Total monthly cost of ownership
Cost to Own a Home in Spencer, Tennessee
A $135,000 home here costs
$1,109per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $694. The real number is $415 higher every month — 60% 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 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 $130 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
Common questions
How much does it cost to own a home in Spencer?
A $135,000 home in Spencer, Tennessee costs approximately $1,109 per month with 20% down at 6.66%. That is $694 principal and interest, $48 property tax, $57 homeowners insurance, $198 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 $1,109 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 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.