Spencer cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexSpencerMassachusettsNational
Cost of living index115130100
IndexSpencerMassachusettsNational
Goods & Services index123111100
Groceries index111113100
Health care index117111100
Housing index106167100
Transportation index111117100
Utilities index126126100
A general overview of the cost of living index for Spencer, MA is displayed above. In Spencer, MA, the overall cost of living index is 115, which is 11% lower than the Massachusetts average and 15% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Spencer, MA, the city's goods and services are 11% higher than the Massachusetts average and 23% higher than the U.S. average.

Did you know?

  • The cost of living in Spencer is 11% lower than the Massachusetts average.
  • The cost of living in Spencer is 15% higher than the national average.
  • The cost of housing in Spencer is 6% higher than the national average.
  • Massachusetts general sales tax is 23% higher than the national average.
  • Massachusetts state income tax is 132% higher than the national average.

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Salary Calculator

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Use the salary calculator to compare your current salary in Spencer, MA to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Spencer, MA, then you would need to earn more income in order to maintain the same standard of living. To use the Spencer, MA salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$78,004$6,500$1,820$2,340
Renters$22,716$1,893$530$682
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Spencer, MA, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Spencer, MA has a median income of about $78,004 for people who own homes. Based on that number, a person should spend a maximum of $1,820 on expenses related to housing. Renters have a slightly different median income, which is $22,716. Based on this average, renters should spend no more than $530 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Massachusetts Sales Tax

StateGeneral Sales TaxWith Max Surtax
Massachusetts6.25%6.25%

Massachusetts Income Tax

StateIncome Tax (Low)Income Tax (High)
Massachusetts5.15%5.15%
When you are determining the total cost of living in Spencer, MA you will want to make sure you consider both the Massachusetts sales tax and the Massachusetts income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Massachusetts is 6.25%, with the highest surtax being 6.25%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Massachusetts have a range from 5.15% to 5.15%.

Goods & Services

ItemSpencerNational avg.Difference
Haircut $15.00$14.592.8%
Beauty Salon $40.00$34.6815.3%
Toothpaste $2.50$2.471.1%
Shampoo $1.25$1.0222.3%
Movie $11.75$9.8719.1%
Bowling $4.75$4.398.2%

Groceries

ItemSpencerNational avg.Difference
Ground Beef $4.49$4.480.3%
Fried Chicken $1.59$1.468.6%
Milk $3.39$2.3643.8%
Potatoes $3.99$3.0630.3%
Pizza $8.50$9.248.0%
Beer $8.32$8.633.6%

Health Care

ItemSpencerNational avg.Difference
Optometrist $125.00$99.7825.3%
Doctor $149.00$105.0341.9%
Dentist $98.00$88.7010.5%
Ibuprofen $10.25$9.418.9%
Lipitor $293.99$298.501.5%

Housing

ItemSpencerNational avg.Difference
Home Price $208,000.00$175,700.0018.4%
Avg. Mortgage Payment $1,392.30$1,081.0328.8%
Apartment Rent $721.00$920.0021.6%

Transportation

ItemSpencerNational avg.Difference
Gasoline $2.33$2.0911.4%
Tire Balancing $49.00$45.298.2%

Utilities

ItemSpencerNational avg.Difference
All Electricity$213.54$170.8025.0%
Phone $36.19$28.2628.1%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Ware, MA5,81611212%
Warren, MA1,45611414%
North Brookfield, MA2,07911313%
Barre, MA91011111%
Webster, MA12,13511515%
Spencer, MA5,67011515%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Chena Ridge, AK5,67114141%
Heathcote, NJ5,66813434%
Marlow Heights, MD5,66711111%
South Tucson, AZ5,67583-17%
Melissa, TX5,67511010%
Spencer, MA5,67011515%
Source: The Spencer, MA cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.