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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Spencer, IN Housing Affordability Index

Spencer, Indiana has an MBR Housing Affordability Index score of 123.3 (Highly Affordable) as of October 30, 2026, ranking 535th most affordable of 621 scored Indiana cities, compared with 123.6 statewide and 97.4 nationally. On a median-priced $162,900 home with 20% down, the Indiana average 30-year fixed rate of 7.41% means a monthly principal and interest payment of about $903, or 22% of the city’s $48,378 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Spencer is updated every night from live Indiana mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Spencer MBR-HAI 123.3 Highly Affordable
Rank in Indiana 535 of 621 1 = most affordable
Indiana 123.6 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.41% Indiana lenders
Median home value $162,900 U.S. Census Bureau

Spencer is 0.3 points below the Indiana score. Scores as of October 30, 2026. See the Indiana index

View Spencer Mortgage Rates

What It Takes to Buy in Spencer

$903/mo
Principal & Interest
Median home, 20% down, 7.41%
$38,700
Income Needed
To keep the payment at 28% of income
$48,378
Median Household Income
Indiana: $71,957
3.4x
Price-to-Income Ratio
Indiana: 3.0x
$675/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$1,274/yr
Median Property Tax
0.78% of median value
28.4%
Owner Cost Burden
Owners spending 30%+ of income on housing
34.2%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Spencer, Indiana. The rate is the Indiana average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

Cite the Spencer Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Spencer, Indiana score: 123.3 (Highly Affordable), ranked 535 of 621 Indiana cities. monitorbankrates.com/housing-affordability-index/indiana/spencer”