Salem, VA Cost Of Living
Cost Of Living In Salem, VA Summary
Cost of living in Salem research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Salem is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Virginia, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Salem is 100, with 100 being the average.
The cost of living index in Salem is 1.0x lower than the national average.
Salem ranks as the #36 cheapest in Virginia out of 190.
Salem ranks as the #2,621 cheapest out of 6,489 in the US.
The median home value in Salem is $296,815.
The median income in Salem is $66,716.
Table Of Contents
Salem's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Salem, VA?
According to the most recent data on the cost of living, Salem has an overall cost of living index of 100, which is 1.0x lower than the national index of 100.
Compared to Virginia, Salem has a cost of living index that's 0.9x lower than Virginia's index of 110.
The standard of living in Salem ranks as #36 most affordable out of the 190 places we measured in Virginia. By definition, that implies Salem ranks as the #154 most expensive place in the Old Dominion.
For more reading on life in Salem, check out:
In Virginia
In America
Salem Cost Of Living Vs. Virginia
Six factors go into calculating the cost of living index in Salem. Here is how it fairs on each of the criteria:
The Services index in Salem is 96.
The Groceries index in Salem is 95.
The Health index in Salem is 88.
The Housing index in Salem is 106.
The Transportation index in Salem is 99.
The Utilities index in Salem is 117.
| Living Expense | Salem | Virginia | National Average | |
|---|---|---|---|---|
| Overall | 100 | 110 | 100 | |
| Services | 96 | 101 | 100 | |
| Groceries | 95 | 99 | 100 | |
| Health | 88 | 98 | 100 | |
| Housing | 106 | 130 | 100 | |
| Transportation | 99 | 94 | 100 | |
| Utilities | 117 | 104 | 100 | |
Salem, VA Housing Cost Breakdown
Housing swings affordability the most between places in Virginia, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Salem is $296,815.
The Median Rent in Salem is $1,046.
The Median Income in Salem is $66,716.
The Home Value To Income in Salem is 4.4x.
The Rent To Monthly Income in Salem is 0.19x.
Median Home Value
Median Rent
Median Income
Salem, VA Costs By Category
Detailed Salem Services Costs Vs. Virginia
Detailed Salem Groceries Costs Vs. Virginia
Detailed Salem Health Costs Vs. Virginia
Detailed Salem Transportation Costs Vs. Virginia
Detailed Salem Utilities Costs Vs. Virginia
Salem SnackAbility
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Cost Of Living In Cities Around Salem
The cost of living varies in the cities and towns around Salem. Here's a quick look at the cost of living in the most populous nearby places:
Roanoke, VA has a cost of living index of 94, 0.9x Salem.
Lynchburg, VA has a cost of living index of 93, 0.9x Salem.
Blacksburg, VA has a cost of living index of 114, 1.1x Salem.
| City | Population | Cost Of Living | Vs. Salem |
|---|---|---|---|
| Roanoke, VA | 98,677 | 94 | 0.9x |
| Lynchburg, VA | 79,255 | 93 | 0.9x |
| Blacksburg, VA | 45,288 | 114 | 1.1x |
| Cave Spring, VA | 26,014 | 106 | 1.1x |
| Christiansburg, VA | 22,820 | 100 | 1.0x |
| Hollins, VA | 17,005 | 100 | 1.0x |
| Radford, VA | 16,505 | 93 | 0.9x |
| Timberlake, VA | 12,833 | 99 | 1.0x |
| Vinton, VA | 8,038 | 95 | 0.9x |
| Lexington, VA | 7,420 | 104 | 1.0x |
