The typical owner-occupied home in Spencer is worth about $150,800, 47% below the Tennessee median of $286,700 and 55% below the national median of $332,700. Owners pay a median $608 a year in property taxes, about 0.40% of their home's value, lower than the Tennessee rate of 0.50%. The median household earns $46,705 a year, so the median home costs 3.2 times the median income (4.1 times for Tennessee). 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 | Tennessee | U.S. | |
|---|---|---|---|
| Median home value | $150,800 | $286,700 | $332,700 |
| Median property tax paid per year | $608 | $1,442 | $3,119 |
| Property tax as a share of value | 0.40% | 0.50% | 0.94% |
| Median household income | $46,705 | $69,595 | $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 | $952 | $1,566 | $1,963 |
| Those costs as a share of the owners' income | 15.3% | 19.6% | 21.0% |
| Median rent | $575 | $1,189 | $1,413 |
| Rent as a share of renters' income | 22.5% | 29.5% | 30.6% |
| Median year homes were built | 1975 | 1987 | 1980 |
| Vacant homes | 9.7% | 10.2% | 10.1% |
| Population | 1,511 | 7,066,383 | 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 $150,800 with 20% down costs about $925 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,176, 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 $39,628 for the 20%-down payment. That payment is 24% of the median Spencer household income of $46,705; at that income and 20% down, the 28% guideline points to a home of about $178,000.
The median rent here is $575 a month, so owning the median home costs about $350 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $30,160 |
|---|---|
| Loan amount | $120,640 |
| Principal and interest | $812 |
| Property taxes (0.40% a year) | $50 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| PMI | $0 |
| Total per month | $925 |
Change the numbers in the calculator
| Down payment | $5,278 |
|---|---|
| Loan amount | $148,069 |
| Principal and interest | $996 |
| Property taxes (0.40% a year) | $50 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| FHA mortgage insurance | $67 |
| Total per month | $1,176 |
Change the numbers in the calculator
Questions about home buying in Spencer
What is the median home value in Spencer?
About $150,800 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 $608 a year, which is about 0.40% 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 $925 a month. Keeping that under 28% of gross income takes about $39,628 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