Salem, IA is a small city located in Iowa with many local businesses such as K&R Corporation, Salem Bank & Trust Co., and Salem Insurance Agency. The cost of living in Salem is relatively low compared to the national average. For instance, 2 bedroom rent is around $850 per month compared to the national average of $1,430. Additionally, the grocery cost index is 93 versus 100 in the US which further shows that living in Salem can be more affordable than other places in the country. All these factors make Salem a great place for families looking for an affordable yet high quality of life.
Salem has an unemployment rate of 4.0%. The US average is 6.0%.
Salem has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 33.8%, which is higher than the US average of 33.5%.
Tax Rates for Salem
- The Sales Tax Rate for Salem is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Salem is 9.0%. 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 $17,614 a year. The US average is $28,555 a year.
- The Median household income of a Salem resident is $45,750 a year. The US average is $69,021 a year.