Spencer, Indiana is a small town located near Bloomington with a population of 4,746. The average 2 Bedroom Rent price in Spencer is much lower than the national average at only $920 compared to $1,430. Additionally, grocery costs in Spencer are cheaper than the US as a whole with an index of 93 compared to 100.
Living in Spencer has many advantages due to its low cost of living. Many popular local companies such as MacAllister Machinery, Princes Poultry, and Upland Brewing Company are located just minutes away from the downtown area. These local businesses offer Spencervillians great prices on goods and services for their everyday needs. The low cost of living and local businesses make Spencer's quality of life very high for its residents so there's no wonder why people choose this beloved town to call home.
Spencer (zip 47460) has an unemployment rate of 5.0%. The US average is 6.0%.
Spencer (zip 47460) 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 (zip 47460)
- The Sales Tax Rate for Spencer (zip 47460) is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Spencer (zip 47460) 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 (zip 47460)
- The average income of a Spencer (zip 47460) resident is $22,152 a year. The US average is $28,555 a year.
- The Median household income of a Spencer (zip 47460) resident is $54,518 a year. The US average is $69,021 a year.