Spencer County, Indiana Housing Market
In Spencer County, Indiana, the median home value is $185,200, with a median monthly rent of $751. This places Spencer County at #1570 nationally out of 3134 counties by median home value, and #42 within Indiana.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,005
- Establishments: 450
- BLS QCEW, 2025
Housing Supply
- Single-family: 100
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 8,395 (avg $71,804)
- Outflow: 8,094 (avg $72,238)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 2 active ZIP codes in Spencer County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 47635 | 198.2 | -8.25% | 2025 |
| 2 | 47601 | 227.8 | -1.69% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
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💰 Mortgage Guide → 🧾 Property Tax Data →How Spencer County Compares
| Metric | Spencer County | Indiana Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $185,200 | $191,898 | $227,706 |
| Median Gross Rent | $751 | $910 | $968 |
| Owner Occupancy Rate | 81.3% | 76.3% | 73.3% |
| Price/Rent Ratio | 20.6 | 17.5 | 18.7 |
Market Analysis
The median home value in Spencer County is 3.5% below the Indiana state average and 18.7% below the U.S. national average. The median rent of $751/month is 17.5% below the state average.
With a price-to-rent ratio of 20.6, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Spencer County has an owner-occupancy rate of 81.3%, compared to 76.3% in Indiana and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Mower County | Minnesota | $185,200 | $927 |
| Dawson County | Montana | $185,300 | $815 |
| Anderson County | Texas | $185,300 | $1,041 |
| Murray County | Minnesota | $185,400 | $810 |
| Cedar County | Nebraska | $185,000 | $716 |
Other Counties in Indiana
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Vanderburgh County | $184,000 | $985 | 65.0% |
| Warren County | $182,500 | $830 | 82.4% |
| Carroll County | $180,900 | $890 | 82.2% |
| Gibson County | $180,000 | $935 | 76.7% |
| Adams County | $178,400 | $833 | 83.5% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).