salaryRent is lower than in 89% of U.S. cities. A typical house costs under 3 years of household income, which is easy by U.S. standards. Commutes are short, about 15.8 minutes.
How much money do I need?
To rent here comfortably, you should earn about $38,920 a year. That is $19 an hour at a full-time job.
Is rent cheaper than other Iowa cities?
Yes. Rent here is cheaper than in most of Iowa. It is number 30 of 86 cities from cheapest to most expensive.
How much do households earn in Spencer?
Share of households by yearly income. 17.6% of households earn $100,000 or more.
Rent by apartment size in Spencer
| Size | Spencer | U.S. average |
|---|---|---|
| 1 bedroom | $584 | $1,324 |
| 2 bedrooms | $975 | $1,509 |
| 3 bedrooms | $1,141 | $1,698 |
| 4 bedrooms | $1,169 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Spencer overall?
Everyday prices in Iowa overall are 12% below the U.S. average (index 87.8, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Spencer, so the Iowa figure is shown.
Taxes and bills in Spencer
Life in Spencer
Is it cheaper to rent or buy in Spencer?
Renting is cheaper right now: about $309 a month less.
Owning assumes a typical $184,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $18,480 for the down payment.
Frequently asked questions
What is the average rent in Spencer, IA?
Renting in Spencer costs a median of about $973 a month in 2026, including utilities. The Iowa median is $1,071.
How much do I need to make to live in Spencer?
To keep rent under 30% of income, you need about $38,920 a year, or $19 an hour at a full-time job.
Is Spencer cheap or expensive?
Spencer is rated Cheap: rent takes 18.1% of the typical household income of $64,351. It ranks 30th cheapest of 86 Iowa cities we track.
How much are property taxes in Spencer?
The median homeowner in Spencer pays $2,419 a year in property taxes, about 1.31% of the median home value.
Is Spencer more expensive than the national average?
Overall prices in Iowa are 12% below the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Spencer?
The median home value in Spencer is $184,800, about 2.9 times the typical yearly household income.
11,400 people live in Spencer. Numbers are typical (middle) values.