Spencer County, Indiana Housing Market Prices
Spencer County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 19% above the Indiana median$169,349
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Median rent 29% below the Indiana median Cheaper than 90% of counties in Indiana$751
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Spencer County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,349 | $142,738 | $248,835 |
| Price Trend (Annual %) | 16.4% | 7.2% | 7.5% |
| Median Gross Rent | $751 | $1,062 | $1,407 |
| Rent Trend (Annual %) | 2.5% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spencer County is about 19% higher than in Indiana. Rent is about 29% lower than the Indiana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Spencer County, up about 16.4% and 2.5% a year respectively. Home prices are changing faster.
Median rent in Spencer County rose about 27.9% between 2015 and 2024, from $587 to $751. Over the same span, rent in Indiana rose about 42.6%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Spencer County.
Buying the median-priced home in Spencer County costs roughly 18.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Spencer County. The price-to-rent ratio in Indiana is about 11.2.
| Metric | Spencer County | Indiana Avg | US Average |
|---|---|---|---|
| Median Home Price | $169,349 | $142,738 | $248,835 |
| Median Household Income | $74,653 | $71,967 | $80,455 |
| Price-to-Income Ratio | 2.3 | 2.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Spencer County rose about 139.9%, while median household income rose about 34.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Spencer County | Indiana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.3% | 64.4% | 58.5% |
| Rental Rate | 17.3% | 26.9% | 31.2% |
| Vacancy Rate | 7.4% | 8.8% | 10.2% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Spencer County has a homeownership rate of 75.3%, higher than the Indiana average of 64.4%. Its housing vacancy rate is 7.4%, compared with 8.8% in Indiana.
Housing Stock
| Metric | Spencer County | Indiana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.43 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1978 | 1975 | 1978 |
| Median Number of Rooms | 5.8 | 5.9 | 5.5 |
The typical housing unit in Spencer County was built around 1978. On average, 2.4 people live in a home with about 5.8 rooms, staying for about 18.0 years on average.
Spencer County, IN Housing Compared With Nearby Counties
How Spencer County, IN compares with the 2 counties closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Spencer County, IN | 19,953 | $169,349 #2/3 | $751 #3/3 | 81.3% #2/3 |
| Warrick County, IN | 65,261 | $130,787 | $1,061 | 82.4% |
| Daviess County, KY | 103,589 | $212,371 | $918 | 68.1% |
Frequently Asked Questions
Common questions about the housing market in Spencer County, Indiana.
What is the median home price in Spencer County, Indiana?
The median home price in Spencer County, Indiana is $169,349, higher than the Indiana average of $142,738.
What is the average home price in Spencer County, Indiana?
The typical home price in Spencer County, Indiana, reported as the median sale price, is $169,349. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Spencer County, Indiana?
The median gross rent in Spencer County, Indiana is $751 per month, lower than the Indiana average of $1,062.
What was the median gross rent in Spencer County in 2020?
In 2020, the median gross rent in Spencer County, Indiana was $673 per month.
What is the price-to-rent ratio in Spencer County, Indiana?
The price-to-rent ratio in Spencer County, Indiana is about 18.8, meaning it would take roughly 18.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Spencer County.
Are home prices or rent rising faster in Spencer County, Indiana?
Both home prices and rent are rising in Spencer County, up about 16.4% and 2.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spencer County, Indiana?
75.3% of households in Spencer County, Indiana own their home, higher than the Indiana average of 64.4%.
What is the vacancy rate in Spencer County, Indiana?
The housing vacancy rate in Spencer County, Indiana is 7.4%, lower than the Indiana average of 8.8%.
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