Spencer, OK
Population 3,942 · Oklahoma
About Spencer, OK
Spencer is a small town located in Oklahoma with a population of 3,942 residents according to the latest US Census Bureau American Community Survey data. The median household income is $57,550 per year, which is 23% below the national median of $75,149. The median age of 40.5 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 $119,000, which is 51% 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 $940, 19% below the national average of $1,163/month. Of the 1,853 total housing units, 67% are owner-occupied (1,132 units) and 33% are renter-occupied (567 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 9.8%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 16.2%, above the national average of 12.4%. Workers in Spencer have an average one-way commute time of 25.9 minutes.
Education & Demographics
22.4% 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 13.9% White, 3.1% Hispanic or Latino, 0.0% Black or African American, and 1.5% Asian residents, with 6.1% of the population being foreign-born.
Cost of Living in Spencer, OK
Compared to national averages, Spencer has a median household income of $57,550 (23% below the national median of $75,149). Home values average $119,000, which is 51% below the national median. Monthly rent at $940 is 19% below the US average of $1,163. Within Oklahoma, Spencer's income is 2% above the state average of $56,382, and home values are 1% below the state median of $119,992.
Why Live in Spencer, OK?
Spencer offers affordable housing with a median home value of $119,000, below the US average of $244,900, and rent that’s lower than the national average at $940/month.
Potential considerations include median household income ($57,550) 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 3,942 with a median age of 40.5 years. Compare Spencer with other cities to see how it stacks up, or explore all cities in Oklahoma.
Similar Cities Near Spencer
Cities in Oklahoma with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Madill | 3,966 | $47,022 | $101,400 | Compare |
| Nichols Hills | 3,838 | $203,750 | $855,300 | Compare |
| Fort Gibson | 3,805 | $69,632 | $173,200 | Compare |
| Stilwell | 3,740 | $32,738 | $99,800 | Compare |
| Slaughterville | 4,214 | $76,759 | $200,300 | Compare |
| Broken Bow | 4,215 | $50,744 | $159,000 | Compare |
| Bristow | 4,261 | $40,000 | $110,800 | Compare |
| Elgin | 3,560 | $81,739 | $243,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Oklahoma
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, OK?
The population of Spencer, OK is 3,942 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Oklahoma.
What is the median household income in Spencer?
The median household income in Spencer, OK is $57,550 per year, which is 23% below the national median of $75,149.
What is the median home value in Spencer?
The median home value in Spencer, OK is $119,000, which is 51% 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, OK is $940, which is 19% below the national average of $1,163/month.
What is the unemployment rate in Spencer?
The unemployment rate in Spencer, OK is 9.8%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Spencer, OK a good place to live?
Spencer offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 3,942 and a median age of 40.5, the city appeals to a broad range of residents.
How educated is Spencer, OK?
22.4% 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, OK: median home value is $119,000 (51% below national), median rent is $940/month, and median household income is $57,550. The home-value-to-income ratio is 2.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Spencer?
The poverty rate in Spencer, OK is 16.2%, 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, OK?
Spencer's population is 13.9% White, 3.1% Hispanic or Latino, 0.0% Black or African American, 1.5% Asian, and 49.1% two or more races. 6.1% of residents are foreign-born.