Salem, VA is a small city located in southwest Virginia with a population of over 25,000 people. The cost of living index in Salem is 98 which is lower than the US average of 100. This makes it an attractive place to live for those looking for an affordable option. In terms of housing costs, the median rent for a two-bedroom apartment in Salem is $1,090 which is lower than the national average rent at $1,430. Local companies that residents can find employment at include Advance Auto Parts Inc., Volvo Group North America, and Smith Mountain Lake Regional Chamber of Commerce. Furthermore, Salem offers its citizens several local amenities such as restaurants, parks and recreational facilities.
Salem has an unemployment rate of 4.6%. The US average is 6.0%.
Salem has seen the job market increase by 1.5% over the last year. Future job growth over the next ten years is predicted to be 32.0%, which is lower than the US average of 33.5%.
Tax Rates for Salem
- The Sales Tax Rate for Salem is 5.3%. The US average is 7.3%.
- The Income Tax Rate for Salem is 5.8%. 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 $27,559 a year. The US average is $28,555 a year.
- The Median household income of a Salem resident is $66,472 a year. The US average is $69,021 a year.