The typical owner-occupied home in Spencer County is worth about $330,000, 61% above the Kentucky median of $205,600 and about the same as the national median of $332,700. Owners pay a median $2,188 a year in property taxes, about 0.66% of their home's value, lower than the Kentucky rate of 0.75%. The median household earns $102,618 a year, so the median home costs 3.2 times the median income (3.2 times for Kentucky). 88% of occupied homes here are lived in by their owners, and 73% of those owners still have a mortgage.
Spencer County at a glance
| Spencer County | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $330,000 | $205,600 | $332,700 |
| Median property tax paid per year | $2,188 | $1,544 | $3,119 |
| Property tax as a share of value | 0.66% | 0.75% | 0.94% |
| Median household income | $102,618 | $63,726 | $80,734 |
| Homes lived in by their owners | 88% | 68% | 65% |
| Owner homes with a mortgage | 73% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,795 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 18.4% | 18.8% | 21.0% |
| Median rent | $987 | $967 | $1,413 |
| Rent as a share of renters' income | 28.8% | 28.1% | 30.6% |
| Median year homes were built | 2000 | 1982 | 1980 |
| Vacant homes | 5.2% | 10.3% | 10.1% |
| Population | 20,193 | 4,534,824 | 334,922,499 |
What a typical home costs per month in Spencer County
At this week's average 30-year rate of 7.11%, buying the median Spencer County home of $330,000 with 20% down costs about $2,095 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,645, 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 $89,783 for the 20%-down payment. That payment is 24% of the median Spencer County household income of $102,618; at that income and 20% down, the 28% guideline points to a home of about $377,000.
The median rent here is $987 a month, so owning the median home costs about $1,108 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $66,000 |
|---|---|
| Loan amount | $264,000 |
| Principal and interest | $1,776 |
| Property taxes (0.66% a year) | $182 |
| Homeowners insurance (our estimate, 0.5% a year) | $138 |
| PMI | $0 |
| Total per month | $2,095 |
Change the numbers in the calculator
| Down payment | $11,550 |
|---|---|
| Loan amount | $324,023 |
| Principal and interest | $2,180 |
| Property taxes (0.66% a year) | $182 |
| Homeowners insurance (our estimate, 0.5% a year) | $138 |
| FHA mortgage insurance | $146 |
| Total per month | $2,645 |
Change the numbers in the calculator
Questions about home buying in Spencer County
What is the median home value in Spencer County?
About $330,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spencer County?
Homeowners pay a median $2,188 a year, which is about 0.66% 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 County?
For the median home with 20% down at 7.11%, the payment is about $2,095 a month. Keeping that under 28% of gross income takes about $89,783 a year.
More about Spencer County
- Mortgage Refinance in Spencer County
- Debt Relief in Spencer County
- Home Equity Loans in Spencer County
- 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