Salem, OR
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
expensive
Price to income
5.13×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Oregon
- 5.66×-0.53
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
24.6%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Oregon
- 25.3%-0.7
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.12%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Oregon
- 2.91%+0.21
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.09%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Oregon
- 0.16%
- vs U.S.
- 0.03%+0.07
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
3.56
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Oregon
- 3.73
- vs U.S.
- 3.52+0.04
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.9%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Oregon
- 5.0%-0.1
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+40.0%
homeValues.yearOverYear
+1.2%
Median home value
$389,800
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,201 | $14,412 | 19.0% |
| 2 BR | $1,560 | $18,720 | 24.6% |
| 3 BR | $2,159 | $25,908 | 34.1% |
Labor market direction
Unemployment
4.9%
Median household income
$76,010
What's being built
Total TTM
1,542
+5.3% YoY
Single-family
940
2–4 unit
64
5+ unit
538
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Marion County | 345,815 | $383,300 | $74,624 | 1,438 | +7.3% |
| Polk County | 87,600 | $419,500 | $81,318 | 104 |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Salem | 433,415 | $76,010 | 5.13× | 3.12% | +40.0% | 3.56 | 4.9% |
| Reading, PA | 428,483 | $77,684 | — | — | +62.7% | — | 3.7% |
| Savannah, GA | 406,575 | $74,632 | — | — | +72.8% | — | 2.8% |
| Salisbury, MD-DE | 421,982 | $69,592 | — | — | +59.5% | — | 3.9% |
| York-Hanover, PA | 457,051 | $82,238 | — | — | +53.4% | — | 3.4% |
| Fort Wayne, IN | 419,715 | $69,378 | — | — | +65.4% | — | 2.5% |
Where people are moving in from
Net migration
+410
+0.09% of population
| Origin county | Tax returns |
|---|---|
| Marion County, OR | 1,185 |
| Polk County, OR | 1,118 |
| Clackamas County, OR | 943 |
| Washington County, OR | 869 |
| Multnomah County, OR | 715 |
| Linn County, OR | 651 |
Who lives in Salem
- Median age
- 37
- Bachelor's+
- 26.9%
- Owner-occupancy
- 62.7%
- Vacancy rate
- 4.3%
- Rent burdened (30%+)
- 50.5%
- Median household income
- $76,010
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.