Salem, Oregon, is nestled in the Willamette Valley and conveniently located about 45 miles south of Portland, on Interstate 5. As Oregon’s capital, Salem is home to the state capitol grounds and multiple state parks, historical sites, and cultural events. The city’s biggest employers include the State of Oregon and Salem Health, and important hot spots include Willamette University and the Oregon State Fairgrounds. Although it’s the center of Oregon’s political happenings, Salem remains a mid-size city with a population of about 175,000 residents. While many Salemites live within the city lines, some residents live in neighboring counties like Marion and Polk.
Altogether, the metropolis’s population totals about 400,000 people. This capital city is an understandably in-demand place to call home, but the cost of living here is only slightly higher than average. Compared to a national average of 100, the Salem cost of living is 101.8. This paltry disparity indicates some housing in Salem can be pricey. That said, you can find plenty of affordable apartments throughout the metro area. Let’s take a closer look at how much it costs to live in Salem and where to find the cheapest rental rates.
How expensive is an apartment in Salem?
Many apartments in Oregon’s capital rent between $1,000 and $1,500 per month, according to our Salem rent research. Nearly half of the rental stock in town falls within this range, while about 30% costs between $500 and $1,000 per month. Only about 20% of rental prices in the Salem area are over $1,500 per month.
Because the city continues to grow and demand for housing stock is increasing, the Salem cost of living is on the rise. In recent years, the average cost of rent has increased by about 14%. So, if you’re planning to live in the area for an extended period, you may need to budget a bit more for next year’s living expenses.
Despite these gradually rising costs, Salem still has a relatively low cost of living for the region. For example, the cost of living index for nearby Portland is 121.2, which is almost 20 points higher than Salem’s. Statewide, the cost of living index is 113.1, which makes Salem cheaper compared to most Oregon cities.
Although the cost of living in Salem is lower than state averages, it’s helpful to break down the various expenses that factor into the calculation. In Salem, the cost of housing index is 122.2, higher than the national average (100) but lower than the statewide average (148.9). Other major costs of living in Salem, such as utilities (79.3) and transportation (96.1), are lower than both the state and national averages. Ultimately, these indices suggest living in Salem is relatively affordable.
How do I find cheap apartments in Salem?
Because the cost of housing in Salem is comparably low, it isn’t difficult to find affordable places to live. One of the easiest ways to save money on rent is to consider the size of your preferred apartment. In some cases, downsizing to a smaller apartment can help you save hundreds of dollars per month. On average, in Salem:
- Studios cost $950 per month
- One-bedroom units cost $995 per month
- Two-bedroom apartments cost $1,250 per month
- Three-bedroom units cost $1,650 per month
- Four-bedroom apartments cost $1,995 per month
If the size of the apartment isn’t negotiable, you still have plenty of options for finding cheap places in the Salem area. Use these ideas to lower your monthly rent:
- Look beyond the city limits: If you don’t need to live right in the heart of town, you might enjoy cheaper rates in the suburbs. On average, rent in Salem costs about $100 less per month than rent in the greater metro area. For example, the Keizer, Oregon cost of living is lower than that of Salem, and the city is just a few minutes’ drive north of downtown.
- Search for apartments without the bells and whistles: Many apartment complexes in Salem include amenities like community spaces or workout areas. If you can do without these extras, you can save by finding an apartment that won’t charge you for these potentially pricey niceties.
- Know your costs: Before you sign a lease, find out how much the utilities typically cost each month. Although the prices of utilities in Salem are lower than the state or national average, they can vary based on the size of the apartment and energy consumption.
What is the cheapest rent in Salem?
To find the lowest rent in Salem, you have to know where to look, as some neighborhoods tend to be cheaper than others. On average, these areas have the most affordable apartments in town:
- South Salem and Highland, where one-bedroom apartments cost around $850 per month
- South Central and Northgate, where you can find two-bedroom units for around $1,050 per month
- Northeast Salem and Southeast Mill Creek, where three-bedroom apartments cost around $1,400 per month
- West Salem, which has four-bedroom units for under $1,900 per month
If you want to keep your costs low, try to eliminate some of the more expensive areas from your search. After all, they can skew your results if you’re searching for cheap rent. No matter what size or type of apartment you’re looking for, neighborhoods like Central Area, Sunnyslope, and South Gateway tend to be on the pricey side.
Now that you know the Salem, Oregon, cost of living, you can easily plan your move and find an apartment that works with your budget. Are you ready to start your Salem apartment search? Begin browsing and find the perfect Salem apartment today.
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