Spencer, MI is a small city located in northern Michigan. Its cost of living is quite affordable with two bedroom rent coming in at $990 compared to the US average of $1,430. Grocery costs in Spencer are even more attractive and have an index of 94 versus 100 for the US as a whole. The city has some great local businesses such as Smith's Garden Supply which offers a variety of gardening supplies and services, and Applewood Auto Parts which has a wide selection of automotive parts and accessories. There is also Busch's Floral Haven for all your floral needs. Spencer has something for everyone whether you're looking to save money or just explore the area.
Spencer has an unemployment rate of 4.8%. The US average is 6.0%.
Spencer has seen the job market increase by 2.0% over the last year. Future job growth over the next ten years is predicted to be 37.7%, which is higher than the US average of 33.5%.
Tax Rates for Spencer
- The Sales Tax Rate for Spencer is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Spencer is 4.3%. 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 $23,812 a year. The US average is $28,555 a year.
- The Median household income of a Spencer resident is $66,682 a year. The US average is $69,021 a year.