Real Estate Investing in Salem, Oregon (97304)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 97304 (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.
No major risk flags on the data we track.
What’s happening in Salem, OR (97304)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 97304 Salem
Meanwhile, ZIP 97304 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $504K median. It rewards specialists, not generalists.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $504K asset, 97304 is the wrong submarket. If the plan prices in friction, the yield can still work.
In the broader OR picture, 97304 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 97304 ZIP's population of 34,846 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that comes in at the need for careful underwriting.
Distressed ZIPs reward experience. solid returns are possible in 97304, 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 97304
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $306,341 | $1,580 | 3.7% | +5.6% | $306,341 |
| 2BR | $370,344 | $1,800 | 3.5% | +6.1% | $185,172 |
| 3BR | $462,091 | $2,470 | 3.8% | +6.3% | $154,030 |
| 4BR | $554,714 | $2,900 | 3.8% | +6.3% | $138,678 |
| 5BR | $626,096 | — | — | +6.2% | $125,219 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 97304 Compare?
| Metric | 97304 | Salem | Salem, OR | Oregon |
|---|---|---|---|---|
| Home Value | $504,038 | $256,393 | N/A | $493,884 |
| 5-Year CAGR | 3.3% | 3.0% | N/A | 4.9% |
| Avg Rent | $1,870 | $1,648 | N/A | - |
| Cap Rate | 2.9% | 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 97304 (Salem, OR). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 97304 (Salem, OR)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $504,038 |
| Monthly Rent | $1,870 |
| Price-to-Rent | 22.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 2.9% |
| 5-Year IRR | 6.2% |
📈 Home Appreciation
| 1-Year | +2.5% ▲ |
| 3-Year CAGR | +1.3% ▲ |
| 5-Year CAGR | +3.3% ▲ |
| 10-Year CAGR | +6.6% ▲ |
🏠 Rent Trends
| 1-Year | +3.8% ▲ |
| 3-Year CAGR | +1.5% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.9%). 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 97304
Population: 34,846
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 97304
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 much rent can I charge in Salem, OR?
Salem, OR rentals go for roughly $1,870/mo a month. That puts gross yield in solid territory relative to $504K acquisition costs.
Should investors worry about vacancy in Salem, OR?
Vacancy in Salem, OR is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $1,870/mo.
Is real estate in Salem, OR a good investment right now?
Salem, OR rates 3.0/5 for investability. With median values at $504K and rents near $1,870/mo, the market offers reasonable fundamentals for rental investors.
Does house hacking work in Salem, OR?
House hacking works a challenging in Salem, OR. Rents of $1,870/mo against $504K acquisition make the strategy solid for owner-occupants.
Are eviction rules reasonable in Salem, OR?
Salem, OR falls under OR landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
You know 97304 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 97304 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 97304 ranks in Salem, OR
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 97304 (Salem)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 97304 (Salem, OR).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.