Spencer, IA Cost Of Living
Cost Of Living In Spencer, IA Summary
Cost of living in Spencer research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Spencer is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Iowa, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Spencer is 87, with 100 being the average.
The cost of living index in Spencer is 0.9x lower than the national average.
Spencer ranks as the #32 cheapest in Iowa out of 80.
Spencer ranks as the #1,101 cheapest out of 6,412 in the US.
The median home value in Spencer is $139,100.
The median income in Spencer is $45,313.
Table Of Contents
Spencer's Overall Cost Of Living
Lower Than The National Average
What is the cost of living in Spencer, IA?
According to the most recent data on the cost of living, Spencer has an overall cost of living index of 87, which is 0.9x lower than the national index of 100.
Compared to Iowa, Spencer has a cost of living index that's 1.0x lower than Iowa's index of 89.
The standard of living in Spencer ranks as #32 most affordable out of the 80 places we measured in Iowa. By definition, that implies Spencer ranks as the #48 most expensive place in the Hawkeye State.
For more reading on life in Spencer, check out:
- Living In Spencer
- Spencer Crime Report
- Search Homes For Sale In Spencer, IA
In Iowa
In America
Spencer Cost Of Living Vs. Iowa
Six factors go into calculating the cost of living index in Spencer. Here is how it fairs on each of the criteria:
The Services index in Spencer is 96.
The Groceries index in Spencer is 104.
The Health index in Spencer is 121.
The Housing index in Spencer is 67.
The Transportation index in Spencer is 100.
The Utilities index in Spencer is 98.
| Living Expense | Spencer | Iowa | National Average | |
|---|---|---|---|---|
| Overall | 87 | 89 | 100 | |
| Services | 96 | 95 | 100 | |
| Groceries | 104 | 98 | 100 | |
| Health | 121 | 99 | 100 | |
| Housing | 67 | 73 | 100 | |
| Transportation | 100 | 98 | 100 | |
| Utilities | 98 | 94 | 100 | |
Spencer, IA Housing Cost Breakdown
Housing swings affordability the most between places in Iowa, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Spencer is $139,100.
The Median Rent in Spencer is $709.
The Median Income in Spencer is $45,313.
The Home Value To Income in Spencer is 3.1x.
The Rent To Monthly Income in Spencer is 0.19x.
| Statistic | Spencer | Iowa | United States |
|---|---|---|---|
| Median Home Value | $139,100 | $160,700 | $244,900 |
| Median Rent | $709 | $845 | $1,163 |
| Median Income | $45,313 | $65,429 | $69,021 |
| Home Value To Income | 3.1x | 2.5x | 3.5x |
| Rent To Monthly Income | 0.19x | 0.15x | 0.2x |
Median Home Value
Median Rent
Median Income
Spencer, IA Costs By Category
Detailed Spencer Services Costs Vs. Iowa
Detailed Spencer Groceries Costs Vs. Iowa
Detailed Spencer Health Costs Vs. Iowa
Detailed Spencer Transportation Costs Vs. Iowa
Detailed Spencer Utilities Costs Vs. Iowa
Spencer SnackAbility
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Cost Of Living In Cities Around Spencer
The cost of living varies in the cities and towns around Spencer. Here's a quick look at the cost of living in the most populous nearby places:
Worthington, MN has a cost of living index of 90, 1.0x Spencer.
Storm Lake, IA has a cost of living index of 89, 1.0x Spencer.
Fairmont, MN has a cost of living index of 89, 1.0x Spencer.
| City | Population | Cost Of Living | Vs. Spencer |
|---|---|---|---|
| Worthington, MN | 13,782 | 90 | 1.0x |
| Storm Lake, IA | 11,166 | 89 | 1.0x |
| Fairmont, MN | 10,465 | 89 | 1.0x |
| Estherville, IA | 5,904 | 84 | 1.0x |
| Sheldon, IA | 5,475 | 89 | 1.0x |
| Algona, IA | 5,407 | 87 | 1.0x |
