Median Home PriceBETTER
$437,106.46
Median RentBETTER
$1,651.85/mo
Price-to-Rent Ratio
22.1
Property Tax RateTIE
0.97%
Price Change (1Y)BETTER
+0.2%
Price Change (5Y)BETTER
+1.1%
Break-Even YearsTIE
N/A
10-Year Wealth Difference
$360,036
Median Home Price
$446,036.58
Median Rent
$1,805.55/mo
Price-to-Rent RatioBETTER
20.6
Property Tax RateTIE
0.97%
Price Change (1Y)
-0.1%
Price Change (5Y)
-0.4%
Break-Even YearsTIE
N/A
10-Year Wealth DifferenceBETTER
$277,740
Key Differences
Home Prices
Salem's median home price of $437,106.46 is lower than Springfield's $446,036.58 by 2%.
Monthly Rent
Renting in Salem costs $1,651.85/mo compared to $1,805.55/mo in Springfield—a difference of $153.7/mo.
Buy vs Rent Verdict
Both cities currently favor renting.
Break-Even Timeline
Break-even analysis varies based on market conditions in each city.