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City · 11,400 residents · Clay County, Iowa

Spencer , Iowa

In Spencer, a typical home is worth $184,800 and typical rent is $805 a month. Compared with all of Clay County, typical household income is 9% lower and the share of households that own their home is 5 points lower.

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  • Typical home value

    $184,800

    3% above the county

    11% below Iowa

    • Spencer
    • Clay
    • Iowa

  • Typical rent

    $805a month

    About the same as the county

    17% below Iowa

    • Spencer
    • Clay
    • Iowa

  • Typical household income

    $59,667a year

    9% below the county

    21% below Iowa

    • Spencer
    • Clay
    • Iowa

  • Households that own their home

    68%

    5 points below the county

    4 points below Iowa

    • Spencer
    • Clay
    • Iowa

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$198,647
3.6% more than 12 months ago

From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).

Spencer is in Clay County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Clay County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Spencer apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Estherville, the typical home value is $101,400: 45% less than in Spencer ($184,800).

  2. 68% of households in Spencer own their home, against 73% in Clay County.

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Spencer

What homes there are in Spencer, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Detached houses are the majority in Spencer (65%), but less so than in Clay County (74%).

Year built

The typical home in Spencer was built in 1972, 5 years after the typical one in Clay County.

Homes in Spencer are smaller: 57% have 3 bedrooms or more; in Clay County, 61%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

At least 98% of owner-occupied homes in Spencer are worth less than $500,000, below the FHA loan limit for Clay County ($541,287).

Monthly rent with utilities

With a mortgage

$1,401 a month

Clay County: $1,383 a month

Without a mortgage

$554 a month

Clay County: $594 a month

Owners with a mortgage

58%

Clay County: 53%

Owning costs about the same in Spencer as in Clay County: with a mortgage, $1,401 a month; without one, $554.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, home values in Spencer rose at about the same pace as in Clay County: 44% against 44%.

Much as in Clay County, the typical rent in Spencer rose 18% since 2015–2019.

While home values in Spencer changed +44% and rent +18%, the typical household income rose 28%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureSpencerClay CountyIowaUnited States
Rental vacancy Unreliable estimateUnreliable estimate5.7%5.5%
Homeowner vacancy Unreliable estimateUnreliable estimate0.8%0.9%
More than one person per room Unreliable estimateUnreliable estimate1.6%3.4%
People per household 2.132.222.362.53
Drive alone 82%81%76%69%
Carpool 7%9%8%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike Unreliable estimate4%3%3%
Work from home 6%6%11%15%
Other means Unreliable estimateUnreliable estimate1%2%
Typical commute Unreliable estimate10 to 19 minutes10 to 19 minutes20 to 29 minutes

Much as in Clay County, a household in Spencer has 2.13 people on average.

In Spencer, 82% of workers drive alone to work; in Clay County, 81%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Spencer?

A typical home is tight for the typical income

We start with a typical home in Spencer, worth $184,800, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 32% of the typical household income in Spencer, which is $59,667 a year. For that payment to be 28% of income, a household would need to earn about $68,130 a year.

The calculator's FHA and conventional loan limits are those of all of Clay County.

Your numbers

Local data
$

Starts at the typical home value in Spencer. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $6,468 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,590

at 7.18% · 30 years

Loan amount
$181,453
Total interest
$261,068
Paid off in
November 2056

Includes $3,121 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,392 a month

  • Tight

    $1,392 to $1,790 a month

    Your payment · 32%

  • Hard

    more than $1,790 a month

Compared with the typical household income in Spencer ($59,667 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,590
Principal & interest$1,229
Property tax$202
Home insurance$77
FHA mortgage insurance (MIP)$82

You need at least $6,468 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Spencer and Clay County

Spencer is in Clay County, Iowa. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Spencer's own numbers

Typical home value
$184,800
Typical monthly rent
$805
Typical yearly household income
$59,667
Households that own their home
68%
Effective property tax rate
1.31%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Clay County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$927
Price change over 5 years (FHFA)
+37%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Clay County.

Everything about Clay County

Buying

Buying a home in Spencer

A typical home in Spencer is worth $184,800: 3% above the county and 11% below Iowa. With the typical household income in Spencer ($59,667 a year), a typical home costs 3.1 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Spencer 3.1 years
  • Clay 2.7 years
  • Iowa 2.8 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Clay County

According to FHFA’s house price index, home prices in Clay County rose 56% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Clay County.

Period County Iowa U.S.
Last year (2025) +5.0% +3.2% +2.9%
5 years (2020–2025) +37% +41% +47%
10 years (2015–2025) +56% +65% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Spencer next to Clay County, Iowa and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Spencer $184,800
  • Clay $178,600
  • Iowa $208,000
  • United States $332,700
Typical monthly rent
  • Spencer $805
  • Clay $811
  • Iowa $972
  • United States $1,413
Typical yearly household income
  • Spencer $59,667
  • Clay $65,428
  • Iowa $75,059
  • United States $80,734
See the full table
Spencer next to Clay County and Iowa
Measure Spencer Clay County Iowa U.S.
Typical home value $184,800 $178,600 $208,000 $332,700
Typical monthly rent $805 $811 $972 $1,413
Typical yearly household income $59,667 $65,428 $75,059 $80,734
Households that own their home 68% 73% 72% 65%
Typical yearly property tax $2,419 $2,050 $2,897 $3,119
Effective property tax rate 1.31% 1.15% 1.39% 0.94%
Renters with high rent for their income 39% 36% 44% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Clay County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Spencer

For a typical $184,800 home in Spencer, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Spencer's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,590a month

    Least cash to close
    Down payment
    $6,468
    Cash to close
    $12,012
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $82

  • Conventional, 5% down $1,556a month

    Down payment
    $9,240
    Cash to close
    $14,784
    Rate
    7.18%
    Mortgage insurance
    PMI · $88

  • Conventional, 20% down, no PMI $1,280a month

    Down payment
    $36,960
    Cash to close
    $42,504
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,451a month

    Down payment
    $27,720
    Cash to close
    $33,264
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Spencer and for Clay County.

Property tax

Effective rate in Spencer

1.31%of the home’s value each year

$2,419 a year for the typical owner in Spencer.

  • Spencer 1.31%
  • Clay 1.15%
  • Iowa 1.39%

What Iowa publishes Homestead exemption: 10% of taxable value (Iowa Department of Revenue)

Exemptions and deadlines in Iowa

Flood risk in Clay County

FEMA does not publish these numbers by city: they are for all of Clay County.

FEMA’s maps count no homes in the high-risk zone in Clay County. That does not mean it cannot flood: check your address.

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Spencer

Typical rent in Spencer is $805 a month: about the same as the county. In Spencer, 39% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Clay County, by unit size. To pay the 2-bedroom one ($927 a month) without spending more than 30% of your income, you would need to earn $17.83 an hour working full time.

HUD fair market rent for all of Clay County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $688 $13.23 $27,520
1 bedroom $709 $13.63 $28,360
2 bedrooms $927 $17.83 $37,080
3 bedrooms $1,214 $23.35 $48,560
4 bedrooms $1,218 $23.42 $48,720

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Spencer

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Spencer is in ZIP code 51301.

For 2 bedrooms it is $990: $63 more than the fair market rent for Clay County ($927).

  • 51301 $990$1,210

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Spencer when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Spencer

HUD lists 7 buildings with rents for lower incomes in Spencer. These are the largest.

  • Sunset Apartments 118 E 21st St, Spencer 51301 91 low-income homes · 1 bd: 91 · In service since 2019 · For older adults (712) 262-5887
  • Spencer Manor Apartments 503 E 19th St, Spencer 51301 52 low-income homes · For older adults (712) 262-3890
  • Sunset Retirement Home South 328 Grand Ave, Spencer 51301 28 low-income homes · For older adults (712) 262-5887
  • Southern Pointe 902 13th St SW, Spencer 51301 30 homes, 27 low-income · 3 bd: 26 · 4 bd: 4 · In service since 2017 · For families
  • Fairway Estates 100 12th St SW, Spencer 51301 24 low-income homes · 2 bd: 12 · 3 bd: 12 · In service since 2001 · For families

See all 8 buildings in Clay County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Spencer

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Clay County. The nearest ones are below; many serve by phone or online.

A young man and a young woman look something up together on a laptop.

HUD counseling is free or low-cost

Assistance programs in Spencer

No down payment, repair or rent-help program on our list is for Spencer or Clay County. The ones below are statewide in Iowa: they work in Spencer the same as in the rest of the state.

Which programs do I qualify for? All programs in Iowa

Housing counselors near Spencer

The HUD-approved agencies closest to the center of Spencer, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Center for Siouxland

    715 Douglas St, Sioux City · 78 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 9 more
    (712) 252-1861

  • Home Opportunities Made Easy, Inc. (home, Inc.)

    1618 6th Ave, Des Moines · 132 miles away · Spanish

    • Home improvement and repairs
    • Homelessness services
    • and 5 more
    (515) 243-1277

  • Greater Des Moines Habitat for Humanity

    95 University Ave, Des Moines · 132 miles away

    • Pre-purchase counseling
    (515) 471-8686

All counseling agencies in Iowa

Help in Spanish near Spencer

1 of the 3 agencies on this list says it serves in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Spencer

In HUD’s record, no housing authority with an office in Clay County is named for Spencer or Clay County.

One other authority has an office in Clay County: see the list Source: HUD

Cities

Nearby cities

The cities closest to Spencer, with the typical home value.

Everything about Clay County Housing in Iowa

Neighboring counties

If Clay County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Spencer.

All guides
Three generations of a family gather on the porch of their home.

Questions

Housing questions about Spencer

Short answers with the numbers for Spencer and all of Clay County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Spencer?

The typical home value in Spencer is $184,800, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Clay County it is $178,600.

How much does it cost to rent in Spencer?

Typical rent in Spencer is $805 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Clay County is $927.

What is the FHA loan limit in Spencer?

Spencer uses the FHA limit for all of Clay County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Spencer?

The typical homeowner in Spencer pays $2,419 a year, according to the U.S. Census Bureau. That is 1.31% of the home’s value; in Clay County, the rate is 1.15%.

Where can I find free help to buy or rent in Spencer?

We found no HUD-approved counseling agencies with an office in Clay County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).