Salem city Real Estate and Livability Trends
Salem, Virginia has seen rising average taxable incomes and a surge in state and local taxes, indicating an improving economic environment that could attract investors. Median home values have climbed from $173,100 in 2015 to $231,900 in 2022, showing potential investment returns despite being more affordable than the statewide average. Energy tax credits reached $917.65 per tax return in 2021,... Read more
Salem city Market Trends
Salem city, Virginia's housing market has experienced a notable rise in median home values, from $173,100 in 2015 to $231,900 in 2022, indicating potential investment returns despite being more affordable than the statewide average. Energy tax credits have surged, peaking at $917.65 per tax return in 2021, pointing to a community focus on energy efficiency and sustainable home improvements. Real... Read more
Median Value of Occupied Housing Units in Salem city, Virginia Over the Last 8 Years
Salem city, Virginia has seen a sharp upward trend in median home values over the past eight years, rising from $173,100 in 2015 to $231,900 in 2022. This increase is significant, especially when compared to the national median, which only moved from $125,500 to $179,400 over the same period. However, Salem's housing value growth lags behind the state of Virginia's, which climbed from $245,000 to $339,800. For potential investors or homebuyers, these numbers hint at an appreciating market that could offer solid returns in the future, despite Salem's more affordable entry point relative to broader state trends.
Residential Energy Tax Credit Per Tax Return in Salem city, VA Over the Last 8 Years
Salem, Virginia has seen a notable increase in average residential energy tax credits per tax return over the last eight years, peaking in 2021 at $917.65. The significant jump in 2017 to $560.00 and continued upward trend through 2021 suggests growing local investment in energy-efficient home improvements. This is a promising signal for residents considering property enhancements, investors eyeing sustainable development, and real estate professionals emphasizing eco-friendly features in their listings. While it's unclear whether this trend will persist, the past data reflects a strong community emphasis on energy efficiency.
Average Real Estate Taxes Per Tax Return in Salem city, VA Over the Last 10 Years
Over the last decade, real estate taxes per tax return in Salem city, Virginia have generally increased. Starting from an average of approximately $2,659.94 in 2012, there was a steady rise reaching a peak around $4,118.39 in 2019. Despite a slight decline post-2019, the 2021 figure remained elevated at about $3,943.66. This trend may suggest a strengthening real estate market and could potentially impact property investment decisions, insurance rates, and appraisals. Additionally, those considering moving to Salem should be aware of the upward trajectory in property taxes.
Percentage of Farm Returns in Salem city, VA Over the Last 9 Years
Farm tax returns in Salem city, Virginia show minor, yet interesting fluctuations over the past nine years, generally oscillating between 0.17% and 0.26% of total tax returns. Highest points were seen in 2013 and 2014 at around 0.26%, while the lowest was in 2019 at 0.17%. This data may suggest a stabilized yet small farming community, offering some opportunities for niche agricultural investments. Investors or those looking to develop property somewhat linked to farming might need to consider these patterns as they exhibit the overall agricultural activity and interest in the area.
Number of Mortgages by Occupancy Type in Salem city, VA Over the Last 5 Years in Salem city
Salem city in Virginia has seen fluctuating trends in mortgage activity across occupancy types over the last five years. Principal residences consistently dominate the mortgage landscape, peaking in 2021, while investment properties have shown a more modest increase. Second residences maintain a marginal presence. These shifts highlight possible investing opportunities or risks for those seeking stable rental income versus appreciating home values. Changes in occupancy types might influence local real estate markets significantly by altering demand pressures, property values, and consequently, insurance premiums and mortgage rates. Real estate stakeholders must pay attention to these occupancy trends to make informed decisions tailored to evolving market dynamics.
Economic Outlook
Salem, Virginia has seen a notable upward trend in average taxable income per tax return, climbing from $54,036.49 in 2013 to $71,524.58 by 2021. This suggests a potentially improving economic environment which could attract investors and individuals considering relocation. Concurrently, state and local income taxes have increased significantly, moving from $5,131.58 in 2012 to $12,545.21 by 2021. The overall rise in total tax liability per tax return also supports the notion of economic... Read more
Average Taxable Income per Tax Return in Salem city, VA over the last 9 years
Salem, Virginia has seen a notable increase in average taxable income per tax return over the past nine years. Starting at approximately $54,036.49 in 2013, it reached around $71,524.58 by 2021. This upward trend might suggest an improving economic landscape, potentially making Salem an attractive location for investors, property developers, and individuals considering relocation. The consistent rise, despite slight fluctuations, indicates a stable growth trajectory which could be appealing to real estate agents and insurance agents looking for thriving markets.
Average State and Local Income Taxes Per Tax Return in Salem city, VA Over the Last 10 Years
Over the past decade, Salem City, Virginia has seen a significant upward trend in average state and local income taxes per tax return, jumping from approximately $5,131.58 in 2012 to $12,545.21 by 2021. While fluctuations exist, such as the spike to $10,823.60 in 2019 followed by a drop to $8,918.75 in 2020, the overall pattern indicates an increase in tax liabilities. This information is crucial for potential investors, new residents, real estate appraisers, and agents, as higher tax rates may influence property values, living costs, and investment returns.
Average Total Tax Liability Per Tax Return in Salem city, VA Over the Last 10 Years
Over the past decade, Salem city, Virginia has experienced noticeable fluctuations in the average total tax liability per tax return. Starting at around $8,481.81 in 2012 and rising to $10,797.26 by 2021, the data suggests a general upward trend with some variance in between. Key points of interest include a significant increase between 2014 and 2015, a peak in 2017, and a noteworthy climb in 2021. These changes may reflect economic adjustments, policy shifts, or demographic transformations, offering valuable insights for potential investors, real estate professionals, and residents evaluating the fiscal landscape of Salem city.
Cost of Living in Salem city
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,487 | $1,428 | $1,609 | $1,707 | $1,446 |
| 1 adult 4 children | $1,487 | $1,166 | $1,228 | $1,707 | $1,610 |
| 2 adults 3 children | $1,487 | $1,166 | $1,397 | $1,707 | $1,222 |
| 1 adult 3 children | $1,487 | $952 | $1,016 | $1,707 | $1,373 |
| 2 adults 2 children | $1,084 | $955 | $1,185 | $1,486 | $970 |
| 1 adult 2 children | $1,084 | $713 | $804 | $1,486 | $992 |
| 2 adults 1 child | $1,084 | $755 | $974 | $769 | $859 |
| 1 adult 1 child | $1,084 | $487 | $593 | $769 | $752 |
| 2 adults | $879 | $606 | $762 | $0 | $652 |
| 1 adult | $792 | $331 | $381 | $0 | $565 |
Safety trends & Data
In Salem city, Virginia, property crime trends have fluctuated over the past five years. Embezzlement and forgery incidents are down, while larceny-theft, though still the highest in incidents, has decreased since its 2019 peak of 233 cases. Burglary incidents have slightly increased, spiking at 23 in 2022. These trends could be crucial for risk assessments and property valuations, making it valuable information for investors, insurance agents, and real estate... Read more
Property Crime Trends in Salem city, VA Over the Last 5 Years
Property crime trends in Salem city, Virginia, show fluctuations over the past five years, with noticeable declines in categories like embezzlement and forgery. Larceny-theft remains the highest in incidents but has shown a downward trend since peaking in 2019 at 233 cases. Burglary incidents have slightly increased, with a notable spike in 2022 at 23. For investors, insurance agents, and real estate professionals, understanding these dynamics could be crucial for risk assessments and property valuations in the area.
Demographics
Salem, Virginia showcases a fairly balanced gender distribution, with females slightly outnumbering males. The educational profile indicates a workforce that mostly holds high school diplomas or some college experience, while a significant portion possesses bachelor's or advanced degrees. A diverse age range exists, with a notable proportion of residents aged 55 to 64 years and a vibrant young adult demographic. The racial composition is predominantly White, but there are small yet meaningful... Read more
Race Distribution in Salem city, Virginia (2022)
Educational Attainment in Salem city, Virginia (2022)
Age Distribution in Salem city, Virginia
Citizen Population in Salem city, Virginia (2022)
Political Trends & Data
Salem County, Virginia, seems to lean Republican based on the 2020 U.S. Presidential Election, with about 59% of votes favoring the GOP. Democrats managed roughly 39%, and Libertarians around 2%, showcasing a political landscape starkly divided between the two major... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
Salem County in Virginia shows a notable lean towards the Republican party, with approximately 59% of votes cast in the 2020 U.S. Presidential Election. The Democrat party garnered around 39% of the votes, while Libertarians secured close to 2%. No significant support was observed for Green or other parties, indicating a clear dichotomy in voter preference predominantly split between Republican and Democrat candidates.
58.87% of voters voted for the Republican party in the 2020 Presidential Election
39.45% of voters voted for the Democrat party in the 2020 Presidential Election
1.69% of voters voted for the Livertarian party in the 2020 Presidential Election
School Data
The student-to-teacher ratio in Salem City, Virginia has fluctuated from a peak of 15 in 2018 to a low of 12 in 2021, currently settling at 13 in 2023. This figure is slightly below the national average of 14, hinting at potentially less crowded classrooms. For real estate investors and potential homeowners, this trend might indicate a higher quality of education, which could positively influence property values and the area's overall... Read more
Student-to-teacher ratio in Salem City, Virginia over the last 10 years
Over the past decade, the student-to-teacher ratio in Salem City, Virginia has seen some fluctuation, peaking at 15 in 2018 and dropping to a low of 12 in 2021, with the most recent value being around 13 in 2023. For comparison, this is slightly below the national average of 14 students per teacher, suggesting Salem City's classrooms might be less crowded on average. Real estate investors, potential homeowners, and those in the education sector may find this trend significant, as lower ratios can often indicate a higher quality of education, potentially impacting property values and the desirability of moving to or staying in the area.
