Cost of Living in Spencer, WV

With a cost of living index of 61, Spencer, WV is one of the most affordable cities in the country. Living here is 39% cheaper than the national average and 13% below the West Virginia state average of 73. Spencer is a small community of 2,137 residents.

Housing costs are the biggest factor in Spencer's cost of living. The median monthly rent is $658 (50% below the US median of $1,319), and the median home value sits at $108,700 (64% below the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Spencer is $25,897, which is 66% lower than the national median of $75,149. Residents spend roughly 30% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.