Total monthly cost of ownership
Cost to Own a Home in Spencer, Iowa
A $178,000 home here costs
$1,539per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $915. The real number is $624 higher every month — 68% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Spencer against Clay County and Iowa
| Measure | Spencer | Clay County |
|---|---|---|
| Median home value | $178,300 | $171,500 |
| Median property tax | $2,435 | $2,028 |
| Effective tax rate | 1.366% | 1.183% |
| Median gross rent | $795 | $798 |
| Population | 11,393 | 16,446 |
The weather behind that power bill
Spencer sits in Clay County, which averages a high of 84.5°F in its hottest month and a low of 8.1°F in its coldest, with 26.83" of precipitation a year and 44% of it in a single three-month stretch. That climate drives 774 cooling and 7,353 heating degree days, which is what sets the $127 electricity line above.
See the full climate breakdown for Clay County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Clay County
No other places of this size are published in Clay County.
Common questions
How much does it cost to own a home in Spencer?
A $178,000 home in Spencer, Iowa costs approximately $1,539 per month with 20% down at 6.66%. That is $915 principal and interest, $203 property tax, $77 homeowners insurance, $195 utilities and $148 set aside for maintenance.
What is the property tax rate in Spencer?
Spencer has an effective property tax rate of 1.366%, based on a median home value of $178,300 and median real estate taxes of $2,435. That is higher than the Clay County average of 1.183%.
What is the average home price in Spencer?
The median owner-occupied home value in Spencer, Iowa is $178,300, against $171,500 across Clay County.
Is it cheaper to rent or buy in Spencer?
Median gross rent in Spencer is $795 a month, against $1,539 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Spencer — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Iowa.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.