How much is a home worth in ZIP code 97306?

The typical home in 97306 is worth $497,443, based on the Zillow Home Value Index.

Are home values rising in 97306?

Home values in 97306 are up 0.2% over the past year, and up 3.4% a year over five years.

What is the typical rent in 97306?

A typical home in 97306 rents for about $1,722 a month, a gross rental yield of 4.2%.

What is the property tax rate in 97306?

The effective property tax rate in 97306 is 1.0% — roughly $4,981 a year on a typical home.

ZIP code 97306 has a population of 34,383 and a median household income of $101,753.

HousingHandbookReference data

…

U.S. ZIP Code · OR97306

Marion County · Salem, OR

Typical home value

$497,443^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: +0.2%
5-year / yr: +3.4%
10-year / yr: +6.4%

Relative price

vs U.S.: +75.1%
vs metro: +4.4%
vs state: +8.2%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 97306 is worth $497,443 — 4.4% above the Salem, OR median. Over the past year, values have risen 0.2%. Homes here rent for a typical $1,722 a month — a 4.2% gross rental yield. The effective property tax rate is 1.0%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $1,722^[2]
Gross yield: 4.2%^[2]
Cap rate: 2.5%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 1.0%^[3]
Typical annual tax: $4,981^[3]

#Climate risk

FEMA National Risk Index ratings for Marion County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively High^[4]
Riverine flood: Relatively Moderate
Coastal flood: Not Applicable
Wildfire: Very Low
Drought: Very Low
Heat wave: Relatively Moderate
Hurricane: Not Applicable
Tornado: Very Low
Earthquake: Relatively High
Winter weather: Relatively Moderate

#Who lives here

Population: 34,383^[3]
Median household income: $101,753^[3]

#Migration

Household moves in and out of Marion County over a year, from IRS tax-return data.

Net migration: -180^[5]
Moved in: 8,210
Moved out: 8,390

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 6
Elementary: 5
Middle: 1
High: 0

Crossler Middle School
Middle · Grades 6–8 · Salem-Keizer SD 24J
833 students
Sumpter Elementary School
Elementary · Grades K–5 · Salem-Keizer SD 24J
484 students
Pringle Elementary School
Elementary · Grades K–5 · Salem-Keizer SD 24J
477 students
Liberty Elementary School
Elementary · Grades K–5 · Salem-Keizer SD 24J
447 students
Battle Creek Elementary School
Elementary · Grades K–5 · Salem-Keizer SD 24J
442 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield4.2%

Net yield (after ~40% expenses)2.5%

Annual rent$20,662

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$2,515

Loan principal$397,954

Down payment$99,489

Total interest paid$507,568

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.94

Monthly cost to own$3,344

Monthly rent$1,722

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 25th percentile^[1]
Rental yield: 42nd percentile^[2]
Property tax: 100th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 97306?: The typical home in 97306 is worth $497,443, based on the Zillow Home Value Index.
Are home values rising in 97306?: Home values in 97306 are up 0.2% over the past year, and up 3.4% a year over five years.
What is the typical rent in 97306?: A typical home in 97306 rents for about $1,722 a month, a gross rental yield of 4.2%.
What is the property tax rate in 97306?: The effective property tax rate in 97306 is 1.0% — roughly $4,981 a year on a typical home.
Who lives in 97306?: ZIP code 97306 has a population of 34,383 and a median household income of $101,753.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

97358 vs 97306 →
Lyons, OR
Typical home
$497,509
Gross yield
—
97032 vs 97306 →
Hubbard, OR
Typical home
$494,207
Gross yield
—
97325
Aumsville, OR
Typical home
$493,869
Gross yield
—
97304
Salem, OR
Typical home
$501,590
Gross yield
4.0%
97362
Mount Angel, OR
Typical home
$483,516
Gross yield
—
97361
Monmouth, OR
Typical home
$476,820
Gross yield
4.0%

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#Jump to section

U.S. ZIP Code · OR97306

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