Are you planning a move to Salem, MA and wondering if it is an expensive place to live in? We’ll break down the cost of living in Salem by answering the following key questions - what is expected cost of living Salem, what is the median income in Salem, what is a good livable salary in Salem, and what are the average rent and home prices in Salem.
Is Salem expensive to live in?
Salem is part of Boston Metro Div. metro area, which is ranked 7 out of 273 cities across the US in terms of cost of living. According to C2ER (the Council for Community and Economic Research), the cost of living in Salem is estimated to be 150.3% of the national average making it one of the most expensive cities in the US.
Total monthly expenditure you can expect to incur depends on the cost of housing, food, utilities, transportation, healthcare, other miscellaneous goods and services. Note that your household composition (single or married, number of kids) and home ownership status (renting vs. owning) might affect your monthly expenses.
Salem, MA is ranked
7/273 cities in the US
estimated to be 150.3% of the national average making it one of the most expensive cities in the US
See our Salem City Guide
Cost of Living Calculator for Salem
Get an estimate of income required to live comfortably in Salem. Our cost of living calculator will give you an estimate of your expected expenditures on food, utilities, transportation, housing, healthcare, and more. Simply pick your marital status and family type from the drop-down. The calculator will give you a breakdown of your monthly spends on food, utilities, transportation, housing, healthcare, and other miscellaneous items to help you determine your cost of living in Salem. Try it now.
Marital Status
Married
Family Type
Married with Children
Your required pre-tax income
$0
Your required post-tax income
$0
| Category | Expenditure |
|---|---|
| Food | $0 |
| Utilities | $0 |
| Transportation | $0 |
| Healthcare | $0 |
| Housing (Rent / Mortgage) | $0 |
| Other Housing | $0 |
| Miscllaneous | $0 |
| Total Annual Expenditure | $0 |
What is a livable salary in Salem?
The median household income in a city certainly helps gauge the cost of living. The median household income in Salem is $72,884, which is 18% less than that of the state. The median income for an individual is $43,627, which is 9% less than that of the state.
The minimum salary you need to live in Salem is the sum of your daily expenses (groceries, utilities, transportation, entertainment), your monthly housing-related costs (rent, mortgage, insurance, maintenance), any debt expenses (monthly interest payments and principal paydowns), as well as your savings and investment goals.
A good rule of thumb for housing affordability is the 28% rule: your monthly rent or the sum of your monthly mortgage, property taxes, and insurance should not exceed 28% of your gross income (income before tax).
Understanding the expected costs in Salem can help you determine whether a given salary is a livable salary. For instance, if you know the typical housing costs in Salem, you can use widely followed simple rules to determine if you can afford it on your salary. A good rule of thumb for housing affordability is the 28% rule: your monthly rent or the sum of your monthly mortgage, property taxes, and insurance should not exceed 28% of your gross income (income before tax). Another good rule of thumb is the 50-30-20 rule which says 50% of the net income (income after tax) should be spent on needs, 30% on wants, and 20% on savings and investments. So plan to ensure that your net income covers your needs and wants, so that you can live comfortably in Salem, MA.
Median Household Income
$72,884
Median Individual Income
$43,627
What is the average rent in Salem?
Housing is generally the biggest monthly cost that you would need to account for. The average rent in Salem (located in Boston Metro Div.) metro area for a 2-bed home is $3,281, which is 170% more than the average rent across the US. However, this average takes into account both metro and suburban areas. So, the costs may go up or down depending on which neighborhood you eventually decide to stay.
Rent compared to national average
170% more
What is the median home price in Salem?
The median home price in Salem is $647,500 with a median price per sqft of $449.
The cost of living index for housing estimates the cost of housing in Salem to be 223.9% of the national average. This makes it one of the most expensive cities in the US.
Median Home Price
648K
Median Price/Sqft
$449
Average Rent
$3,281
Housing Index
223.9%
What is a cost of living calculator?
A cost of living calculator helps you to assess how much you will need to make in order to live comfortably in a specific city. It takes into account various expenses that you will make in your daily lives (on housing, food, utilities, transportation, entertainment, etc.) and helps you determine a livable salary. The prices of goods and services vary in different cities, and hence having a cost of living index or calculator can make the decision to move easier by allowing you to directly compare one city with another.
About the cost of living data
- To calculate the cost of living, data has been taken from C2ER (Council for Community and Economic Research)
- The Cost of Living Index takes into account the data from 273 cities across the US
- The Cost of Living Index and hence, the ranking reflects cost differentials for professional households in the top income quintile
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