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Spencer Real Estate Market Facts

  • $98,200Median home price
    37% lower than North Carolina
  • $705Median rent asked
    14% lower than North Carolina
  • 62.5%Home owners
    4% lower than North Carolina
  • 2.5People per home
    equal to North Carolina
Above, you'll find an overview of the real estate market in Spencer, NC. Generally, real estate in the Spencer, NC area is more affordable in North Carolina, as the median price of a home in Spencer, NC is $98,200, which is 37% lower than the North Carolina average. The median rental price in Spencer, NC is $705. This is 14% lower than the average rental price in North Carolina. Home owners comprise 62.5% of the population of Spencer, NC, where an average of 2.5 people live in each home. Various real estate options from luxurious homes to affordable condos and urban townhomes are available in Spencer, NC. Below, you can search for real estate listings in Spencer, NC using our search functionality that allows you to personalize your search and filter out location, price, and number of bedrooms and bathrooms.

Spencer Home Affordability

  • $98,200Median home price
    37% lower than North Carolina
  • $39,167Median home income
    19% lower than North Carolina
  • 2.5xHome price to income ratio
    23% lower than North Carolina
When searching for real estate in Spencer, NC, home affordability is a critical aspect. The ratio of the house price to the median household income is one method used to figure out home affordability. In Spencer, NC, the median house price is $98,200, while the median income for households in the area is $39,167. Therefore, the ratio of house price to income is 2.5x; this ratio is 23% lower than the average in North Carolina. The calculation for the ratio of home affordability requires dividing the median household income by the median house price. The lower the aforementioned ratio, the more affordable homes are - when comparing the house price to the household income. However, there are more factors that come into play in terms of home affordability. The calculator below determines home affordability, and it can help you decide how much money you can afford to pay for real estate in Spencer, NC.

Spencer Affordability Calculator

Include PMI
You can afford a home up to:
Debt-to-income ratio
Monthly income breakdown
  • Monthly income
  • Monthly payment
  • Debt payment
  • Income taxes
  • Remainder
Finding the right home in Spencer, NC means not only finding the right piece of real estate that meets your specifications, but finding a home that is priced within your individual budget requirements. Using the home affordability calculator is one of the best ways to determine your price range when seeking a Spencer, NC home, by inputting your down payment, income, and debt information. An even more detailed analysis can be generated by calculating additional factors, such as mortgage rate, length of mortgage, property taxes, home insurance, and any HOA dues. After evaluating these factors, the calculator will display the price range of homes within that individual budget. Determining your price range prior to beginning your house hunt in Spencer, NC will streamline the process by allowing you to seek only the homes you can comfortably afford. Using the home affordability calculator to determine your housing budget also gives you the peace of mind of knowing how much will remain in your budget for savings and other expenses.

Spencer Mortgage Calculator

Your monthly payment will be:
Monthly payment breakdown
  • Monthly payment
  • Mortgage
  • PMI fees
  • Property tax
  • Home insurance
  • HOA dues
So you want to buy some real estate in Spencer, NC. What can you expect to pay for it on a monthly basis? This is determined in a number of different ways. One of the biggest variables when it comes to calculating the monthly price is simply the cost of the house itself. There are other significant factors though, such as interest rates, home owner's association fees, the amount of a down payment that was put on the property, PMI (private mortgage insurance), and property taxes. You can eliminate all PMI payments by making a down payment of at least 20% on the house. Using a mortgage calculator will have all these variables available, but they will be filled out with default data. These can be tweaked and filled in with the data specifically for the home you're looking at for a better overview of the monthly cost. When buying a home, you want to keep your debt to income ratio at 36%. This means that you want to pay no more than 36% of your monthly income on your house and other debt payments.

Spencer Demographics

  • 3,290Population
  • 1,073People / sq mile
  • 38.4Median age
  • 1.1:1Male/Female ratio

Nearby cities with low home prices

City, StatePopulationHome PriceNational Avg.
East Spencer, NC1,465$78,20058%
Cooleemee, NC875$82,00056%
China Grove, NC4,163$98,70047%
Southmont, NC1,252$99,70046%
Lexington, NC19,089$101,80045%
Spencer, NC3,290$98,20047%

Cities with similar population

City, StatePopulationHome PriceNational Avg.
Marysville, KS3,290$94,20049%
Shackle Island, TN3,290$265,00043%
Mount Pleasant, UT3,289$147,30020%
Southport, NC3,291$260,30041%
Kotzebue, AK3,288$194,9006%
Spencer, NC3,290$98,20047%
Source: The Spencer, NC housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).
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