$1,400 Per Month
- 2 Beds
- 1.5 Baths
- Condo for Rent
276 E Broadway Unit A, Salem, NJ 08079
276 E Broadway Unit A, Salem, NJ 08079
Frequently Asked Questions
How much does it cost to rent a condo in Salem, NJ?
The median rent for a condo in Salem, NJ is $1,300 per month, though prices vary by neighborhood, size, and property type. As of July 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, NJ?
To comfortably afford the median rent in Salem, NJ, a household needs to earn roughly $58,000 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 $1,450 per month in Salem, NJ, renters typically need to show $4,350 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, NJ?
In Salem, NJ, the price-to-rent ratio is 10.1, 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, NJ are best for renting a condo?
The best neighborhood for renting in Salem, NJ depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a condo include South Wilmington, Downtown Wilmington, Brandywine Village, Cool Spring-Tilton Park and Delaware Avenue, each with its own character and price range.
