Salem, IN is a city located in Washington County with a population of about 6,000 people. It is known for its rural farmland and small town charm. The cost of living in Salem is quite affordable with rent for a two bedroom averaging at $830 a month and the US average being $1,430. The grocery cost index in Salem is also lower than the US average at 94 compared to 100. There are several local businesses that make up the community including Stagnero Farms Country Store, Harp’s Elizaville Hardware and Supply, Lucas Oil Speedway, and Sunrise Bakery. With its affordable rental rates and lower than average grocery costs, Salem provides an economical lifestyle customers can enjoy while still having access to all of the amenities they need for comfort.
Salem has an unemployment rate of 4.5%. The US average is 6.0%.
Salem has seen the job market decrease by -6.2% over the last year. Future job growth over the next ten years is predicted to be 32.1%, which is lower 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 4.7%. 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 $22,633 a year. The US average is $37,638 a year.
- The Median household income of a Salem resident is $43,021 a year. The US average is $69,021 a year.