Garrett, IN vs Spencer, IN

Garrett, IN and Spencer, IN have a very similar cost of living, with only a 3.2% difference in their overall index. Garrett scores 68 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 Garrett is $836/month compared to $860/month in Spencer — a 3% difference. Home values follow the same pattern: Garrett is more affordable at $142,800 median vs $146,300.

Median household income in Garrett is $65,611 compared to $47,994 in Spencer (+36.7%). Garrett offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Garrett spend roughly 15.3% of their income on rent, less than the 21.5% in Spencer.