Spencer, IN
Population 2,308 · Indiana
About Spencer, IN
Spencer is a small community in Indiana with a population of 2,308 residents. The median household income is $47,994 per year, which is below the national average. The median age in Spencer is 49.4 years.
Housing in Spencer has a median home value of $146,300 and median monthly rent of $860. Of the 1,240 total housing units, the majority are owner-occupied, with 708 owner-occupied and 371 renter-occupied units.
The unemployment rate in Spencer is 3.1% and the poverty rate is 13.9%. 18.3% of residents hold a bachelor's degree or higher. The average commute time is 18.9 minutes.
Cost of Living in Spencer, IN
Compared to national averages, Spencer has a median household income of $47,994 (36% below the national median of $75,149). Home values average $146,300, which is 40% below the national median. Monthly rent at $860 is 26% below the US average of $1,163. Within Indiana, Spencer's income is 31% below the state average of $69,330, and home values are 10% below the state median of $163,409.
Why Live in Spencer, IN?
Spencer offers affordable housing with a median home value of $146,300, below the US average of $244,900, and rent that’s lower than the national average at $860/month, and a strong job market with an unemployment rate of just 3.1%. Additionally, the city features short commute times averaging just 18.9 minutes.
Potential considerations include median household income ($47,994) that falls below the national average. However, Spencer’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Spencer has a population of 2,308 with a median age of 49.4 years. Compare Spencer with other cities to see how it stacks up, or explore all cities in Indiana.
Similar Cities Near Spencer
Cities in Indiana with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Fowler | 2,286 | $51,654 | $110,300 | Compare |
| Ferdinand | 2,346 | $74,943 | $172,700 | Compare |
| Jasonville | 2,269 | $36,607 | $66,400 | Compare |
| New Chicago | 2,348 | $54,700 | $118,900 | Compare |
| Kouts | 2,261 | $75,854 | $223,700 | Compare |
| Shadeland | 2,257 | $88,125 | $261,300 | Compare |
| Cloverdale | 2,219 | $47,016 | $117,300 | Compare |
| Brooklyn | 2,410 | $60,742 | $117,800 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Indiana
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Spencer
What is the population of Spencer, IN?
The population of Spencer, IN is 2,308 according to the latest Census data.
What is the median household income in Spencer?
The median household income in Spencer, IN is $47,994 per year.
What is the median home value in Spencer?
The median home value in Spencer, IN is $146,300.
What is the average rent in Spencer?
The median monthly rent in Spencer, IN is $860.
What is the unemployment rate in Spencer?
The unemployment rate in Spencer, IN is 3.1%.