The typical owner-occupied home in East Spencer is worth about $112,000, 61% below the North Carolina median of $288,900 and 66% below the national median of $332,700. Owners pay a median $957 a year in property taxes, about 0.85% of their home's value, higher than the North Carolina rate of 0.66%. The median household earns $34,417 a year, so the median home costs 3.3 times the median income (4.0 times for North Carolina). 53% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
East Spencer at a glance
| East Spencer | North Carolina | U.S. | |
|---|---|---|---|
| Median home value | $112,000 | $288,900 | $332,700 |
| Median property tax paid per year | $957 | $1,896 | $3,119 |
| Property tax as a share of value | 0.85% | 0.66% | 0.94% |
| Median household income | $34,417 | $72,388 | $80,734 |
| Homes lived in by their owners | 53% | 67% | 65% |
| Owner homes with a mortgage | 45% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,095 | $1,631 | $1,963 |
| Those costs as a share of the owners' income | 26.0% | 19.4% | 21.0% |
| Median rent | $677 | $1,228 | $1,413 |
| Rent as a share of renters' income | 43.9% | 29.5% | 30.6% |
| Median year homes were built | 1966 | 1991 | 1980 |
| Vacant homes | 7.6% | 12.5% | 10.1% |
| Population | 1,434 | 10,730,404 | 334,922,499 |
What a typical home costs per month in East Spencer
At this week's average 30-year rate of 7.11%, buying the median East Spencer home of $112,000 with 20% down costs about $729 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $915, 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 $31,232 for the 20%-down payment. That payment is 25% of the median East Spencer household income of $34,417; at that income and 20% down, the 28% guideline points to a home of about $123,000.
The median rent here is $677 a month, so owning the median home costs about $52 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $22,400 |
|---|---|
| Loan amount | $89,600 |
| Principal and interest | $603 |
| Property taxes (0.85% a year) | $79 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| PMI | $0 |
| Total per month | $729 |
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| Down payment | $3,920 |
|---|---|
| Loan amount | $109,971 |
| Principal and interest | $740 |
| Property taxes (0.85% a year) | $79 |
| Homeowners insurance (our estimate, 0.5% a year) | $47 |
| FHA mortgage insurance | $50 |
| Total per month | $915 |
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Questions about home buying in East Spencer
What is the median home value in East Spencer?
About $112,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in East Spencer?
Homeowners pay a median $957 a year, which is about 0.85% 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 East Spencer?
For the median home with 20% down at 7.11%, the payment is about $729 a month. Keeping that under 28% of gross income takes about $31,232 a year.
More about East Spencer
- Mortgage Refinance in East Spencer
- Debt Relief in East Spencer
- Home Equity Loans in East 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