Rent to own Homes in Salem, OR
Salem, the capital city of Oregon, is located just 40 miles south of Portland. It is the third-largest city in the state, with a population of about 156,000. The city is a beautifully scenic mountain town located along the Willamette River. Residents will strike as being full of character, and there is virtually no end to the activities you can enjoy. This is the place for nature enthusiasts to find their home, and there's plenty of nightlife for the socially inclined.
Salem, OR is a great place for affordable rent-to-own homes! With a median household income of over $58,726 and a median rent of $1,034, the Salem, OR rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Salem, OR. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Salem, OR Property Resources
Rent to own Homes in Cities Near Salem, OR
Neighborhoods in Salem, OR
Central Area rent to own homes East Lancaster rent to own homes Faye Wright rent to own homes Grant rent to own homes Highland rent to own homes Lansing rent to own homes Morningside rent to own homes North Lancaster rent to own homes Northeast Neighbors rent to own homes Northeast Salem rent to own homesPopular Zip Codes in Salem, OR
97309 rent to own homes 97308 rent to own homes 97310 rent to own homes 97301 rent to own homes 97312 rent to own homes 97302 rent to own homesBuying a Home in Salem, OR
Salem, OR is seeing rapid growth and Salem, OR's' housing market remains not optimal with an average home price that is 22% above the 2024 national average. Salem, OR is part of Marion county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Marion is 1% which is above the national average, which is 0.99%.
Median Home Price in Salem, OR
Median Rent in Salem, OR
Top Reasons to Live in Salem OR
Housing Statistics The housing market in Salem is strong. Sale prices are below the national average, and availability is low but not impossible. The median sale price of a single-family home is $171,075, and the average sale price is significantly higher at $266,317. The apartment vacancy rare in Salem is 6 percent, which means you may have to be patient to find the rental property you are looking for. In this area, rent to own may be a valid option. Properties are split roughly 60/40 between owned and rented. If you haven't found the home you're looking for yet, try again shortly. With a turnover rate of 16 percent, there will be something available soon.
Local Restaurants The Pacific Northwest is an eclectic mix of internationally influenced cuisines. Every taste from around the world is available, prepared from generations-old recipes, delivered in fine dining atmospheres. Al-Aqsa Fine Middle Eastern Cuisine in South Gateway offers the city's highest-rated Indian dishes. The baklava is astounding. For Mexican food, Plaza Morelia is located nearby in Keizer. For good old-fashioned American food, White's, located on the banks of the river, is the best choice in town. You won't find diet food here, but it's well worth the visit. A steak and a beer is a staple of our modern diet, and the home of this combo in Salem is Ram Restaurant and Brewery. If you haven't heard, Word of Mouth Neighborhood Bistro in the central district is one of the best places in the city for a romantic interlude.
Transportation Salem offers a variety of ways for people to get around town. While most residents own a vehicle and drive to the majority of their destinations, it is possible to live in the city and use public transportation. Anywhere within the center of the city, bus and train routes will carry you where you need to go. Where the MBTA can't go, a taxi can. Even if public transit is available for most of your activities, you might want to have a vehicle to enjoy all that the surrounding mountains have to offer.
Neighborhoods Salem is one of those rare gems of a city that does not have any bad neighborhoods. Almost everywhere in the city is either a commercial district or has perfectly quiet neighborhood streets. This is the kind of place where children can play outside unattended. You don't have to leave a meeting to ensure you locked your car door. Salem is safe, pleasant, and definitely on its way up. The secret, however, is out. More and more people are discovering how pleasant it is to have a quiet home at the base of the hills.