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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Salem, MA Housing Affordability Index

Salem, Massachusetts has an MBR Housing Affordability Index score of 67.6 (Significantly Less Affordable) as of October 30, 2026, ranking 167th most affordable of 193 scored Massachusetts cities, compared with 76.0 statewide and 97.4 nationally. On a median-priced $542,800 home with 20% down, the Massachusetts average 30-year fixed rate of 7.10% means a monthly principal and interest payment of about $2,919, or 41% of the city’s $85,153 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Salem is updated every night from live Massachusetts mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Salem MBR-HAI 67.6 Significantly Less Affordable
Rank in Massachusetts 167 of 193 1 = most affordable
Massachusetts 76.0 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.10% Massachusetts lenders
Median home value $542,800 U.S. Census Bureau

Salem is 8.4 points below the Massachusetts score. Scores as of October 30, 2026. See the Massachusetts index

View Salem Mortgage Rates

See What You Can Afford in Salem, Massachusetts

Use this Salem, Massachusetts home affordability calculator to see how much house you can afford at today’s Massachusetts average 30-year mortgage rate of 7.10%. A household earning the Salem median income of $85,153, with no other debts and $109,000 down, can afford a home of about $336,927, compared with a median home value of $542,800. Buying the median priced home with 20% down takes a household income of about $156,500 once property tax and insurance are counted.

Salem median (Census)
Car, student loan, card minimums
Under 20% adds PMI
Massachusetts average, 30-year fixed
Salem median bill (Census)
Estimate; use your quote
You can afford a home up to
$336,927
Below the Salem median home value of $542,800
Loan amount$227,927
Principal & interest$1,532/mo
Property tax$314/mo
Home insurance$140/mo
PMI$0/mo
Total monthly payment$1,987/mo
Compare Salem Mortgage Rates

How much house can you afford in Salem?

Most lenders use two limits. Your housing payment, including principal, interest, property tax, homeowners insurance and any PMI, should stay under about 28% of your gross monthly income, and all of your monthly debt payments together should stay under about 36%. The calculator takes whichever limit is lower, then works backward from that payment to the most expensive home it covers at the current rate.

In Salem, property taxes run about 1.12% of a home’s value each year, based on the Census median tax bill, which counts against the same monthly budget as the mortgage. Each quarter point move in mortgage rates changes the price you can afford by roughly $4,686 for a median income household. A larger down payment, paying down other debts, or a lower rate from a local lender all raise your budget.

What It Takes to Buy in Salem

$2,919/mo
Principal & Interest
Median home, 20% down, 7.10%
$125,100
Income Needed
To keep principal and interest at 28% of income
$85,153
Median Household Income
Massachusetts: $103,960
6.4x
Price-to-Income Ratio
Massachusetts: 5.4x
$2,256/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$6,104/yr
Median Property Tax
1.12% of median value
35.5%
Owner Cost Burden
Owners spending 30%+ of income on housing
52.1%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Salem, Massachusetts. The rate is the Massachusetts average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

Cite the Salem Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Salem, Massachusetts score: 67.6 (Significantly Less Affordable), ranked 167 of 193 Massachusetts cities. monitorbankrates.com/housing-affordability-index/massachusetts/salem”