Cost of Living in Spencer County, Indiana

$697/mo

Median Monthly Rent

$180,200

Median Home Value

21% below state averageUnaffordable

At a Glance

Median Monthly Rent

$697/mo

21% below state average

Median Home Value

$180,200

36% below national

Rent-to-Income Ratio

27.0%

% of income spent on rent

Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)

Affordability Rating

Unaffordable

Rent over 50% of income

How Spencer County Compares

Median monthly rent comparison

Spencer County$697/mo

Indiana Average$883/mo

National Median$1,163/mo

Detailed Housing Stats

$697/mo

Median Gross Rent

$180,200

Median Home Value

$933/mo

Monthly Owner Cost

27.0%

Rent-to-Income Ratio

Data Story

About Cost of Living in Spencer County, Indiana

Spencer County: Below National Average

Spencer County residents spend just 11.8% of their income on rent, well below the national benchmark and significantly lower than Indiana's 15.6% state average. With a median household income of $70,890—just slightly below the U.S. median of $74,755—renters here enjoy some of the best affordability in the Midwest.

Among Indiana's Most Affordable

Spencer County ranks among the state's most affordable counties for renters, with a rent-to-income ratio that beats 80% of Indiana's 92 counties. The $697 monthly median rent is $186 less than the state average, making it an outlier in terms of housing accessibility.

Spencer Stands Out Regionally

Compared to neighboring counties, Spencer's rent of $697 is notably competitive—$186 below Steuben County ($921) and $333 below St. Joseph County ($1,030). Homebuyers pay $933 monthly here versus $902 in St. Joseph, offering modest competition on the ownership front.

How Income Covers Housing Costs

The median Spencer County household spends $697 on rent and $933 on owner costs, consuming roughly 19.6% of income combined. This leaves renters with substantially more disposable income compared to state averages, supporting stronger quality of life metrics.

Consider Spencer for Affordability

If you're relocating to Indiana and prioritize affordable rents, Spencer County delivers—your housing costs will eat up less of your paycheck here than almost anywhere else in the state. The combination of reasonable income levels and low housing costs makes it a magnet for budget-conscious families.

Affordability Calculator

See how your income compares to housing costs in Spencer County

Your Annual Household Income

Rent Burden

11.8%

of gross income

Max Housing (28% Rule)

$1,654

per month

Owner Cost Burden

15.8%

of gross income

You can likely afford the median home in Spencer County

Median home value is $180,200. Estimated monthly cost: $1,439 vs. your max of $1,654.

Rent Affordability Guide

Your rent-to-income ratio11.8%

Recommended max30.0%

Frequently Asked Questions

What is the cost of living in Spencer County, Indiana?

Spencer County, Indiana has a median monthly rent of $697/mo and a median home value of $180,200. The affordability rating is Unaffordable, with rent making up approximately 27.0% of median household income.

What is the median rent in Spencer County?

The median gross rent in Spencer County is $697/mo. This is 21% below state average for Indiana.

Is Spencer County affordable?

Spencer County is rated Unaffordable based on rent-to-income ratio of 27.0%. Spending over 50% of income on rent is generally considered unaffordable.

How does Spencer County's rent compare to the state average?

Spencer County's median rent of $697/mo is 21% below state average of $883/mo for Indiana.

What is the median home value in Spencer County?

The median home value in Spencer County, Indiana is $180,200. This is 36% below the national median home value of $281,900.