Spencer, IA is a moderately sized town with a population of about 11,000 people. It offers an affordable cost of living compared to other US cities. The 2 bedroom rent in Spencer is around $850 while the national average is $1,430. Additionally, groceries are slightly cheaper in Spencer than elsewhere in America with a Grocery Cost Index of 95 versus the national average of 100.
Spencer has several local companies such as O'Brien Fabrication, which manufactures metal products; Central Iowa Power Cooperative; and Iowa Dental Group LLP., providing employment opportunities for its citizens. All in all, Spencer provides its residents with a relatively low cost of living compared to other cities across the United States.
Spencer has an unemployment rate of 4.0%. The US average is 6.0%.
Spencer has seen the job market decrease by -1.1% over the last year. Future job growth over the next ten years is predicted to be 17.2%, which is lower than the US average of 33.5%.
Tax Rates for Spencer
- The Sales Tax Rate for Spencer is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Spencer is 9.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Spencer
- The average income of a Spencer resident is $28,837 a year. The US average is $28,555 a year.
- The Median household income of a Spencer resident is $45,313 a year. The US average is $69,021 a year.