Total monthly cost of ownership
Cost to Own a Home in Spencer, Tennessee
A $135,000 home here costs
$1,176per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $50,500 a year.
A standard mortgage calculator would have told you $736. The real number is $440 higher every month, 60% more than the payment most buyers budget for.
Compare Van Buren County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Spencer from a five-year rolling sample, and with about 1,494 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Van Buren County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Spencer against Van Buren County and Tennessee
| Measure | Spencer | Van Buren County |
|---|---|---|
| Median home value | $135,000 | $149,200 |
| Median property tax | $571 | $596 |
| Effective tax rate | 0.423% | 0.399% |
| Median gross rent | $643 | $705 |
| Population | 1,494 | 6,293 |
The weather behind that power bill
Spencer sits in Van Buren County, which averages a high of 84.8°F in its hottest month and a low of 25.2°F in its coldest, with 59" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 864 cooling and 4,380 heating degree days, which is what sets the $155 electricity line above.
See the full climate breakdown for Van Buren County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Van Buren County
No other places of this size are published in Van Buren County.
Full Van Buren County cost breakdown · Every county in Tennessee
Talk to someone who works this market
These are Spencer averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Spencer every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Spencer I already own here and may sell
Common questions
How much does it cost to own a home in Spencer?
A $135,000 home in Spencer, Tennessee costs approximately $1,176 per month with 20% down at 7.24%. That is $736 principal and interest, $48 property tax, $57 homeowners insurance, $223 utilities and $113 set aside for maintenance.
What is the property tax rate in Spencer?
Spencer has an effective property tax rate of 0.423%, based on a median home value of $135,000 and median real estate taxes of $571. That is higher than the Van Buren County average of 0.399%.
What is the average home price in Spencer?
The median owner-occupied home value in Spencer, Tennessee is $135,000, against $149,200 across Van Buren County.
Is it cheaper to rent or buy in Spencer?
Median gross rent in Spencer is $643 a month, against $1,176 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Spencer?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Spencer, Tennessee at today's rate takes a household income of roughly $50,500 a year. That covers the full $1,176 monthly cost, not just the mortgage payment.
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 Tennessee.
- 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.