Living in Spencer, Indiana
Cost of living, income, home prices, rent and demographics of Spencer · Census data 2020–2024
Spencer has 2,481 residents with a median age of 51.7. The median household income is $48,378 (33% lower than the Indiana median), the median home value is $162,900, the median rent is $798/month.
Spencer at a glance
- Population
- 2,481
- Median age
- 51.7State: 38.1
- Median household income
- $48,378State: $71,957
- Median home value
- $162,900State: $218,200
- Median rent
- $798/moState: $1,062
- Homeowners
- 67.1%
- Bachelor's degree or higher
- 21%
- Average commute
- 18 min
Is Spencer a good place to live?
Pros: Home values 25% lower than the state median; an average commute of 18 minutes; unemployment of 4.3%.
Cons: Median household income 33% lower than the Indiana median; a poverty rate of 14.1%.
The weather is best in May–June and August–September.
Cost of living in Spencer
Housing is the biggest part of the cost of living. In Spencer the median home value is $162,900, 51% lower than the U.S. median. Renters pay a median of $798 per month, which is 24.4% of household income. Homeowners with a mortgage pay $1,227 a month in housing costs.
Spencer median household income
The median household income in Spencer is $48,378 and the income per person is $30,884. 14.1% of residents live below the poverty line (Indiana: 12.3%).
Housing in Spencer: homes for sale and rent
- Housing units
- 1,330
- Owner-occupied
- 67.1%
- Renter-occupied
- 32.9%
- Vacant
- 10.3%Includes seasonal homes
- Median year built
- 1945
- Average household size
- 1.98
Spencer demographics
- Population
- 2,481
- Median age
- 51.7
- Under 18
- 13.8%
- 65 and older
- 30.1%
- Households
- 1,193
- Foreign-born
- 1.8%
- Veterans
- 6.2%Adults 18+
Hispanic or Latino can be of any race. Population history of Spencer ›
Education in Spencer
21% of adults 25 and older in Spencer have a bachelor's degree or higher (Indiana: 29.5%), and 9.6% have a graduate or professional degree.
Jobs and commute in Spencer
- Unemployment rate
- 4.3%State: 4.3%
- Average commute
- 18 minState: 24 min
- Work from home
- 7.1%
- Drive alone
- 78%
- Public transit
- 0%
- Walk to work
- 8.4%
- Homes with broadband
- 77.2%
Spencer vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Spencer | 2,481 | $48,378 | $162,900 | $798 |
| Stinesville | 297 | $64,464 | $129,400 | $642 |
| Gosport | 1,303 | $59,886 | $108,300 | $898 |
| Ellettsville | 6,698 | $90,213 | $243,600 | $855 |
| Patricksburg | 356 | $73,564 | $102,700 | — |
| Paragon | 537 | $73,750 | $104,100 | $1,019 |
| Solsberry | 184 | $230,724 | $447,400 | — |
| Stanford | 472 | $131,289 | $295,500 | — |
| Coal City | 161 | $35,357 | — | — |
More for people moving to Spencer
Spencer ZIP code ›Weather and climate ›Living in Spencer: FAQ
What is the median household income in Spencer, IN?
The median household income in Spencer is $48,378, 33% lower than the Indiana median of $71,957 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Spencer?
The median home value in Spencer is $162,900, compared with $218,200 in Indiana.
How much is rent in Spencer?
The median gross rent in Spencer is $798 per month, about 24.4% of household income.
Is Spencer, IN a good place to live?
Pluses: home values 25% lower than the state median; an average commute of 18 minutes; unemployment of 4.3%. Minuses: median household income 33% lower than the Indiana median; a poverty rate of 14.1%.
What is the median age in Spencer?
The median age in Spencer is 51.7 years (Indiana: 38.1).
How long is the commute in Spencer?
The average commute to work in Spencer is 18 minutes; 7.1% of workers work from home.
What is the unemployment rate in Spencer?
The unemployment rate in Spencer is 4.3% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Spencer?
21% of adults in Spencer have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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