Salem city, Virginia: commercial real estate data.
Salem city, Virginia had an estimated 25,908 residents on July 1, 2024, up 2.2 percent since the 2020 census base of 25,341, across 14 square miles. 994 establishments operate here, and the SBA record carries 25 7(a) approvals worth $15.8 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Salem city
How many people live in Salem city
- Population, American Community Survey 2020-202425,618
- Households10,256
- Average household size2.50
- Median household income$66,725
- Median age40.0
- Median gross rent$1,133 per month
- Median owner-occupied home value$258,600
- Home value to household income3.9 times
- Annual rent as a share of median income20.4 percent
- Adults 25 and over with a bachelor degree or higher33.0 percent
- Adults 25 and over with a graduate degree13.6 percent
- Adults 25 and over17,116
- Population under 184,989
- Share under 1819.5 percent
- Population 65 and over5,016
- Share 65 and over19.6 percent
- Working age population, 18 to 6415,613
- Civilian labor force12,759
- Unemployment rate3.6 percent
- Labor force participation, adults 18 and over61.8 percent
- Rank by population among Virginia independent cities69th of 133
- Rank by population among US county-equivalents, Puerto Rico included1631st of 3,222
Salem city is the 69th largest of 133 Virginia independent cities by population. A median home costs 3.9 times median household income, which is moderately unaffordable by national standards. Residents 65 and over outnumber those under 18, at 19.6 percent against 19.5 percent, which points demand at health care, services and single story product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Salem city
Is Salem city's population growing?
- Population, July 1, 202425,908
- Census 2020 base population25,341
- Population change since the 2020 census base2.24 percent
- Population change, 2023 to 2024239
- Births, 2024332
- Deaths, 2024369
- Natural change, 2024-37
- Net domestic migration, 2024132
- Net international migration, 2024144
- Total net migration, 2024276
- Cumulative net domestic migration, 2021 to 2024418
- Rank by growth among US county-equivalents1092nd of 3,144
The county has grown 2.24 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Salem city
Where are people moving to Salem city from?
- Tax returns filed by households arriving1,130
- People arriving, from those returns1,960
- Tax returns filed by households leaving1,007
- Net household movement123
- Adjusted gross income arriving$63.4 m
- Net adjusted gross income movement$7.0 m
- Average income of an arriving household$56,135
- Average income of a leaving household$56,049
- Largest single originRoanoke County (296 households)
- Largest single destinationRoanoke County (267 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Roanoke County | 296 | 532 | $18.4 m |
| Roanoke city | 287 | 509 | $14.4 m |
| Montgomery County | 35 | 56 | $2.7 m |
| Botetourt County | 34 | 57 | $2.3 m |
| Franklin County | 31 | 52 | $1.4 m |
| Bedford County | 26 | 43 | $1.0 m |
Households arriving report $86 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Roanoke County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Salem city
Employment by industry in Salem city
- Covered employment, annual average20,481
- Establishments reporting1,123
- Average annual pay$63,388
- Average weekly wage$1,219
- Health care and social assistance, employment3,470
- Health care and social assistance, average annual pay$63,836
- Manufacturing, employment2,708
- Manufacturing, average annual pay$76,183
- Wholesale trade, employment1,992
- Wholesale trade, average annual pay$85,085
- Accommodation and food services, employment1,586
- Accommodation and food services, average annual pay$24,137
- Retail trade, employment1,546
- Administrative and support and waste management services, employment838
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 3,470 | 192 | $63,836 |
| Manufacturing | 2,708 | 60 | $76,183 |
| Wholesale trade | 1,992 | 61 | $85,085 |
| Accommodation and food services | 1,586 | 96 | $24,137 |
| Retail trade | 1,546 | 108 | $33,652 |
| Administrative and support and waste management services | 838 | 60 | $44,880 |
| Educational services | 643 | 12 | $49,335 |
| Professional, scientific and technical services | 612 | 90 | $81,030 |
Health care and social assistance is the largest private sector at 3,470 jobs, 16.9 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Salem city
How many businesses are in Salem city?
- Establishments, all industries994
- Employment at those establishments19,148
- Annual payroll$1.15 bn
- Establishments per 1,000 residents38.8
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Salem city
Building permits in Salem city
- Housing units authorized by permit, 2024268
- Declared construction value permitted$41.9 m
- Single family units authorized20
- Multifamily units authorized248
- Multifamily share of units92.5 percent
- Average declared value per unit$156,421
- Units authorized per 1,000 households26.1
Multifamily is 92.5 percent of units authorized, so the pipeline is being built for renters rather than buyers.
US Census Bureau, Building Permits Survey, 2024 annual.
Salem city
SBA loans in Salem city (7(a) and 504)
- 7(a) approvals recorded25
- 7(a) gross approval dollars$15.8 m
- Average 7(a) approval$630,896
- Median 7(a) approval$288,000
- 10th percentile approval$38,000
- 90th percentile approval$1,561,200
- Largest single approval$3,932,000
- Jobs reported supported, 7(a)540
- Jobs per approval21.6
- Distinct 7(a) lenders active15
- Distinct industries receiving approvals19
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer16.0 percent
- Loans on real estate terms4
- Loans on working capital terms, 120 months or shorter18
- Franchise loans5
- Franchise share of approvals20.0 percent
- Most active lenderPinnacle Bank (4)
- 504 approvals recorded3
- 504 gross approval dollars$2.6 m
- Average 504 approval$857,333
- Median 504 approval$704,000
- Distinct CDCs active3
- 504 jobs per approval45.7
- 504 jobs per million dollars approved53.3
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$18.3 m
The average approval of $630,896 sits well above the median of $288,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 16.0 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Salem city
SBA loan default and charge-off rates in Salem city
Do SBA loans in Salem city get paid back?
- Loans with a final outcome recorded3
- Paid in full2
- Charged off1
- Status: Exempt from disclosure19
- Status: Charged off1
- Status: Cancelled3
- Status: Paid in full2
Only 3 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Salem city
SBA lending by place in Salem city
- Borrower cities with recorded lending2
- Salem, approvals24
- Pleasanton, approvals1
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Salem | 24 | $14,572,400 |
| Pleasanton | 1 | $1,200,000 |
Salem accounts for 24 approvals against 1 in Pleasanton. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Salem city
How large is Salem city?
- Land area14 sq mi
- Rank by land area among Virginia independent cities113th of 133
- Width, east to west5.6 mi
- Height, north to south3.1 mi
- Geographies sharing a boundary2
- Residents per square mile of land1,830
- Establishments per square mile71.00
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Salem city
Flood risk in Salem city
- Participation of the county's own NFIP community Salem, city ofParticipating, community 510141
- Communities in the county in the NFIP Community Status Book1
- Of those, participating in the NFIP1
- NFIP participation rate100.0 percent
- Communities carrying a CRS class0
- Radon levels in Salem city, EPA zone predicted average indoor radon screening level greater than 4 pCi/LZone 1
The county's own community in the status book, the City of Salem (community 510141), participates in the National Flood Insurance Program and carries no Community Rating System class, so no CRS premium discount applies there. The EPA places Salem city in radon zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Salem city site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Salem city site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202425,618
- Households10,256
- Average household size2.50
- Median household income$66,725
- Median age40.0
Common questions
Salem city questions, answered from the record.
How many people live in Salem city, Virginia?
The Census Bureau estimates 25,908 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 25,618, in 10,256 households, ranking 69th of 133 Virginia counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Salem city's population growing?
The population has grown 2.24 percent since the 2020 census base of 25,341, to 25,908 on July 1, 2024. In 2024 there were 332 births against 369 deaths, with net migration of 276. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Salem city?
$66,725. The median owner-occupied home is valued at $258,600, which is 3.9 times income, and median gross rent is $1,133 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Salem city?
994 establishments, employing 19,148 people with an annual payroll of $1.15 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Salem city?
Health care and social assistance is the largest private sector at 3,470 jobs, 16.9 percent of covered employment. Covered employment averages 20,481 jobs at an average annual pay of $63,388, or $1,219 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Salem city?
25 7(a) approvals totaling $15.8 m since FY2020, across 15 lenders, with a median approval of $288,000, plus 3 504 approvals worth $2.6 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Salem city?
268 housing units were authorized by permit in 2024, with a declared construction value of $41.9 m. Multifamily was 92.5 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Salem city?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Salem city come from?
The largest single origin is Roanoke County, with 296 households. Arriving households report an average income of $56,135 against $56,049 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Salem city on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Salem city?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
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