Total monthly cost of ownership
Cost to Own a Home in Spencer, Indiana
A $146,000 home here costs
$1,254per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $751. The real number is $503 higher every month — 67% 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 Owen County and Indiana
| Measure | Spencer | Owen County |
|---|---|---|
| Median home value | $146,300 | $162,400 |
| Median property tax | $1,058 | $1,091 |
| Effective tax rate | 0.723% | 0.672% |
| Median gross rent | $860 | $912 |
| Population | 2,308 | 21,434 |
The weather behind that power bill
Spencer sits in Owen County, which averages a high of 85.4°F in its hottest month and a low of 20.2°F in its coldest, with 49.69" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 987 cooling and 5,407 heating degree days, which is what sets the $163 electricity line above.
See the full climate breakdown for Owen County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Owen County
Common questions
How much does it cost to own a home in Spencer?
A $146,000 home in Spencer, Indiana costs approximately $1,254 per month with 20% down at 6.66%. That is $751 principal and interest, $88 property tax, $62 homeowners insurance, $231 utilities and $122 set aside for maintenance.
What is the property tax rate in Spencer?
Spencer has an effective property tax rate of 0.723%, based on a median home value of $146,300 and median real estate taxes of $1,058. That is higher than the Owen County average of 0.672%.
What is the average home price in Spencer?
The median owner-occupied home value in Spencer, Indiana is $146,300, against $162,400 across Owen County.
Is it cheaper to rent or buy in Spencer?
Median gross rent in Spencer is $860 a month, against $1,254 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 Indiana.
- 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.