Home Buying in 97301>Question Details

CJ, Home Buyer in 97301

Hi All! What is the current rent/buy ratio for Salem using the median home value for 3bed 2 bath homes?

Asked by CJ, 97301 Wed Mar 14, 2012

If you know it specifically, what is the rent buy ratio for the area from Bush Park south to say Madrona ave, hemmed in on either side by Commercial and Pringle/13th? I don't need info that specific right now, but if you know it off the top of your head it would be helpful with our home buying musings. Thanks!

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It is approximately 13.1 for a 3/2. The problem with that area you chose is that it includes Bush Park, Yew Park, Nob Hill, Lamond, and Morningside neighborhoods. There is a huge discrepancy within that area of what that ratio would be. It would be much higher for Bush Park/Nob HIll, and much less for Yew Park and Morningside.
1 vote Thank Flag Link Wed Mar 14, 2012
According to Susan Marthen's most recent monthly newsletter, the 2012 year-to-date median house price is $230,400.You can find a much more detailed report at: http://tinyurl.com/9logu89

(Note: The long URL for the above link is the following:
http://www.movingtoportland.net/images/market_action/2012/ma…

Sorry, but I can't help you with the average rental price.
0 votes Thank Flag Link Sun Oct 14, 2012
Your question can be answered in a number of ways. $1200/month rent could get you into a nice home in a nice neighborhood. A $1200/month housepayment, depending on taxes, insurance and mortgage insurance might get you into a $150K-$180K home.

Kathleen Dewoina, Broker
Prudential REP
503-371-3013 x1311
0 votes Thank Flag Link Thu May 17, 2012
First Melina,
I appreciate your response because we are trying to get general, basic information about the housing marketplace of Salem. Your answer here on Trulia also helps us to get a sense of who is out there and what the current conversations among brokers are on certain market trends.

How wide is the range in those neighborhoods? Are we talking 12 up to 22 or 13 to 18?

-Chris
0 votes Thank Flag Link Thu Mar 15, 2012
I thought there was a way to edit my question, but I don't see it here. I am looking specifically for median recent home sale price over year of rent. I am not sure if there are different ways to calculate...
0 votes Thank Flag Link Wed Mar 14, 2012
The median price for the last 3 months on a 3 bed, 2 bath in SE Salem is $174,000. The average sold price is $171,810. Most rents will be $1000 to $1200 per month. I'll use $1100. and you get 13.18 off the median as Melina pointed out. That area encompasses south of Mission, West of I-5 and East of Liberty.
Flag Wed Mar 14, 2012
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