Living in Spencer, Iowa
Cost of living, income, home prices, rent and demographics of Spencer · Census data 2020–2024
Spencer has 11,400 residents with a median age of 41.4. The median household income is $59,667 (21% lower than the Iowa median), the median home value is $184,800, the median rent is $805/month.
Spencer at a glance
- Population
- 11,400
- Median age
- 41.4State: 38.6
- Median household income
- $59,667State: $75,059
- Median home value
- $184,800State: $208,000
- Median rent
- $805/moState: $972
- Homeowners
- 68.1%
- Bachelor's degree or higher
- 29.8%
- Average commute
- 16 min
Is Spencer a good place to live?
Pros: Home values 11% lower than the state median; an average commute of 16 minutes.
Cons: Median household income 21% lower than the Iowa median; unemployment of 4.5%; a poverty rate of 14%.
The weather is best in June to September.
Cost of living in Spencer
Housing is the biggest part of the cost of living. In Spencer the median home value is $184,800, 44% lower than the U.S. median. Renters pay a median of $805 per month, which is 27% of household income. Homeowners with a mortgage pay $1,401 a month in housing costs.
Spencer median household income
The median household income in Spencer is $59,667 and the income per person is $37,510. 14% of residents live below the poverty line (Iowa: 11.1%).
Housing in Spencer: homes for sale and rent
- Housing units
- 5,693
- Owner-occupied
- 68.1%
- Renter-occupied
- 31.9%
- Vacant
- 8.6%Includes seasonal homes
- Median year built
- 1972
- Average household size
- 2.13
Spencer demographics
- Population
- 11,400
- Median age
- 41.4
- Under 18
- 23.3%
- 65 and older
- 21.9%
- Households
- 5,201
- Foreign-born
- 3.3%
- Veterans
- 7%Adults 18+
Hispanic or Latino can be of any race. Population history of Spencer ›
Education in Spencer
29.8% of adults 25 and older in Spencer have a bachelor's degree or higher (Iowa: 31.4%), and 8% have a graduate or professional degree.
Jobs and commute in Spencer
- Unemployment rate
- 4.5%State: 3.6%
- Average commute
- 16 minState: 20 min
- Work from home
- 5.8%
- Drive alone
- 82.2%
- Public transit
- 1.1%
- Walk to work
- 3.1%
- Homes with broadband
- 89.1%
Spencer vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Spencer | 11,400 | $59,667 | $184,800 | $805 |
| Fostoria | 181 | $81,250 | $161,800 | $769 |
| Dickens | 131 | $71,250 | $99,300 | — |
| Everly | 584 | $57,656 | $112,000 | $713 |
| Royal | 585 | $56,893 | $87,200 | $895 |
| Ruthven | 732 | $58,625 | $105,700 | $608 |
| Milford | 3,311 | $63,369 | $218,400 | $887 |
| West Okoboji | 418 | $66,250 | $593,800 | $2,000 |
| Terril | 290 | $43,889 | $95,500 | $625 |
More for people moving to Spencer
Spencer ZIP code ›Weather and climate ›Living in Spencer: FAQ
What is the median household income in Spencer, IA?
The median household income in Spencer is $59,667, 21% lower than the Iowa median of $75,059 (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 $184,800, compared with $208,000 in Iowa.
How much is rent in Spencer?
The median gross rent in Spencer is $805 per month, about 27% of household income.
Is Spencer, IA a good place to live?
Pluses: home values 11% lower than the state median; an average commute of 16 minutes. Minuses: median household income 21% lower than the Iowa median; unemployment of 4.5%; a poverty rate of 14%.
What is the median age in Spencer?
The median age in Spencer is 41.4 years (Iowa: 38.6).
How long is the commute in Spencer?
The average commute to work in Spencer is 16 minutes; 5.8% of workers work from home.
What is the unemployment rate in Spencer?
The unemployment rate in Spencer is 4.5% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Spencer?
29.8% 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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