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Affordable
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These days, finding an affordable place to live in the Spencer area can be challenging. Home prices in Spencer are now at a median cost of $189,012, lower than the Indiana average of $232,932.
The average cost of rent is $826/mo in Spencer, primarily driven by the current value of real estate in the Spencer area. In Spencer, 20.64% of households rent, and 42.69% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Spencer is $5,755 per month. Households that rent pay about 14.35% of their income on rent here. Spencer’s most expensive areas are in the southwestern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Romona, IN: equally priced homes
- Pottersville, IN: higher priced homes
- Freeman, IN: equally priced homes
- Vandalia, IN: equally priced homes
- Stinesville, IN: higher priced homes
- Gosport, IN: equally priced homes
- Cuba, IN: equally priced homes
- Freedom, IN: equally priced homes
- Carp, IN: equally priced homes
- New Hope, IN: higher priced homes
Cities with Similar Populations
- Tipton, IN: equally priced homes
- Byron, IL: higher priced homes
- Caddo Mills, TX: higher priced homes
- Caldwell, OH: less expensive homes
- Calhoun, LA: higher priced homes
- Camden, TN: less expensive homes
- Camilla, GA: less expensive homes
- Camp Pendleton North, CA: higher priced homes
- Camp Swift, TX: higher priced homes
- Campbell, OH: less expensive homes
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