Spencer, IN is a great place to live and work. It offers a wide range of amenities from supermarkets to shops that appeal to all types of budgets. The cost of living is affordable, making Spencer an ideal location for individuals and families alike. Two bedroom rental rates in Spencer are significantly lower than the US average, with the current rate coming in at $890 – nearly 40% below the national average of $1,430. This low rent rate makes it possible for people to save more money each month because their housing costs are lower.
Spencer is home to many companies such as Indiana Oxygen Company, Farbest Foods Inc., Vectren Corporation, Aluma Tower Company LLC and Spencer County Bank. These businesses help employ locals who contribute to the local economy. Combined with its low two-bedroom rent rate, Spencer provides an attractive package for those looking for a place to call home while still having financial security.
Spencer has an unemployment rate of 5.0%. The US average is 6.0%.
Spencer has seen the job market decrease by -1.6% over the last year. Future job growth over the next ten years is predicted to be 21.5%, 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 4.5%. 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 $18,761 a year. The US average is $28,555 a year.
- The Median household income of a Spencer resident is $34,063 a year. The US average is $69,021 a year.