Total monthly cost of ownership
Cost to Own a Home in Spencer, Massachusetts
A $298,000 home here costs
$2,485per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,532. The real number is $953 higher every month — 62% 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 Worcester County and Massachusetts
| Measure | Spencer | Worcester County |
|---|---|---|
| Median home value | $297,700 | $390,700 |
| Median property tax | $3,598 | $5,207 |
| Effective tax rate | 1.209% | 1.333% |
| Median gross rent | $1,052 | $1,347 |
| Population | 5,520 | 861,664 |
The weather behind that power bill
Spencer sits in Worcester County, which averages a high of 79.8°F in its hottest month and a low of 17.1°F in its coldest, with 48.26" of precipitation a year and 27% of it in a single three-month stretch. That climate drives 503 cooling and 6,622 heating degree days, which is what sets the $259 electricity line above.
See the full climate breakdown for Worcester County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Worcester County
Full Worcester County cost breakdown · Every county in Massachusetts
Common questions
How much does it cost to own a home in Spencer?
A $298,000 home in Spencer, Massachusetts costs approximately $2,485 per month with 20% down at 6.66%. That is $1,532 principal and interest, $300 property tax, $77 homeowners insurance, $327 utilities and $248 set aside for maintenance.
What is the property tax rate in Spencer?
Spencer has an effective property tax rate of 1.209%, based on a median home value of $297,700 and median real estate taxes of $3,598. That is lower than the Worcester County average of 1.333%.
What is the average home price in Spencer?
The median owner-occupied home value in Spencer, Massachusetts is $297,700, against $390,700 across Worcester County.
Is it cheaper to rent or buy in Spencer?
Median gross rent in Spencer is $1,052 a month, against $2,485 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 Massachusetts.
- 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.