Cost of Living in Spencer, IA
Population 11,393 · Iowa · Data vintage 2023
(100 = US avg)
Spencer is a smaller Iowa community of around 11000 residents, where median household incomes of $57,068 and housing costs ($178,000 for a typical home) give the local cost-of-living profile a distinctly small-town shape.
Spencer lies roughly 85 miles east of the nearest major metro, Sioux Falls — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 34% lower than Sioux Falls' $271,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Spencer
The median home value in Spencer is $178,300 — 42% below the national median of $305,000. Median rent runs $795/month, 39% lower than the national median of $1,314/month. The median household income of $57,068/year is 23% lower than the US median of $74,580. The local unemployment rate is 5.2%, above the national average of 4.8%. Iowa's top state income tax rate is 5.7% and the combined sales tax is 6.9%. The climate averages highs of 57.4°F and lows of 36.2°F. Overall, Spencer has a cost of living index of 59 versus the US average of 100, meaning it is 41% less expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🌤 Climate
NOAA 1991–2020 Climate Normals
| Month | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High °F | 26 | 30 | 44 | 59 | 71 | 81 | 85 | 82 | 76 | 61 | 45 | 31 |
| Low °F | 8 | 13 | 25 | 36 | 48 | 59 | 62 | 59 | 50 | 37 | 25 | 14 |
| Precip" | 0.25 | 0.43 | 1.44 | 2.82 | 3.83 | 4.01 | 3.84 | 3.29 | 3.21 | 2.22 | 1.07 | 0.42 |
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Spencer, IA?
Spencer has a cost index of 59 (100 = national average). It is 41% below the national average.
What is average rent in Spencer, IA?
The median gross rent in Spencer is $795 per month based on 2023 Census data.
What is the average home price in Spencer?
The median home value in Spencer is $178,300 according to Zillow and Census data.
What is the median income in Spencer?
The median household income in Spencer is $57,068 per year (2023 ACS 5-year estimates).
What is the sales tax in Spencer, IA?
The combined state and local sales tax rate in Spencer is 6.9%. The Iowa state income tax top rate is 5.7%.
Is Spencer, IA affordable?
Yes, Spencer is generally considered affordable, with a cost of living index of 59 — about 41% below the US national average of 100.
What is the weather like in Spencer?
Spencer has average high temperatures of 57.4°F and average lows of 36.2°F. Annual precipitation is 26.8". Data from NOAA 1991–2020 Climate Normals.
Spencer at a Glance
- Population
- 11,393
- Median Income
- $57,068
- Home Value
- $178,300
- Median Rent
- $795/mo
- Unemployment
- 5.2%
- Avg High Temp
- 57.4°F
- Sales Tax
- 6.9%
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Iowa Rankings
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