The typical owner-occupied home in Spencer is worth about $155,600, 40% below the South Dakota median of $257,400 and 53% below the national median of $332,700. Owners pay a median $1,722 a year in property taxes, about 1.11% of their home's value, close to the South Dakota rate of 1.06%. The median household earns $67,188 a year, so the median home costs 2.3 times the median income (3.4 times for South Dakota). 84% of occupied homes here are lived in by their owners, and 54% of those owners still have a mortgage.
Spencer at a glance
| Spencer | South Dakota | U.S. | |
|---|---|---|---|
| Median home value | $155,600 | $257,400 | $332,700 |
| Median property tax paid per year | $1,722 | $2,724 | $3,119 |
| Property tax as a share of value | 1.11% | 1.06% | 0.94% |
| Median household income | $67,188 | $75,081 | $80,734 |
| Homes lived in by their owners | 84% | 69% | 65% |
| Owner homes with a mortgage | 54% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,167 | $1,680 | $1,963 |
| Those costs as a share of the owners' income | 17.1% | 20.4% | 21.0% |
| Median rent | $440 | $946 | $1,413 |
| Rent as a share of renters' income | 26.0% | 25.9% | 30.6% |
| Median year homes were built | 1993 | 1980 | 1980 |
| Vacant homes | 10.9% | 10.5% | 10.1% |
| Population | 103 | 907,428 | 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 $155,600 with 20% down costs about $1,046 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,305, 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 $44,835 for the 20%-down payment. That payment is 19% of the median Spencer household income of $67,188; at that income and 20% down, the 28% guideline points to a home of about $233,000.
The median rent here is $440 a month, so owning the median home costs about $606 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $31,120 |
|---|---|
| Loan amount | $124,480 |
| Principal and interest | $837 |
| Property taxes (1.11% a year) | $144 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| PMI | $0 |
| Total per month | $1,046 |
Change the numbers in the calculator
| Down payment | $5,446 |
|---|---|
| Loan amount | $152,782 |
| Principal and interest | $1,028 |
| Property taxes (1.11% a year) | $144 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| FHA mortgage insurance | $69 |
| Total per month | $1,305 |
Change the numbers in the calculator
Questions about home buying in Spencer
What is the median home value in Spencer?
About $155,600 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 $1,722 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 $1,046 a month. Keeping that under 28% of gross income takes about $44,835 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