Salem, MA is a great place to live due to its vibrant community and culture. It is home to many local businesses such as North Shore Bank, Salem State University, Salem Willows Park, and Salem Food Market. Compared to the national average, 2 Bedroom rent in Salem costs around $760 more per month. Additionally, the Grocery Cost Index in Salem is 8 points higher than the US index. This reveals that overall cost of living in this area may be slightly higher than other places in the US – however it offers a thriving atmosphere and many amenities that make it well worth the investment.
Salem has an unemployment rate of 7.1%. The US average is 6.0%.
Salem has seen the job market increase by 3.0% over the last year. Future job growth over the next ten years is predicted to be 36.3%, which is higher than the US average of 33.5%.
Tax Rates for Salem
- The Sales Tax Rate for Salem is 6.3%. The US average is 7.3%.
- The Income Tax Rate for Salem is 5.1%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Salem
- The average income of a Salem resident is $31,965 a year. The US average is $28,555 a year.
- The Median household income of a Salem resident is $72,884 a year. The US average is $69,021 a year.