Cost of Living in Spencer County, Indiana
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
How Spencer County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Spencer County ranks #107 of 3,144 counties for affordability (top 3%)
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.
Cost of Living Advisory: Spencer County
Affordability Verdict
Spencer County is affordable for renters, with a median gross rent of $697/month representing approximately 11.8% of median household income. The rent burden (GRAPI) stands at 27.0%.
Rent vs. Own
The median rent in Spencer County is $697/month, while owner costs run $933/month. Renting saves approximately $236/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $27,880/year. For owner costs at the 28% rule, the required income is roughly $39,986/year. With a median household income of $70,890, most households can comfortably afford rent here. Notably, 27.0% of renter households in Spencer County are cost-burdened, spending more than 30% of income on housing.
Regional Context
Compared to Martin County where rent averages $643/month, Spencer County is approximately 8% more expensive.
Affordability Calculator
See how your income compares to housing costs in Spencer County
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
Income Needed Calculator
See how much you need to earn to comfortably afford housing
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2019-2023) — Informational only. Not financial or legal advice.
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