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Salem city, OR

ZIP 97304 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow AreaRemote Work Hub

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 97304

Median Home Value
$469,500
Median Rent
$1,292
Affordability Snapshot
$129,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$3,016/mo PITI).

17%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

5.1x
Home Price-to-Income Ratio

Well above the 3-5x guideline — challenging for first-time buyers.

30.3 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 97304 in Salem city, OR, a household would need roughly $129,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $3,016. That is about 41% above the local median household income ($91,731), so the median earner would likely stretch or need a larger down payment. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
64.7%-1% vs US avg
x
Vacancy Rate
5.3%-49% vs US avg
x
Broadband Access
95.0%+9% vs US avg
x
4+ Bedrooms
5.4%-64% vs US avg
x
Built Pre-1939
3.9%-70% vs US avg
x
Built Post-2014
1.2%-83% vs US avg
x
Rent Burden >30%
21.3%-57% vs US avg
x
Mortgage-Free
27.1%-29% vs US avg
x
$469,500
Home Value
$1,292
Rent
1988
Year Built
2014
Moved In

Residents have lived here since ~2014 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached71.8%
  • 1-unit attached2.7%
  • 2-9 units12.3%
  • 10+ units11.0%
  • Mobile home & other2.2%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$469,500
Median rent$1,292
Owner-occupied64.7%
Vacant5.3%
Price-to-income5.1x
Est. income to buy$129,000