Cost of Living in Spencer, NC
Population 3,305 · North Carolina · Data vintage 2023
(100 = US avg)
Buyers in Spencer can reasonably expect a home to cost less than three years of household income — $150,000 against $64,031 in typical earnings — a ratio that has collapsed to 5:1 or worse in much of the country.
Spencer sits roughly 25 miles northeast of Concord — close enough that regional housing and labor patterns are shaped largely by the larger market. Median home values run roughly 54% lower than Concord's $328,000.
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 $149,800 — 51% below the national median of $305,000. Median rent runs $1,042/month, 21% lower than the national median of $1,314/month. The median household income of $64,031/year is 14% lower than the US median of $74,580. The local unemployment rate is 4.9%, above the national average of 4.8%. North Carolina's top state income tax rate is 4.5% and the combined sales tax is 7.0%. The climate averages highs of 69.4°F and lows of 49.6°F. Overall, Spencer has a cost of living index of 61 versus the US average of 100, meaning it is 39% less expensive.
Spencer has limited residential data
Detailed housing and income data is limited for this location. Here are the nearest cities with full cost of living data:
🏠 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 | 49 | 53 | 61 | 71 | 78 | 85 | 88 | 86 | 80 | 71 | 60 | 52 |
| Low °F | 31 | 33 | 40 | 48 | 57 | 65 | 69 | 68 | 61 | 49 | 39 | 34 |
| Precip" | 3.35 | 2.89 | 3.60 | 3.71 | 3.76 | 3.64 | 4.24 | 4.51 | 3.86 | 3.28 | 3.06 | 3.30 |
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Spencer, NC?
Spencer has a cost index of 61 (100 = national average). It is 39% below the national average.
What is average rent in Spencer, NC?
The median gross rent in Spencer is $1,042 per month based on 2023 Census data.
What is the average home price in Spencer?
The median home value in Spencer is $149,800 according to Zillow and Census data.
What is the median income in Spencer?
The median household income in Spencer is $64,031 per year (2023 ACS 5-year estimates).
What is the sales tax in Spencer, NC?
The combined state and local sales tax rate in Spencer is 7.0%. The North Carolina state income tax top rate is 4.5%.
Is Spencer, NC affordable?
Yes, Spencer is generally considered affordable, with a cost of living index of 61 — about 39% below the US national average of 100.
What is the weather like in Spencer?
Spencer has average high temperatures of 69.4°F and average lows of 49.6°F. Annual precipitation is 43.2". Data from NOAA 1991–2020 Climate Normals.
Spencer at a Glance
- Population
- 3,305
- Median Income
- $64,031
- Home Value
- $149,800
- Median Rent
- $1,042/mo
- Unemployment
- 4.9%
- Avg High Temp
- 69.4°F
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
North Carolina Rankings
Similar Cost Cities
Cities in other states with comparable housing costs