| Index | Salem | Virginia | National |
| Cost of living | 105 | 111 | 100 |
| Groceries | 103 | 103 | 100 |
| Health care | 102 | 103 | 100 |
| Housing | 107 | 129 | 100 |
| Transportation | 103 | 105 | 100 |
| Utilities | 104 | 104 | 100 |
| Lifestyle & Entertainment | 105 | 103 | 100 |
| Household Items | 104 | 102 | 100 |
| Education & Childcare | 103 | 109 | 100 |
Getting a feel for the cost of living in Salem is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Salem is 105, which is 5% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
The cost of living in Salem aligns closely with the national average when compared to other cities across the nation. Everyday essentials such as groceries, household expenses, health care and utility bills are priced at a level consistent with the average in similar urban areas. Salem residents can anticipate that their daily expenses won't be significantly higher than those in an average city, ensuring that the cost of living remains manageable.
Is Salem affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Salem, the median home price is 11.7% higher than the national average and monthly rent prices are 3.9% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Salem boasting a median household income of $95,075, 16.9% higher than the national average.
Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In Salem, the groceries index is 3.2% higher than the national average.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Salem, the transportation index is 3.2% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Salem, the utilities index is 4.3% higher than the national average.
The cost of living data for Salem shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $116,949 | $9,746 | $2,729 | $3,509 |
| Renters | $61,507 | $5,126 | $1,435 | $1,845 |
| State | General Sales Tax | With Max Surtax |
| Virginia | 5.3% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Virginia | 2% | 5.75% |
| City | Population | Cost of Living Index | National Avg. |
| Lafayette, VA | 840 | 103 | 2.8% |
| Shawsville, VA | 2,002 | 92 | 8.1% |
| Roanoke, VA | 102,987 | 95 | 4.7% |
| Boones Mill, VA | 154 | 97 | 3.3% |
| Vinton, VA | 8,401 | 97 | 3.2% |
| Salem, VA | 26,071 | 105 | 4.6% |
| City | Population | Cost of Living Index | National Avg. |
| Suitland, MD | 26,078 | 137 | 36.9% |
| Mount Pleasant, MI | 26,060 | 92 | 8.1% |
| Amherstburg, ON | 26,060 | n/a | |
| Watertown, NY | 26,084 | 100 | 0.4% |
| Riverside, OH | 26,033 | 86 | 13.9% |
| Salem, VA | 26,071 | 105 | 4.6% |
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