Real Estate Investing in Salem, Oregon (97302)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97302 (Salem, OR)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 26.7 — hard to cash-flow at these prices.
What’s happening in Salem, OR (97302)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 97302 Salem
Looking more closely, ZIP 97302 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $467K median. It rewards specialists, not generalists.
From a cash-flow lens, the numbers look inviting — $467K purchase price, 0.0% nominal cap — the work to hit that pro forma in 97302 is substantial and deserves full respect.
Statewide comparisons place 97302 among OR's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Looking more closely, 40,954 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Distressed ZIPs reward experience. substantial returns are possible in 97302, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Salem:
Property Strategy for 97302
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $343,195 | $1,500 | 3.1% | +5.5% | $171,598 |
| 3BR | $439,333 | $2,080 | 3.4% | +5.7% | $146,444 |
| 4BR | $549,097 | $2,250 | 3.0% | +5.6% | $137,274 |
| 5BR | $625,927 | — | — | +5.9% | $125,185 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97302 Compare?
| Metric | 97302 | Salem | Salem, OR | Oregon |
|---|---|---|---|---|
| Home Value | $467,145 | $256,393 | N/A | $493,884 |
| 5-Year CAGR | 2.9% | 3.0% | N/A | 4.9% |
| Avg Rent | $1,457 | $1,648 | N/A | - |
| Cap Rate | 2.4% | 2.8% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 97302 (Salem, OR). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 97302 (Salem, OR)?
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Property managers serving Marion County
Manage rentals here? List your business →Evolve Workforce & Multifamily Housing Services. summary from their website
Dalke Property Management, Llc. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $467,145 |
| Monthly Rent | $1,457 |
| Price-to-Rent | 26.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 5.3% |
📈 Home Appreciation
| 1-Year | +2.4% ▲ |
| 3-Year CAGR | +1.5% ▲ |
| 5-Year CAGR | +2.9% ▲ |
| 10-Year CAGR | +6.7% ▲ |
🏠 Rent Trends
| 1-Year | -9.6% ▼ |
| 3-Year CAGR | -2.4% ▼ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 97302
Population: 40,954
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 97302
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,529 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How tight is the rental market in Salem, OR?
Vacancy risk in Salem, OR is elevated. That supports measured cash flow for typical rental holds.
Is Salem, OR good for house hacking?
House hacking in Salem, OR is a challenging. With home values around $467K and rents at $1,457/mo, owner-occupants can offset a meaningful share of PITI.
What real estate strategy is ideal for Salem, OR?
Salem, OR investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($467K prices, $1,457/mo rents) make it a reasonable choice.
Is housing expensive in Salem, OR?
Salem, OR home values average about $467K. That price point suits investors targeting rentals with $1,457/mo in monthly income.
What is the typical rental rate in Salem, OR?
The typical rental in Salem, OR commands about $1,457/mo monthly. That rent profile consistent cash flow against the $467K purchase basis.
You know 97302 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 97302 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 97302 ranks in Salem, OR
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