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12-month history
Last updated: October 17, 2026
What the numbers show
Rent in ZIP 97304 is 3% below its high of $1,943 in November 2024, at $1,884 as of September 2026.
Rent in ZIP 97304 changed +1.1% over the year to September 2026. Across the 106 Oregon ZIP codes Zillow tracks, the typical change was +1.6%.
Rent has fallen 2 months in a row, and rose in 5 of the last 12 months.
30% of the median household income ($98,031) is $2,451 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,800); a 3-bedroom is $2,470.
5th cheapest of 5 ZIP codes in Salem.
ZIP 97303, 5 miles away, rents for 15% less ($1,593/mo), about $3,500 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 97304. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 97304 (Salem, OR) is majority owner-occupied, has a median income above the national average, 39.1% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 97304 in Salem, OR has changed in 5 years
Since 2022, the typical rent in ZIP 97304 in Salem, OR has climbed from $1,808 to $1,884, a 4.2% change over five years. Household income in the area moved from $79,346 to $98,031 across the same window, up 23.5% versus 2021. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has grown by 3.1% since 2021, moving from about 33,846 residents to roughly 34,879. Reading these numbers side by side helps frame whether current listings in ZIP 97304 in Salem, OR look reasonable against where the market sat half a decade ago.
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Tips for renters in ZIP 97304
Last updated: October 17, 2026
ZIP code 97304 covers Salem, OR. The median rent here is $1,884/mo as of October 2026. A 1-bedroom rents for a median of $1,580/mo. A 2-bedroom rents for a median of $1,800/mo.
At 23% of local median household income ($98,031/yr), ZIP 97304 ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.1% over the past year.
Frequently asked questions
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Is rent going up or down in ZIP 97304?
How does ZIP 97304 compare to other ZIPs in Oregon?
How does ZIP 97304 compare to the rest of Salem?
At $1,884/mo, rent takes ~23% of ZIP 97304's median household income ($98,031/yr). The standard benchmark is 30%.
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