Cost of Living in Spencer, IA
Cost indexes, living wages, and fair market rents — 2024 Data
Cost of Living Overview
Overall Index
91.5
100 = national avg
-8.5 vs national average
Living Wage (1 Adult)
$40,280
per year
Living Wage (Family of 4)
$95,208
per year
Cost Index by Category
Housing92.5
Food93.6
Transportation87.2
Healthcare94.9
Utilities94.7
100 = national average. Higher = more expensive.
Fair Market Rent
Source: HUD1 Bedroom
$700
per month
2 Bedroom
$919
per month
The overall cost of living index in Spencer is 91.5, which is 8.5% below the national average. Housing costs are below the national average at an index of 92.5. A single adult needs to earn approximately $40,280 per year to cover basic expenses.