The typical owner-occupied home in Spencer is worth about $155,400, 42% below the Wisconsin median of $266,500 and 53% below the national median of $332,700. Owners pay a median $2,480 a year in property taxes, about 1.60% of their home's value, higher than the Wisconsin rate of 1.42%. The median household earns $69,750 a year, so the median home costs 2.2 times the median income (3.4 times for Wisconsin). 72% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Spencer at a glance
| Spencer | Wisconsin | U.S. | |
|---|---|---|---|
| Median home value | $155,400 | $266,500 | $332,700 |
| Median property tax paid per year | $2,480 | $3,792 | $3,119 |
| Property tax as a share of value | 1.60% | 1.42% | 0.94% |
| Median household income | $69,750 | $77,485 | $80,734 |
| Homes lived in by their owners | 72% | 68% | 65% |
| Owner homes with a mortgage | 59% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $1,220 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 16.6% | 19.5% | 21.0% |
| Median rent | $580 | $1,087 | $1,413 |
| Rent as a share of renters' income | 19.8% | 27.2% | 30.6% |
| Median year homes were built | 1972 | 1975 | 1980 |
| Vacant homes | 0.7% | 10.8% | 10.1% |
| Population | 1,686 | 5,914,872 | 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 $155,400 with 20% down costs about $1,108 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,367, 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 $47,497 for the 20%-down payment. That payment is 19% of the median Spencer household income of $69,750; at that income and 20% down, the 28% guideline points to a home of about $228,000.
The median rent here is $580 a month, so owning the median home costs about $528 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $31,080 |
|---|---|
| Loan amount | $124,320 |
| Principal and interest | $836 |
| Property taxes (1.60% a year) | $207 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| PMI | $0 |
| Total per month | $1,108 |
Change the numbers in the calculator
| Down payment | $5,439 |
|---|---|
| Loan amount | $152,585 |
| Principal and interest | $1,026 |
| Property taxes (1.60% a year) | $207 |
| Homeowners insurance (our estimate, 0.5% a year) | $65 |
| FHA mortgage insurance | $69 |
| Total per month | $1,367 |
Change the numbers in the calculator
Questions about home buying in Spencer
What is the median home value in Spencer?
About $155,400 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 $2,480 a year, which is about 1.60% 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 $1,108 a month. Keeping that under 28% of gross income takes about $47,497 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