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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 $342,980, higher than the South Dakota average of $268,202.
The average cost of rent is $1,091/mo in Spencer, primarily driven by the current value of real estate in the Spencer area. In Spencer, 8.59% of households rent, and 51.88% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Spencer is $7,381 per month. Households that rent pay about 14.79% of their income on rent here. Spencer’s most expensive areas are in the southeastern regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Farmer, SD: less expensive homes
- Salem, SD: less expensive homes
- Emery, SD: less expensive homes
- Unityville, SD: equally priced homes
- Epiphany, SD: less expensive homes
- Alexandria, SD: less expensive homes
- Bridgewater, SD: less expensive homes
- Canova, SD: less expensive homes
- Fulton, SD: less expensive homes
- Stanley Corner, SD: higher priced homes
Cities with Similar Populations
- Reynoldsdale, PA: less expensive homes
- Morrison, IA: less expensive homes
- Morse, TX: less expensive homes
- Morton Valley, TX: less expensive homes
- Mortonsville, KY: higher priced homes
- Mount Braddock, PA: less expensive homes
- Red Cliff, CO: higher priced homes
- Red Lake, TX: less expensive homes
- Redfield, NY: less expensive homes
- Regent, ND: less expensive homes
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