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The cheapest hotel in Salem, according to Priceline is $289/night (see map) . I found a 1 BR apartment on Airbnb that had good reviews. It is within walking distance to the train and right in the middle of Salem and all of the museums and activities.
You can Check it Out on the Airbnb listing @ Beautiful 1bd apt in Historic Salem. The total cost for the apt is $492. See screenshot.
If you stay in Boston the rooms are expensive there as well, especially if you want to stay in something decent. I recommend the Airbnb… and booking it soon… I’d message him first….