
Great Neck Plaza, NY	6,924	$331,500	79%
Parkville, PA	6,937	$149,800	19%
Salem, IL	6,930	$73,600	60%

Source: The Salem, IL housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).