The typical owner-occupied home in Spencer is worth about $82,500, 65% below the Nebraska median of $238,600 and 75% below the national median of $332,700. Owners pay a median $918 a year in property taxes, about 1.11% of their home's value, lower than the Nebraska rate of 1.49%. The median household earns $58,667 a year, so the median home costs 1.4 times the median income (3.1 times for Nebraska). 74% of occupied homes here are lived in by their owners, and 25% of those owners still have a mortgage.
Spencer at a glance
| Spencer | Nebraska | U.S. | |
|---|---|---|---|
| Median home value | $82,500 | $238,600 | $332,700 |
| Median property tax paid per year | $918 | $3,549 | $3,119 |
| Property tax as a share of value | 1.11% | 1.49% | 0.94% |
| Median household income | $58,667 | $76,475 | $80,734 |
| Homes lived in by their owners | 74% | 67% | 65% |
| Owner homes with a mortgage | 25% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,354 | $1,736 | $1,963 |
| Those costs as a share of the owners' income | 27.0% | 19.5% | 21.0% |
| Median rent | $713 | $1,072 | $1,413 |
| Rent as a share of renters' income | 23.8% | 27.9% | 30.6% |
| Median year homes were built | 1953 | 1975 | 1980 |
| Vacant homes | 33.9% | 7.6% | 10.1% |
| Population | 312 | 1,978,707 | 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 $82,500 with 20% down costs about $555 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $692, 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 $23,772 for the 20%-down payment. That payment is 11% of the median Spencer household income of $58,667; at that income and 20% down, the 28% guideline points to a home of about $204,000.
The median rent here is $713 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,500 |
|---|---|
| Loan amount | $66,000 |
| Principal and interest | $444 |
| Property taxes (1.11% a year) | $76 |
| Homeowners insurance (our estimate, 0.5% a year) | $34 |
| PMI | $0 |
| Total per month | $555 |
Change the numbers in the calculator
| Down payment | $2,888 |
|---|---|
| Loan amount | $81,006 |
| Principal and interest | $545 |
| Property taxes (1.11% a year) | $76 |
| Homeowners insurance (our estimate, 0.5% a year) | $34 |
| FHA mortgage insurance | $36 |
| Total per month | $692 |
Change the numbers in the calculator
Questions about home buying in Spencer
What is the median home value in Spencer?
About $82,500 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 $918 a year, which is about 1.11% 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 $555 a month. Keeping that under 28% of gross income takes about $23,772 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