Cost Of Living in Spencer, IN

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Spencer	Indiana	National
Cost of living	87	90	100
Goods & Services	99	94	100
Groceries	101	98	100
Health care	95	96	100
Housing	59	72	100
Transportation	96	95	100
Utilities	104	107	100

New Real Estate Listings in Spencer Area

For Sale For Rent

Search

Search Homes for Sale in Spencer, IN

See How Much House You Can Afford. Get Pre-Approved Today

Cost Of Living Quick Facts

The cost of living in Spencer is 3% lower than the Indiana average
The cost of living in Spencer is 13% lower than the national average
Spencer housing is 41% lower than the national average
Indiana general sales tax is 37% higher than the national average
Indiana state income tax is 21% higher than the national average

Most Affordable Places to Live in and Around Spencer

See all the best places to live around Spencer

Compare Spencer, IN Cost of Living

Write a review to give others more information about this area.

See all Spencer poll results

The best places in Indiana

Here are the best places to live in Indiana

Check out the 10 most dangerous cities in Indiana

These are the largest cities in Indiana

Most Dangerous Cities In The US

Salary Calculator

This is how much you would need to earn in

Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$47,424	$3,952	$1,106	$1,423
Renters	$21,589	$1,799	$504	$648

Indiana Sales Tax

State	General Sales Tax	With Max Surtax
Indiana	7%	7%

Indiana Income Tax

State	Income Tax (Low)	Income Tax (High)
Indiana	3.15%	3.15%

Goods & Services

Item	Spencer	National avg.	Difference
Haircut	$26.42	$24.26	8.9%
Beauty Salon	$47.57	$45.56	4.4%
Toothpaste	$3.55	$3.70	4.0%
Shampoo	$1.36	$1.28	6.5%
Movie	$11.48	$12.13	5.4%
Bowling	$16.61	$18.00	7.7%

Groceries

Item	Spencer	National avg.	Difference
Ground Beef	$5.88	$5.84	0.8%
Fried Chicken	$1.74	$1.57	10.8%
Milk	$4.78	$4.67	2.4%
Potatoes	$5.01	$4.93	1.6%
Pizza	$12.45	$12.09	3.0%
Beer	$10.53	$10.41	1.1%

Health Care

Item	Spencer	National avg.	Difference
Optometrist	$173.41	$125.68	38.0%
Doctor	$108.22	$135.78	20.3%
Dentist	$104.94	$113.29	7.4%
Ibuprofen	$10.84	$10.65	1.8%
Lipitor	$483.43	$468.60	3.2%

Housing

Item	Spencer	National avg.	Difference
Home Price	$98,400.00	$184,700.00	46.7%
Avg. Mortgage Payment	$2,453.08	$2,346.69	4.5%
Apartment Rent	$671.00	$949.00	29.3%

Transportation

Item	Spencer	National avg.	Difference
Gasoline	$3.56	$3.46	2.9%
Tire Balancing	$47.16	$59.92	21.3%

Utilities

Item	Spencer	National avg.	Difference
All Electricity	$206.98	$193.99	6.7%
Phone	$190.02	$192.25	1.2%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Stinesville, IN	323	83	17.2%
Worthington, IN	1,539	83	17.1%
Paragon, IN	467	85	15.1%
Gosport, IN	1,052	86	14.3%
Ellettsville, IN	6,650	93	6.6%
Spencer, IN	2,224	87	12.9%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Easton, CA	2,224	115	15.1%
Ely, IA	2,224	102	2.1%
Sumner, IA	2,224	77	23.1%
Granby, MO	2,224	80	20.2%
Wesson, MS	2,224	89	11.1%
Spencer, IN	2,224	87	12.9%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Spencer, IN