Salem, OR home prices
Typical home $447,087 · +0.4% in a year · income needed $126,100
The Salem, OR metro area ranks 103 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +0.4% in a year and +10.9% over five years. With 20% down at 7.11%, the typical home costs about $2,942 a month including 0.84% property tax (Marion County rate).
Mortgage on the typical Salem home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $89,417 | $357,670 | $2,406 | $0 | $536 | $2,942 | $126,100 |
| 10% down | $44,709 | $402,378 | $2,707 | $168 | $536 | $3,410 | $146,200 |
| 5% down | $22,354 | $424,733 | $2,857 | $177 | $536 | $3,570 | $153,000 |
| 3.5% down (FHA) | $15,648 | $438,989 | $2,953 | $198 | $536 | $3,687 | $158,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.84% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Salem area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Marion County, OR | $439,746 | +0.2% | 0.84% |
| Polk County, OR | $475,672 | +1.3% | 0.8% |
What can you afford in Oregon on your salary? · Oregon home prices · Salaries in Oregon
Frequently asked questions
How much is a house in Salem?
The typical home in the Salem, OR metro area is worth $447,087 (Zillow, September 2026).
What salary do you need to buy a house in Salem?
About $126,100 a year for the typical home with 20% down at 7.11%.