Boonville, IN vs Spencer, IN

Boonville, IN and Spencer, IN have a very similar cost of living, with only a 3.1% difference in their overall index. Boonville scores 69 while Spencer scores 71 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Boonville is $835/month compared to $860/month in Spencer — a 3% difference. Home values follow the same pattern: Boonville is more affordable at $143,100 median vs $146,300.

Median household income in Boonville is $62,500 compared to $47,994 in Spencer (+30.2%). Boonville offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Boonville spend roughly 16% of their income on rent, less than the 21.5% in Spencer.