1st Advantage MortgageIn Salem city, Virginia, the typical household earns $66,725 a year and the typical rent is $1,133. Those figures describe the county, not you: compare at least three written offers by APR and total cost, and confirm the lender's license before you apply.
On this page
- Salem city by the numbers
- How much Salem city households make
- Renting and owning in Salem city
- Jobs and commutes in Salem city
- How Salem city compares with nearby counties
- Places inside Salem city
- Salem city residents: age, schooling, coverage
- Borrowing situations common in Salem city
- What a median Salem city budget can carry
- Lender oversight for Salem city
- Four steps for Salem city borrowers
- Related local guides
- Frequently asked questions
Salem city by the numbers
The latest five-year Census estimate puts Salem city's population at 25,618; only 68 of Virginia's 133 county-level areas are larger. It covers 15 square miles of land, or about 1,765 people per square mile. It is one of the counties that make up the Roanoke, VA metropolitan statistical area (OMB, 2023). Of the 1 Census place inside Salem city, Salem leads by population with about 25,618.
How much Salem city households make
Salem city households have a median income of $66,725 (ACS 2020 to 2024), which ranks 69th of 133 in Virginia.
| Households earning | Salem city | +/- vs Virginia |
|---|---|---|
| Under $35,000 | 22.2% | +4.3 pts |
| $35,000 to $99,999 | 43.9% | +8.7 pts |
| $100,000 to $199,999 | 25.6% | -3.6 pts |
| $200,000 or more | 8.3% | -9.4 pts |
The spread is wide: 34% of Salem city households make $100,000 or more, and 22% make less than $35,000. Census counts 10.2% of Salem city residents in poverty, against 9.9% across Virginia. Income inequality, measured by the Gini index, comes to 0.463 here. If your income is irregular, as it often is with tips, gig work or seasonal jobs, plan around your leaner months rather than the Salem city median.
Renting and owning in Salem city
A typical Salem city rental runs $1,133 a month including utilities, which is 28% below Virginia. 51% of renting households spend 30% or more of income on rent, and 23% spend half or more. The median owner-occupied home is valued at $258,600, about 3.9 times the median household income. Owners occupy 63% of homes. Median construction year: 1971.
| Housing | Salem city | Virginia statewide | Typical U.S. county |
|---|---|---|---|
| Median gross rent | $1,133/mo | $1,579/mo | $877/mo |
| Median home value | $258,600 | $383,700 | $185,300 |
| Owners | 63% | 67% | 75% |
| Rent-burdened renters | 51% | 49% | 45% |
| Burdened owners | 23% | 25% | n/a |
| Mobile homes | 2.6% | 4.3% | n/a |
High rent burdens leave little slack. If you are borrowing to consolidate, make sure the new payment is lower than the ones it replaces.
Jobs and commutes in Salem city
Education and health care employs 32% of working residents, the largest share; retail trade is next with 13%. Education and health care stands out: 32% of workers here, versus 22% statewide. ACS puts five-year average unemployment at 3.6% in Salem city. 6% of commuters travel 45 minutes or more each way, and 11% work from home.
| Top industries | Salem city share | +/- vs Virginia |
|---|---|---|
| Education and health care | 31.8% | +9.5 pts |
| Retail trade | 13.0% | +3.2 pts |
| Arts, lodging and food service | 9.4% | +1.5 pts |
| Manufacturing | 9.2% | +2.1 pts |
| Finance, insurance and real estate | 6.7% | +0.2 pts |
| Professional and administrative services | 6.1% | -10.7 pts |
If your hours swing with the season or with overtime, size a loan payment against your base pay, not your best month.
How Salem city compares with nearby counties
Roanoke city is closest, 5 miles from center to center; the sixth, Botetourt County, is 24 miles off. 5 of the six report a higher median household income than Salem city; Roanoke County is highest at $83,709 and Roanoke city lowest at $55,378.
| County | Distance | Median income | Median rent | Owners |
|---|---|---|---|---|
| Salem city | - | $66,725 | $1,133/mo | 63% |
| Roanoke city, VA | 5 mi | $55,378 | $996/mo | 52% |
| Roanoke County, VA | 8 mi | $83,709 | $1,224/mo | 76% |
| Craig County, VA | 16 mi | $69,057 | $713/mo | 84% |
| Montgomery County, VA | 20 mi | $72,715 | $1,240/mo | 55% |
| Franklin County, VA | 22 mi | $68,849 | $829/mo | 78% |
| Botetourt County, VA | 24 mi | $81,213 | $1,035/mo | 86% |
Places inside Salem city
Salem is the only Census place mainly inside Salem city, with about 25,618 of the county's 25,618 residents. Live in one of these Salem city communities, or between them? This is your local guide.
| Town or CDP | Type | People | Median household income | Median gross rent | Miles from center |
|---|---|---|---|---|---|
| Salem | city | 25,618 | $66,725 | $1,133 | 0 mi |
Salem city residents: age, schooling, coverage
Degree holders: 33% of adults over 25. 4.3% of residents have no health coverage.
| Measure | Salem city | Virginia statewide | Typical U.S. county |
|---|---|---|---|
| Median age | 40.0 | 39.0 | 41.5 |
| Bachelor's or higher | 33.0% | 42.2% | 22.2% |
| No high school diploma | 5.8% | 8.4% | n/a |
| No health insurance | 4.3% | 6.9% | 7.8% |
| No vehicle | 6.4% | 6.1% | 5.4% |
| Work from home | 10.8% | 18.3% | 8.7% |
| Poverty rate | 10.2% | 9.9% | 13.2% |
| Unemployment (ACS) | 3.6% | 4.3% | 4.4% |
| Travel time to work | Workers |
|---|---|
| Under 15 min | 41.1% |
| 15 to 29 min | 41.6% |
| 30 to 44 min | 11.4% |
| 45 to 59 min | 2.1% |
| 60+ min | 3.7% |
Borrowing situations common in Salem city
The county's numbers point to a few situations that come up often for Salem city borrowers.
- 51% rent-burdened. A payment on top of high rent needs a cushion; size it with the calculator.
- Check your file. An error fixed before you apply can change the offers a Salem city borrower sees (free reports).
- Combining balances. It helps when total cost falls and the cards stay paid down (consolidation).
What a median Salem city budget can carry
Here is the Salem city median household run through a simple DTI check. Your numbers will differ.
- Start: $5,560 gross per month ($66,725 / 12)
- 20% goes to median rent ($1,133)
- With a 35% ceiling, about $813 remains for car, card, student and any new loan payments
- Under a 45% cap, $2,502 total minus rent leaves $1,369
Subtract what you already pay on other debts. A new payment should fit in what remains, with some to spare.
Lender oversight for Salem city
The Virginia Bureau of Financial Institutions is the place to verify any lender's Virginia license. Banks and credit unions have their own regulators, and the CFPB takes complaints about any lender. The Virginia guide covers state rules in more detail.
Four steps for Salem city borrowers
A short checklist for Salem city borrowers:
- Price the Salem city expense first and borrow that amount, no more.
- Compare the total repaid on every offer, not just the payment.
- Check the license, then the reviews, then the offer.
- Read the final agreement; it must match the offer.
Related local guides
For statewide rules and data, see the Virginia guide.
Frequently asked questions
What does a typical Salem city household make?
About $66,725 a year at the median (ACS 2020-24), 28% below the Virginia median.
How much is rent in Salem city?
Median gross rent, utilities included, is $1,133 a month; 51% of renters spend 30% or more of income on it.
What are the biggest places in Salem city?
By population: Salem. The county has 1 Census place in all.
Can Salem city residents use the questionnaire?
Yes. It asks the same questions in every Virginia county, lists every requirement up front and does not affect your credit score.
Who regulates personal lenders for Salem city residents?
The Virginia Bureau of Financial Institutions licenses consumer lenders in Virginia; the CFPB takes complaints about any lender, and the FTC wants to hear about fee-first offers.