Spencer, IA
Population 11,393 · Iowa
About Spencer, IA
Spencer is a mid-sized city located in Iowa with a population of 11,393 residents according to the latest US Census Bureau American Community Survey data. The median household income is $57,068 per year, which is 24% below the national median of $75,149. The median age of 41.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Spencer features a median home value of $178,300, which is 27% below the national median of $244,900. This positions Spencer in a moderately priced market relative to the rest of the country. Median monthly rent is $795, 32% below the national average of $1,163/month. Of the 5,640 total housing units, 68% are owner-occupied (3,481 units) and 32% are renter-occupied (1,664 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Spencer shows an unemployment rate of 5.1%, which is near the national rate of 3.7%. The poverty rate stands at 14.1%, above the national average of 12.4%. Workers in Spencer have an average one-way commute time of 17.4 minutes, one of the shorter commutes in the region.
Education & Demographics
28.2% of Spencer residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 4.8% White, 1.7% Hispanic or Latino, 0.4% Black or African American, and 0.3% Asian residents, with 1.3% of the population being foreign-born.
How Spencer Ranks in Iowa
Cost of Living in Spencer, IA
Compared to national averages, Spencer has a median household income of $57,068 (24% below the national median of $75,149). Home values average $178,300, which is 27% below the national median. Monthly rent at $795 is 32% below the US average of $1,163. Within Iowa, Spencer's income is 16% below the state average of $67,947, and home values are 35% above the state median of $132,237.
Why Live in Spencer, IA?
Spencer offers affordable housing with a median home value of $178,300, below the US average of $244,900, and rent that’s lower than the national average at $795/month, and short commute times averaging just 17.4 minutes.
Potential considerations include median household income ($57,068) 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 11,393 with a median age of 41.3 years. Compare Spencer with other cities to see how it stacks up, or explore all cities in Iowa.
Similar Cities Near Spencer
Cities in Iowa with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Oskaloosa | 11,492 | $62,172 | $128,900 | Compare |
| Storm Lake | 11,275 | $58,341 | $163,600 | Compare |
| Pleasant Hill | 10,796 | $86,890 | $284,100 | Compare |
| Pella | 10,624 | $81,201 | $259,600 | Compare |
| Le Mars | 10,597 | $72,381 | $202,200 | Compare |
| Waverly | 10,446 | $78,429 | $215,200 | Compare |
| Boone | 12,445 | $67,269 | $156,400 | Compare |
| Carroll | 10,261 | $59,323 | $184,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Iowa
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, IA?
The population of Spencer, IA is 11,393 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Iowa.
What is the median household income in Spencer?
The median household income in Spencer, IA is $57,068 per year, which is 24% below the national median of $75,149.
What is the median home value in Spencer?
The median home value in Spencer, IA is $178,300, which is 27% 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, IA is $795, which is 32% below the national average of $1,163/month.
What is the unemployment rate in Spencer?
The unemployment rate in Spencer, IA is 5.1%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Spencer, IA a good place to live?
Spencer offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 11,393 and a median age of 41.3, the city appeals to a broad range of residents.
How educated is Spencer, IA?
28.2% 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, IA: median home value is $178,300 (27% below national), median rent is $795/month, and median household income is $57,068. The home-value-to-income ratio is 3.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Spencer?
The poverty rate in Spencer, IA is 14.1%, 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, IA?
Spencer's population is 4.8% White, 1.7% Hispanic or Latino, 0.4% Black or African American, 0.3% Asian, and 0.7% two or more races. 1.3% of residents are foreign-born.