Housing costs in Spencer?
A typical home costs
$160,100, which is 52.6% less expensive than the national average of
$338,100 and 17.9% less expensive than the average Iowa home, at
$194,900. Renting a two-bedroom unit in Spencer costs
$850 per month, which is 40.6% cheaper than the national average of
$1,430 and 9.4% cheaper than the state average of
$930.
Can I afford Spencer?
To live comfortably in Spencer, Iowa, a minimum annual income of
$30,600 for a family, and
$27,600 for a single person is recommended.
What does A.I. say about Spencer?
The cost of living in Spencer, IA is relatively low compared to the national average. According to Best Places, the city's overall cost of living index is 81.4, which is 19.6% lower than the U.S. average. The median home price in Spencer is $86,000, which is about 45% lower than the national median home price of $156,400. Additionally, housing costs are comparatively low with an estimated monthly rental rate of $715 per month for a two-bedroom apartment and utilities costing an average of $142 per month for a 915 square foot home. Overall, Spencer offers residents an affordable cost of living with many amenities and resources available to help those who need it most.