The typical owner-occupied home in Spencerville is worth about $626,900, 49% above the Maryland median of $419,900 and 88% above the national median of $332,700. Owners pay a median $4,686 a year in property taxes, about 0.75% of their home's value, lower than the Maryland rate of 0.97%. The median household earns $189,766 a year, so the median home costs 3.3 times the median income (4.1 times for Maryland). 100% of occupied homes here are lived in by their owners, and 73% of those owners still have a mortgage.
Spencerville at a glance
| Spencerville | Maryland | U.S. | |
|---|---|---|---|
| Median home value | $626,900 | $419,900 | $332,700 |
| Median property tax paid per year | $4,686 | $4,093 | $3,119 |
| Property tax as a share of value | 0.75% | 0.97% | 0.94% |
| Median household income | $189,766 | $103,678 | $80,734 |
| Homes lived in by their owners | 100% | 68% | 65% |
| Owner homes with a mortgage | 73% | 71% | 61% |
| Median monthly costs, owners with a mortgage | $2,958 | $2,347 | $1,963 |
| Those costs as a share of the owners' income | 18.1% | 20.5% | 21.0% |
| Median rent | – | $1,705 | $1,413 |
| Median year homes were built | 1969 | 1979 | 1980 |
| Vacant homes | 21.3% | 7.7% | 10.1% |
| Population | 1,028 | 6,206,011 | 334,922,499 |
What a typical home costs per month in Spencerville
At this week's average 30-year rate of 7.11%, buying the median Spencerville home of $626,900 with 20% down costs about $4,027 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,071, 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 $172,576 for the 20%-down payment. That payment is 25% of the median Spencerville household income of $189,766; at that income and 20% down, the 28% guideline points to a home of about $689,000.
| Down payment | $125,380 |
|---|---|
| Loan amount | $501,520 |
| Principal and interest | $3,374 |
| Property taxes (0.75% a year) | $392 |
| Homeowners insurance (our estimate, 0.5% a year) | $261 |
| PMI | $0 |
| Total per month | $4,027 |
Change the numbers in the calculator
| Down payment | $21,942 |
|---|---|
| Loan amount | $615,545 |
| Principal and interest | $4,141 |
| Property taxes (0.75% a year) | $392 |
| Homeowners insurance (our estimate, 0.5% a year) | $261 |
| FHA mortgage insurance | $277 |
| Total per month | $5,071 |
Change the numbers in the calculator
Questions about home buying in Spencerville
What is the median home value in Spencerville?
About $626,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spencerville?
Homeowners pay a median $4,686 a year, which is about 0.75% 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 Spencerville?
For the median home with 20% down at 7.11%, the payment is about $4,027 a month. Keeping that under 28% of gross income takes about $172,576 a year.
More about Spencerville
- Mortgage Refinance in Spencerville
- Debt Relief in Spencerville
- Home Equity Loans in Spencerville
- 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