Spencer, IA Metro Area is a great choice for those looking for an affordable place to live. Two bedroom rent in this area is significantly lower than the national average at $810 compared to $1,430. The grocery cost index is also lower than the US at 93 versus 100, making groceries more affordable. Local companies that contribute to Spencer's economy are Hy-Vee Inc., Iowa Great Lakes Sanitation, and Prins Insurance Group. All in all, Spencer boasts a low cost of living along with plenty of business opportunities for those looking to settle down without breaking their budget.
Spencer Metro Area has an unemployment rate of 4.0%. The US average is 6.0%.
Spencer Metro Area has seen the job market decrease by -4.7% 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 Metro Area
- The Sales Tax Rate for Spencer Metro Area is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Spencer Metro Area 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 Metro Area
- The average income of a Spencer Metro Area resident is $30,706 a year. The US average is $37,638 a year.
- The Median household income of a Spencer Metro Area resident is $52,307 a year. The US average is $69,021 a year.