Cost of Living in Spencer County, Kentucky
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 #648 of 3,144 counties for affordability (top 21%)
Data Story
About Cost of Living in Spencer County, Kentucky
Spencer County: Kentucky's housing affordability champion
Spencer County renters spend just 11.6% of their $98,333 median household income on housing—dramatically lower than the national average of roughly 17% and the state average of 17.0%. This combination of the highest county income and lowest rent burden creates the region's most favorable rental market.
Unmatched affordability across Kentucky
Spencer County's 11.6% rent-to-income ratio is the best in Kentucky, reflecting both strong household earnings and reasonable housing costs. With the state average at 17.0%, Spencer renters enjoy nearly a 5-point advantage—the largest cushion in their budgets.
Lower rents, higher incomes than rivals
Spencer County's $954 median rent is lower than Scott ($1,181) and Shelby ($998) despite having the highest household income ($98,333) among its peer group. This income-to-rent ratio advantage is unmatched in the region, making Spencer the clear winner for renters.
Homeownership carries the weight
While renters spend just 11.6% of income on housing, Spencer County homeowners allocate 14.4% toward monthly costs of $1,410—the highest owner costs in the comparison. Renters here get the premium deal, while homebuyers face steeper monthly commitments despite strong household incomes.
Spencer County: the relocation sweet spot
If affordability is your priority, Spencer County offers the region's unbeaten combination of high incomes and low rent burdens—renters here keep over 88% of earnings for everything else. Homebuyers should budget carefully for the $1,410 average owner cost, but strong household incomes make the $297,600 median home value manageable.
Cost of Living Advisory: Spencer County
Affordability Verdict
Spencer County is affordable for renters, with a median gross rent of $954/month representing approximately 11.6% of median household income. The rent burden (GRAPI) stands at 27.0%.
Rent vs. Own
The median rent in Spencer County is $954/month, while owner costs run $1,410/month. Renting saves approximately $456/month.
Income Needed
To afford the median rent without exceeding 30% of gross income, a household needs to earn approximately $38,160/year. For owner costs at the 28% rule, the required income is roughly $60,429/year. With a median household income of $98,333, 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
Spencer County sits 6% less expensive than Simpson County ($1,011/month) in terms of median gross rent.
Affordability Calculator
See how your income compares to housing costs in Spencer County
Rent Burden
11.6%
of gross income
Max Housing (28% Rule)
$2,294
per month
Owner Cost Burden
17.2%
of gross income
The median home in Spencer County may be a stretch
Median home value is $297,600. Estimated monthly cost: $2,376 vs. your max of $2,294.
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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