Mount Vernon, IN vs Spencer, IN

Mount Vernon is moderately more affordable than Spencer, with a 5.3% lower cost of living index. Mount Vernon scores 67 compared to 71 for Spencer, where the US average is 100. This difference means residents of Spencer can expect to pay noticeably more for everyday expenses, housing, and services.

On the housing front, median rent in Mount Vernon is $726/month compared to $860/month in Spencer — a 16% difference. Interestingly, home values tell a different story: while Mount Vernon has cheaper rent, Spencer actually has lower median home values ($146,300 vs $164,200).

Median household income in Mount Vernon is $61,527 compared to $47,994 in Spencer (+28.2%). Mount Vernon offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Mount Vernon spend roughly 14.2% of their income on rent, less than the 21.5% in Spencer.