The typical owner-occupied home in Spencer is worth about $116,800, 28% below the West Virginia median of $162,600 and 65% below the national median of $332,700. Owners pay a median $621 a year in property taxes, about 0.53% of their home's value, close to the West Virginia rate of 0.53%. The median household earns $37,639 a year, so the median home costs 3.1 times the median income (2.7 times for West Virginia). 57% of occupied homes here are lived in by their owners, and 31% of those owners still have a mortgage.
Spencer at a glance
| Spencer | West Virginia | U.S. | |
|---|---|---|---|
| Median home value | $116,800 | $162,600 | $332,700 |
| Median property tax paid per year | $621 | $865 | $3,119 |
| Property tax as a share of value | 0.53% | 0.53% | 0.94% |
| Median household income | $37,639 | $59,608 | $80,734 |
| Homes lived in by their owners | 57% | 75% | 65% |
| Owner homes with a mortgage | 31% | 46% | 61% |
| Median monthly costs, owners with a mortgage | $1,045 | $1,255 | $1,963 |
| Those costs as a share of the owners' income | 14.1% | 17.3% | 21.0% |
| Median rent | $738 | $872 | $1,413 |
| Rent as a share of renters' income | 41.1% | 29.4% | 30.6% |
| Median year homes were built | 1963 | 1976 | 1980 |
| Vacant homes | 15.4% | 15.4% | 10.1% |
| Population | 2,291 | 1,778,373 | 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 $116,800 with 20% down costs about $729 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $923, 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 $31,236 for the 20%-down payment. That payment is 23% of the median Spencer household income of $37,639; at that income and 20% down, the 28% guideline points to a home of about $141,000.
The median rent here is $738 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $23,360 |
|---|---|
| Loan amount | $93,440 |
| Principal and interest | $629 |
| Property taxes (0.53% a year) | $52 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| PMI | $0 |
| Total per month | $729 |
Change the numbers in the calculator
| Down payment | $4,088 |
|---|---|
| Loan amount | $114,684 |
| Principal and interest | $771 |
| Property taxes (0.53% a year) | $52 |
| Homeowners insurance (our estimate, 0.5% a year) | $49 |
| FHA mortgage insurance | $52 |
| Total per month | $923 |
Change the numbers in the calculator
Questions about home buying in Spencer
What is the median home value in Spencer?
About $116,800 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 $621 a year, which is about 0.53% 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 $729 a month. Keeping that under 28% of gross income takes about $31,236 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