Salem, OR · Oregon
Polk County
88,553 residents104 permits TTM$81,318 median HHI6 ZIP codesUpdated April 28, 2026
Investor first look
Median home value
$419,500
ACS 5-Year
Cap rate proxy
3.6%
FMR × 0.65 ÷ Home Value
Rent-to-income
18.7%
HUD FMR ÷ ACS HHI
Net migration
+2.81%
IRS SOI
Permits (TTM)
104
Census BPS
Climate risk
72.8
FEMA NRI (0–100)
ZIP code breakdown6 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 97344 | — | — | — | 4.3% | — |
| 97351 | — | — | — | 5.2% | — |
| 97338 | — | — | — | 4.3% | — |
| 97361 | — | — | — | 3.6% | — |
| 97304 | — | — | — | 4.3% | — |
Ranked by composite score
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Demographics
Owner-occupied
64.6%
Census ACS
Vacancy rate
5.4%
Census ACS
Bachelor's degree +
30.6%
Census ACS
Rent burdened
48.5%
Census ACS (>30% income)
Median age
37.6
Census ACS
U.S. Census Bureau — American Community Survey 5-Year Estimates
U.S. Census Bureau — Building Permits Survey
U.S. Department of Housing and Urban Development — Fair Market Rents / Small Area Fair Market Rents (SAFMR)
Internal Revenue Service — Statistics of Income Migration Data
FEMA — National Risk Index
Last updated: April 28, 2026