Spencer, IA 51301 has a 2 bedroom rent of $810. This is much lower than the US average of $1,430. The grocery cost index in Spencer is also lower than the US average at 95 versus 100. This makes it an excellent place for those on limited budgets to live. In addition to its affordability, Spencer has many local businesses that cater to the needs of its citizens and visitors alike. Shopping centers like Southpark Mall offer a variety of stores for shoppers to browse through, while restaurants such as Grab-N-Go Pizza and Mason City Brewing Co are popular spots for dining out. Other local companies in Spencer include Milford Funeral Home, L&M Precision Tooling Products, and Chubb's Auto & Towing Services—all providing essential services for the city’s residents and visitors.
Spencer (zip 51301) has an unemployment rate of 4.0%. The US average is 6.0%.
Spencer (zip 51301) 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 (zip 51301)
- The Sales Tax Rate for Spencer (zip 51301) is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Spencer (zip 51301) 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 (zip 51301)
- The average income of a Spencer (zip 51301) resident is $29,456 a year. The US average is $28,555 a year.
- The Median household income of a Spencer (zip 51301) resident is $48,342 a year. The US average is $69,021 a year.