Salem, KY is a small town located in the state of Kentucky. It has a population of just over 800 people and it is considered to be a very affordable place to live. The average rent for a two-bedroom apartment in Salem, KY is $670 which is much lower than the national average of $1,430. Additionally, the cost of groceries in Salem is also lower with an index score of 90 versus 100 nationally. This makes Salem an attractive place to live for those looking for an affordable lifestyle. The local economy of Salem revolves around its small business sector with companies such as Zion Family Healthcare, Old Hickory Farm and Greenhouse and Kentuckiana Cleaning Services providing goods and services to the area's residents.
Salem has an unemployment rate of 7.1%. The US average is 6.0%.
Salem has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 23.1%, which is lower than the US average of 33.5%.
Tax Rates for Salem
- The Sales Tax Rate for Salem is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Salem is 6.8%. 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 $19,200 a year. The US average is $28,555 a year.
- The Median household income of a Salem resident is $38,409 a year. The US average is $69,021 a year.