Housing in Spencer

A typical Spencer home is worth roughly $232,000

Typical home value

$232K

IN $260K

Estimate

2-bedroom rent

$1,150

a month, utilities in · HUD

Median tax bill

$1,055

IN $1,614

What kind of housing town is Spencer?

Read from the numbers below. The page puts what stands out first.

A town of owners91% of households own their home.

★ What stands out · The homes

91% of Spencer households own their home

Half of Spencer’s homes were built before 1975.

Owners and renters

Own 91%Rent 10%

Indiana: 71% own.

1975

typical home built · IN 1976

$1,055

median property tax bill · IN $1,614

0.46%

of a home’s value, a year in tax · IN 0.74%

of homes are seasonal or vacation homes

U.S. Census Bureau, American Community Survey 2020-2024.

Affordability

A typical home costs 2.4 years of income

Less than across Indiana (3.6 years). Try your own numbers below.

You could afford about

$398,000

Typical Spencer home $232K

That covers a typical Spencer home, with $167K to spare.

The typical home, each month

$1,300

Loan $1,150Tax $90Insurance $70

A two-bedroom rents for about $1,150 a month here, $150 less than owning.

Where your budget reaches nearby

Whiskey Run$154K Harrison$248K Blue River$152K Jackson$229K Jennings$144K

How Spencer ranks on affordability →

An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Spencer’s typical property tax (0.46% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.

Renting

A two-bedroom rents for about $1,150

Renters already here pay a median of $1,292.

Fair Market Rent a month, utilities included

Studio$870

1 bedroom$950

2 bedrooms$1,150

3 bedrooms$1,490

4 bedrooms$1,720

10%

of households rent · IN 29%

renter households

25%

of renters spend 30%+ of income on rent · IN 48%

14%

of the median income, for a two-bedroom

$1,292

median rent paid today · Census

U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Louisville, KY-IN HUD Metro FMR Area): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.

Next door

Spencer vs. its neighbors

Spencer is the 2nd priciest of 6 neighboring towns. Tap one to see its housing page.

Harrison$248K Spencer$232K Jackson$229K Whiskey Run$154K Blue River$152K Jennings$144K

Compare more

Town	Typical value	1-yr change	2-bed rent	Median income
Spencer	$232K*	—	$1,150	$95,793
Whiskey Run	$154K*	—	$980	$58,531
Harrison	$248K*	+4.8%†	$1,110	$66,722
Blue River	$152K*	—	$1,080	$64,250
Jackson	$229K*	+4.4%†	$1,320	$85,645
Jennings	$144K*	—	$1,030	$48,750

Typical value: Zillow Home Value Index; * Census median home value where Zillow has none. † FHFA price index change where Zillow has none. Rent: HUD Fair Market Rent. New homes: Census building permits.

Neighbors talk housing

What Spencer buyers, sellers and renters are saying.

Town Square →

Weigh in

Is Spencer still affordable for young families?

Your answer becomes a post in Town Square.

Start the conversation

Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers. The calculator is an estimate, not a loan offer.