Spencer, NE
Population 298 · Nebraska
About Spencer, NE
Spencer is a small community located in Nebraska with a population of 298 residents according to the latest US Census Bureau American Community Survey data. The median household income is $55,469 per year, which is 26% below the national median of $75,149. The median age of 59.3 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 $85,800, which is 65% 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 $683, 41% below the national average of $1,163/month. Of the 236 total housing units, 68% are owner-occupied (117 units) and 32% are renter-occupied (56 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Spencer shows an unemployment rate of 0.6%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 11.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Spencer have an average one-way commute time of 19.4 minutes, one of the shorter commutes in the region.
Education & Demographics
8.4% 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 0.0% White, 1.3% Hispanic or Latino, 0.3% Black or African American, and 0.0% Asian residents, with 1.0% of the population being foreign-born.
How Spencer Ranks in Nebraska
Cost of Living in Spencer, NE
Compared to national averages, Spencer has a median household income of $55,469 (26% below the national median of $75,149). Home values average $85,800, which is 65% below the national median. Monthly rent at $683 is 41% below the US average of $1,163. Within Nebraska, Spencer's income is 16% below the state average of $65,895, and home values are 32% below the state median of $125,824.
Why Live in Spencer, NE?
Spencer offers affordable housing with a median home value of $85,800, below the US average of $244,900, and rent that’s lower than the national average at $683/month, and a strong job market with an unemployment rate of just 0.6%. Additionally, the city features a low poverty rate of 11.1%, better than the national average, and short commute times averaging just 19.4 minutes.
Potential considerations include median household income ($55,469) 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 298 with a median age of 59.3 years. Compare Spencer with other cities to see how it stacks up, or explore all cities in Nebraska.
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Demographics
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Economy & Education
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Other Cities in Nebraska
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, NE?
The population of Spencer, NE is 298 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Nebraska.
What is the median household income in Spencer?
The median household income in Spencer, NE is $55,469 per year, which is 26% below the national median of $75,149.
What is the median home value in Spencer?
The median home value in Spencer, NE is $85,800, which is 65% 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, NE is $683, which is 41% below the national average of $1,163/month.
What is the unemployment rate in Spencer?
The unemployment rate in Spencer, NE is 0.6%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Spencer, NE a good place to live?
Spencer offers a moderate cost of living, affordable housing, and a strong job market. With a population of 298 and a median age of 59.3, the city appeals to established professionals and retirees.
How educated is Spencer, NE?
8.4% 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, NE: median home value is $85,800 (65% below national), median rent is $683/month, and median household income is $55,469. The home-value-to-income ratio is 1.5x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Spencer?
The poverty rate in Spencer, NE is 11.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Spencer, NE?
Spencer's population is 0.0% White, 1.3% Hispanic or Latino, 0.3% Black or African American, 0.0% Asian, and 1.0% two or more races. 1.0% of residents are foreign-born.