Cost of Living in Spencer, NE

With a cost of living index of 60, Spencer, NE is one of the most affordable cities in the country. Living here is 40% cheaper than the national average and 13% below the Nebraska state average of 72. Spencer is a small community of 298 residents.

Housing costs are the biggest factor in Spencer's cost of living. The median monthly rent is $683 (48% below the US median of $1,319), and the median home value sits at $85,800 (72% below the national median of $304,900). At current prices, the median home costs roughly 1.5x the median household income — well within traditional affordability guidelines.

The median household income in Spencer is $55,469, which is 26% lower than the national median of $75,149. Residents spend roughly 15% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Spencer. The area sees an average annual temperature of 48.7°F, with summers averaging 73°F and winters around 23°F. Annual rainfall totals 28.7 inches spread over roughly 88 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.