The typical owner-occupied home in Spencer is worth about $341,300, 39% below the Massachusetts median of $562,100 and 3% above the national median of $332,700. Owners pay a median $3,749 a year in property taxes, about 1.10% of their home's value, close to the Massachusetts rate of 1.07%. The median household earns $59,931 a year, so the median home costs 5.7 times the median income (5.4 times for Massachusetts). 40% of occupied homes here are lived in by their owners, and 61% of those owners still have a mortgage.
Spencer at a glance
| Spencer | Massachusetts | U.S. | |
|---|---|---|---|
| Median home value | $341,300 | $562,100 | $332,700 |
| Median property tax paid per year | $3,749 | $5,992 | $3,119 |
| Property tax as a share of value | 1.10% | 1.07% | 0.94% |
| Median household income | $59,931 | $103,960 | $80,734 |
| Homes lived in by their owners | 40% | 63% | 65% |
| Owner homes with a mortgage | 61% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $2,211 | $2,726 | $1,963 |
| Those costs as a share of the owners' income | 25.3% | 21.9% | 21.0% |
| Median rent | $1,049 | $1,762 | $1,413 |
| Rent as a share of renters' income | 31.6% | 30.9% | 30.6% |
| Median year homes were built | 1948 | 1964 | 1980 |
| Vacant homes | 10.7% | 8.1% | 10.1% |
| Population | 5,661 | 7,044,056 | 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 $341,300 with 20% down costs about $2,292 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,860, 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 $98,221 for the 20%-down payment. That payment is 46% of the median Spencer household income of $59,931; at that income and 20% down, the 28% guideline points to a home of about $208,000.
The median rent here is $1,049 a month, so owning the median home costs about $1,243 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $68,260 |
|---|---|
| Loan amount | $273,040 |
| Principal and interest | $1,837 |
| Property taxes (1.10% a year) | $313 |
| Homeowners insurance (our estimate, 0.5% a year) | $142 |
| PMI | $0 |
| Total per month | $2,292 |
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| Down payment | $11,946 |
|---|---|
| Loan amount | $335,118 |
| Principal and interest | $2,254 |
| Property taxes (1.10% a year) | $313 |
| Homeowners insurance (our estimate, 0.5% a year) | $142 |
| FHA mortgage insurance | $151 |
| Total per month | $2,860 |
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Questions about home buying in Spencer
What is the median home value in Spencer?
About $341,300 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 $3,749 a year, which is about 1.10% 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 $2,292 a month. Keeping that under 28% of gross income takes about $98,221 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