The typical owner-occupied home in Spencer is worth about $162,900, 25% below the Indiana median of $218,200 and 51% below the national median of $332,700. Owners pay a median $1,151 a year in property taxes, about 0.71% of their home's value, close to the Indiana rate of 0.74%. The median household earns $48,378 a year, so the median home costs 3.4 times the median income (3.0 times for Indiana). 67% of occupied homes here are lived in by their owners, and 46% of those owners still have a mortgage.
Spencer at a glance
| Spencer | Indiana | U.S. | |
|---|---|---|---|
| Median home value | $162,900 | $218,200 | $332,700 |
| Median property tax paid per year | $1,151 | $1,614 | $3,119 |
| Property tax as a share of value | 0.71% | 0.74% | 0.94% |
| Median household income | $48,378 | $71,957 | $80,734 |
| Homes lived in by their owners | 67% | 71% | 65% |
| Owner homes with a mortgage | 46% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,227 | $1,404 | $1,963 |
| Those costs as a share of the owners' income | 20.5% | 18.1% | 21.0% |
| Median rent | $798 | $1,062 | $1,413 |
| Rent as a share of renters' income | 24.4% | 29.1% | 30.6% |
| Median year homes were built | 1945 | 1976 | 1980 |
| Vacant homes | 10.3% | 8.8% | 10.1% |
| Population | 2,481 | 6,851,073 | 334,922,499 |
What a typical home costs per month in Spencer
At this week's average 30-year rate of 7.11%, buying the median Spencer home of $162,900 with 20% down costs about $1,041 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,312, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $44,611 for the 20%-down payment. That payment is 26% of the median Spencer household income of $48,378; at that income and 20% down, the 28% guideline points to a home of about $177,000.
The median rent here is $798 a month, so owning the median home costs about $243 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $32,580 |
|---|---|
| Loan amount | $130,320 |
| Principal and interest | $877 |
| Property taxes (0.71% a year) | $96 |
| Homeowners insurance (our estimate, 0.5% a year) | $68 |
| PMI | $0 |
| Total per month | $1,041 |
Change the numbers in the calculator
| Down payment | $5,702 |
|---|---|
| Loan amount | $159,949 |
| Principal and interest | $1,076 |
| Property taxes (0.71% a year) | $96 |
| Homeowners insurance (our estimate, 0.5% a year) | $68 |
| FHA mortgage insurance | $72 |
| Total per month | $1,312 |
Change the numbers in the calculator
Questions about home buying in Spencer
What is the median home value in Spencer?
About $162,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spencer?
Homeowners pay a median $1,151 a year, which is about 0.71% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Spencer?
For the median home with 20% down at 7.11%, the payment is about $1,041 a month. Keeping that under 28% of gross income takes about $44,611 a year.
More about Spencer
- Mortgage Refinance in Spencer
- Debt Relief in Spencer
- Home Equity Loans in Spencer
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data