Key Economic Benchmarks
Median Household Income
$66,725$5,560 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Salem city, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Salem city, VA
Official FY2026 HUD Fair Market Rents for Roanoke, VA HUD Metro FMR Area. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $1,004 | $12,048 | $40,160 | 18.1% |
| 1-Bedroom Apartment | $1,053 | $12,636 | $42,120 | 18.9% |
| 2-Bedroom ApartmentBenchmark | $1,254 | $15,048 | $50,160 | 22.6% |
| 3-Bedroom Home | $1,743 | $20,916 | $69,720 | 31.3% |
| 4-Bedroom Home | $2,104 | $25,248 | $84,160 | 37.8% |
50/30/20 Living Budget in Salem city, VA
Based on the local median household income of $66,725/year ($5,560/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in Virginia
Explore net income after federal income tax, FICA, and Virginia state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across Virginia with official federal datasets:
Frequently Asked Questions About Living in Salem city, VA
What is the median household income in Salem city, VA?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Salem city, VA is $66,725 per year (approximately $5,560 per month).
What is the average rent in Salem city, VA?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Salem city, VA are $1,004 for a studio, $1,053 for 1 bedroom, $1,254 for 2 bedrooms, $1,743 for 3 bedrooms, and $2,104 for 4 bedrooms.
How does the cost of living in Salem city, VA compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Salem city, VA is 93.6 (6.4% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Salem city, VA?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,254/month) in Salem city, VA requires a minimum gross household income of $50,160 per year ($4,180 per month).
What is a balanced 50/30/20 monthly budget in Salem city, VA?
For a typical household earning the median income of $66,725/year ($5,560/month) in Salem city, VA, a balanced 50/30/20 budget allocates $2,780/month to essential needs (rent, utilities, groceries), $1,668/month to discretionary spending, and $1,112/month to savings and debt repayment.
What are typical electricity and utility costs in Salem city, VA?
Residential electricity rates in Virginia average 17.2¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $155 per month.