$3,400 Per Month
- 2 Beds
- 2 Baths
- 946 Sq Ft
- Apartment for Rent
217 Essex St Unit 302, Salem, MA 01970
217 Essex St Unit 302, Salem, MA 01970
Frequently Asked Questions
How much does it cost to rent a home in Salem, MA?
The median rent for a home in Salem, MA is $2,650 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Salem, MA?
To comfortably afford the median rent in Salem, MA, a household needs to earn roughly $106,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,650 per month in Salem, MA, renters typically need to show $7,950 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Salem, MA?
In Salem, MA, the price-to-rent ratio is 18.3, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Salem, MA are best for renting a home?
The best neighborhood for renting in Salem, MA depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Derby Street, The Point, South Salem, Bridge Street and Downtown Salem, each with its own character and price range.
