Spencer, IN
Population 2,308 · Indiana
About Spencer, IN
Spencer is a small town located in Indiana with a population of 2,308 residents according to the latest US Census Bureau American Community Survey data. The median household income is $47,994 per year, which is 36% below the national median of $75,149. The median age of 49.4 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Spencer features a median home value of $146,300, which is 40% below the national median of $244,900. This makes Spencer one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $860, 26% below the national average of $1,163/month. Of the 1,240 total housing units, 66% are owner-occupied (708 units) and 34% are renter-occupied (371 units). The balanced mix of owners and renters indicates a diverse housing market.
Economy & Employment
The local economy in Spencer shows an unemployment rate of 3.1%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 13.9%, above the national average of 12.4%. Workers in Spencer have an average one-way commute time of 18.9 minutes, one of the shorter commutes in the region.
Education & Demographics
18.3% of Spencer residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.3% White, 1.0% Hispanic or Latino, 0.0% Black or African American, and 0.3% Asian residents, with 0.4% of the population being foreign-born.
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.
Compare Spencer With Other Cities
Frequently Asked Questions about Spencer
What is the population of Spencer, IN?
The population of Spencer, IN is 2,308 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Indiana.
What is the median household income in Spencer?
The median household income in Spencer, IN is $47,994 per year, which is 36% below the national median of $75,149.
What is the median home value in Spencer?
The median home value in Spencer, IN is $146,300, which is 40% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Spencer?
The median monthly rent in Spencer, IN is $860, which is 26% below the national average of $1,163/month.
What is the unemployment rate in Spencer?
The unemployment rate in Spencer, IN is 3.1%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Spencer, IN a good place to live?
Spencer offers a moderate cost of living, affordable housing, and a strong job market. With a population of 2,308 and a median age of 49.4, the city appeals to established professionals and retirees.
How educated is Spencer, IN?
18.3% of residents in Spencer aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Spencer?
Key cost-of-living indicators for Spencer, IN: median home value is $146,300 (40% below national), median rent is $860/month, and median household income is $47,994. The home-value-to-income ratio is 3.0x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Spencer?
The poverty rate in Spencer, IN is 13.9%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Spencer, IN?
Spencer's population is 0.3% White, 1.0% Hispanic or Latino, 0.0% Black or African American, 0.3% Asian, and 1.2% two or more races. 0.4% of residents are foreign-born.