Clear Lake, IA vs Spencer, IA

Clear Lake, IA and Spencer, IA have a very similar cost of living, with only a 4.9% difference in their overall index. Clear Lake scores 74 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 Clear Lake is $755/month compared to $795/month in Spencer — a 5% difference. Interestingly, home values tell a different story: while Clear Lake has cheaper rent, Spencer actually has lower median home values ($178,300 vs $235,100).

Median household income in Clear Lake is $70,278 compared to $57,068 in Spencer (+23.1%). While Clear Lake is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Clear Lake spend roughly 12.9% of their income on rent, less than the 16.7% in Spencer.