Spencer, IA home prices
Typical home $195,991 · +4.2% in a year · income needed $57,400
The Spencer, IA metro area ranks 655 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +4.2% in a year and +27.1% over five years. With 20% down at 7.11%, the typical home costs about $1,340 a month including 1.15% property tax (Clay County rate).
Mortgage on the typical Spencer home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $39,198 | $156,793 | $1,055 | $0 | $285 | $1,340 | $57,400 |
| 10% down | $19,599 | $176,392 | $1,187 | $73 | $285 | $1,546 | $66,200 |
| 5% down | $9,800 | $186,192 | $1,253 | $78 | $285 | $1,616 | $69,200 |
| 3.5% down (FHA) | $6,860 | $192,441 | $1,295 | $87 | $285 | $1,667 | $71,400 |
Assumes a 30-year fixed loan at 7.11%, property tax of 1.15% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Spencer area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Clay County, IA | $195,966 | +4.2% | 1.15% |
What can you afford in Iowa on your salary? · Iowa home prices · Salaries in Iowa
Frequently asked questions
How much is a house in Spencer?
The typical home in the Spencer, IA metro area is worth $195,991 (Zillow, September 2026).
What salary do you need to buy a house in Spencer?
About $57,400 a year for the typical home with 20% down at 7.11%.