Living in Spencer, Tennessee
Cost of living, income, home prices, rent and demographics of Spencer · Census data 2020–2024
Spencer has 1,511 residents with a median age of 51.9. The median household income is $46,705 (33% lower than the Tennessee median), the median home value is $150,800, the median rent is $575/month.
Spencer at a glance
- Population
- 1,511
- Median age
- 51.9State: 38.9
- Median household income
- $46,705State: $69,595
- Median home value
- $150,800State: $286,700
- Median rent
- $575/moState: $1,189
- Homeowners
- 73.9%
- Bachelor's degree or higher
- 11.3%
- Average commute
- 25 min
Is Spencer a good place to live?
Pros: Home values 47% lower than the state median; an average commute of 25 minutes; unemployment of 0.5%; a poverty rate of 8.8%.
Cons: Median household income 33% lower than the Tennessee median.
The weather is best in May–June and September–October.
Cost of living in Spencer
Housing is the biggest part of the cost of living. In Spencer the median home value is $150,800, 55% lower than the U.S. median. Renters pay a median of $575 per month, which is 22.5% of household income. Homeowners with a mortgage pay $952 a month in housing costs.
Spencer median household income
The median household income in Spencer is $46,705 and the income per person is $25,361. 8.8% of residents live below the poverty line (Tennessee: 13.8%).
Housing in Spencer: homes for sale and rent
- Housing units
- 729
- Owner-occupied
- 73.9%
- Renter-occupied
- 26.1%
- Vacant
- 9.7%Includes seasonal homes
- Median year built
- 1975
- Average household size
- 2.17
Spencer demographics
- Population
- 1,511
- Median age
- 51.9
- Under 18
- 14%
- 65 and older
- 29.8%
- Households
- 658
- Foreign-born
- 1.4%
- Veterans
- 4.9%Adults 18+
Hispanic or Latino can be of any race. Population history of Spencer ›
Education in Spencer
11.3% of adults 25 and older in Spencer have a bachelor's degree or higher (Tennessee: 31.1%), and 4.7% have a graduate or professional degree.
Jobs and commute in Spencer
- Unemployment rate
- 0.5%State: 4.7%
- Average commute
- 25 minState: 26 min
- Work from home
- 7.4%
- Drive alone
- 75.7%
- Public transit
- 0%
- Walk to work
- 0%
- Homes with broadband
- 88.3%
Spencer vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Spencer | 1,511 | $46,705 | $150,800 | $575 |
| Doyle | 532 | $39,808 | $164,300 | $1,005 |
| Sparta | 4,939 | $50,080 | $217,000 | $731 |
| Bon Air | 205 | $63,750 | — | — |
| Pikeville | 2,319 | $37,688 | $168,500 | $630 |
| McMinnville | 13,844 | $47,179 | $182,200 | $791 |
| Pleasant Hill | 514 | $51,406 | $175,000 | $1,261 |
| Beersheba Springs | 654 | $72,885 | $101,000 | — |
| Lake Tansi | 4,437 | $57,991 | $280,900 | $1,020 |
More for people moving to Spencer
Spencer ZIP code ›Weather and climate ›Living in Spencer: FAQ
What is the median household income in Spencer, TN?
The median household income in Spencer is $46,705, 33% lower than the Tennessee median of $69,595 (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 $150,800, compared with $286,700 in Tennessee.
How much is rent in Spencer?
The median gross rent in Spencer is $575 per month, about 22.5% of household income.
Is Spencer, TN a good place to live?
Pluses: home values 47% lower than the state median; an average commute of 25 minutes; unemployment of 0.5%; a poverty rate of 8.8%. Minuses: median household income 33% lower than the Tennessee median.
What is the median age in Spencer?
The median age in Spencer is 51.9 years (Tennessee: 38.9).
How long is the commute in Spencer?
The average commute to work in Spencer is 25 minutes; 7.4% of workers work from home.
What is the unemployment rate in Spencer?
The unemployment rate in Spencer is 0.5% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Spencer?
11.3% 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.
Last updated: