What is the cost of living in Spencer, IA?
According to the most recent data on the cost of living, Spencer has an overall cost of living index of 89, which is 0.9x lower than the national index of 100.
Compared to Iowa, Spencer has a cost of living index that's 1.0x lower than Iowa's index of 90.
The standard of living in Spencer ranks as #34 most affordable out of the 85 places we measured in Iowa. By definition, that implies Spencer ranks as the #51 most expensive place in the Hawkeye State.
For more reading on life in Spencer, check out:
Spencer Cost Of Living Vs. Iowa
Six factors go into calculating the cost of living index in Spencer. Here is how it fares on each of the criteria:
The Services index in Spencer is 97.
The Groceries index in Spencer is 97.
The Health index in Spencer is 72.
The Housing index in Spencer is 100.
The Transportation index in Spencer is 92.
The Utilities index in Spencer is 92.
| Living Expense | Spencer | Iowa | National Average |
|---|---|---|---|
| Overall | 89 | 90 | 100 |
| Services | 97 | 99 | 100 |
| Groceries | 97 | 95 | 100 |
| Health | 72 | 75 | 100 |
| Housing | 100 | 97 | 100 |
| Transportation | 92 | 93 | 100 |
| Utilities | 92 | 94 | 100 |
Spencer Cost Of Living Compared To Iowa Averages
Index where 100 = national average. Source: cost-of-living index 2026.
For more reading on cost of living around Iowa, check out:
Protect your home budget Compare home warranties in Spencer Get matched →Source: Cost-of-living index 2026, normalized to US average = 100
Spencer, IA Housing Cost Breakdown
Housing swings affordability the most between places in Iowa, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2020-2024. The key points are:
The Median Home Value in Spencer is $193,030.
The Median Rent in Spencer is $805.
The Median Income in Spencer is $59,667.
The Home Value To Income in Spencer is 3.2x.
The Rent To Monthly Income in Spencer is 0.16x.
Spencer, IA Costs By Category
Detailed Spencer Services costs vs. Iowa
Detailed Spencer Groceries costs vs. Iowa
Detailed Spencer Health costs vs. Iowa
Detailed Spencer Transportation costs vs. Iowa
Spencer SnackAbility
Cost Of Living In Cities Around Spencer
The cost of living varies in the cities and towns around Spencer. Here's a quick look at the cost of living in the most populous nearby places:
Worthington, MN has a cost of living index of 89, 1.0x Spencer.
Storm Lake, IA has a cost of living index of 91, 1.0x Spencer.
Fairmont, MN has a cost of living index of 94, 1.1x Spencer.
| City | Population | Cost Of Living | Vs. Spencer |
|---|---|---|---|
| Worthington, MN | 13,780 | 89 | 1.0x |
| Storm Lake, IA | 11,428 | 91 | 1.0x |
| Fairmont, MN | 10,296 | 94 | 1.1x |
| Estherville, IA | 5,839 | 87 | 1.0x |
| Sheldon, IA | 5,474 | 88 | 1.0x |
| Algona, IA | 5,377 | 95 | 1.1x |
| Cherokee, IA | 5,154 | 82 | 0.9x |
