Spencer, IN demographics:
population, income, and more

Total population
2,481
7.5% year-over-year change
Median household income
$48,378/yr
0.8% year-over-year change
Housing units
1,330
7.3% year-over-year change

Spencer population

How many people live in Spencer

Spencer is home to 2,481 residents, according to the most recent Census data. Gender-wise, 49.3% of Spencer locals are male, and 50.7% are female.

Total population
2,481
7.5% year-over-year change
Gender ratio
Male
49.3%
1,223
Female
50.7%
1,258
Value Percent YoY change
Male 1,223 49.3% 5.1%
Female 1,258 50.7% 10.0%
A higher population often means more rental variety and livelier areas. The gender balance—how many men live here compared to women—can reveal a lot about the community and the lifestyles of its residents. Use this info to get a sense of the area's pace and personality.

Age demographics

The median age in Spencer is 52, with the population distributed as follows: about 12.4% are children under 15, then 9.7% are in the 15 to 24 age group. Adults between 25 and 44 make up 21.3% of the population, while another 26.4% fall into the 45 to 64 bracket. Finally, around 30.1% are 65 or older.

Median age
51.7
Age breakdown
Under 15
12.4%
15 to 24
9.7%
25 to 44
21.3%
45 to 64
26.4%
Over 65
30.1%
Value Percent YoY change
Under 15 309 12.4% 14.4%
15 to 24 241 9.7% -1.6%
25 to 44 528 21.3% 6.2%
45 to 64 656 26.4% -2.1%
Over 65 747 30.1% 19.3%
The age composition helps you get insight into who lives in the area. A younger population might mean a more active, fast-paced vibe, while an older one could suggest a quieter, slower lifestyle. If there's a balanced makeup, you’re likely to find a variety of services, housing types, and community spaces that cater to different life stages.

Racial makeup

In Spencer, 97.7% of the population are US-born citizens, while 1.6% have gained naturalized citizenship. At the same time, 0.7% of residents are non-citizens. As for race, 92.3% of locals are Caucasian, 0.8% are African American and 2.6% have Asian roots. There’s also a share of 1.2% that includes residents with two or more races.

Citizenship
U.S.-born citizens
97.7%
Non-U.S.-born citizens
1.6%
Non-citizens
0.7%
Value Percent YoY change
U.S.-born citizens 2,424 97.7% 6.2%
Non-U.S.-born citizens 39 1.6% 56.0%
Non-citizens 18 0.7% N/A
Racial breakdown
White
92.3%
Black or African American
0.8%
American Indian and Alaska Native
0.2%
Asian
2.6%
Native Hawaiian and other Pacific Islander
0%
Two or more races
1.2%
Other
2.8%
Value Percent
White 2,291 92.3%
Black or African American 21 0.8%
American Indian and Alaska Native 5 0.2%
Asian 65 2.6%
Two or more races 30 1.2%
Other 69 2.8%

Households in Spencer

A peek inside Spencer households

Spencer has 1,193 households, with an average of 2 members in each. Of these, 46.2% are families, while the remaining 53.8% are made up of individuals living alone or with non-relatives, such as roommates.

Households stats

Total households
1,193
10.6% year-over-year change
Average people per household
2
Non-family households
642
Family households
551
Value Percent YoY change
Non-family households 642 53.8% 18.0%
Family households 551 46.2% 3.0%
The mix between family and non-family households gives a glimpse into daily life. A higher percentage of families might mean more parks and schools, while more non-family setups can mean flexible housing and diverse living styles. For renters, this can signal what kinds of homes are common and can help you figure out if the area matches your lifestyle.

Housing in Spencer

The housing landscape of Spencer

Spencer's housing consists of 1,330 units, with 67.8% being detached single-family homes ideal for those wanting space. Attached options, including duplexes and townhouses, make up 3.6% and offer a more compact, shared living style. Then there are the multifamily buildings in the area, and for those seeking flexibility, non-traditional options like mobile homes account for 6.9% of the housing landscape.

Housing units
1,330
7.3% year-over-year change
Housing types
Value Percent
1 unit, detached 902 67.8%
1 unit, attached 48 3.6%
2 units 37 2.8%
3 or 4 units 108 8.1%
5 to 9 units 79 5.9%
20 to 49 units 64 4.8%
Mobile home 92 6.9%
Homes built since 2020
4
-20.0% year-over-year change

The age of buildings in Spencer

In Spencer, the median construction year is 1945. About 45% of homes were built before the 1940s, with another 10.6% going up by 1949. Most development happened in the second half of the 20th century. Then, 2.8% of homes were added from 2000 to 2009, 1% between 2010 and 2019, and 0.3% are part of the newest wave of development.

Construction year breakdown by decade
Value Percent YoY change
Built in 1939 or earlier 598 45% 13.5%
Built between 1940 and 1949 141 10.6% 41.0%
Built between 1950 and 1959 106 8% -1.9%
Built between 1960 and 1969 125 9.4% -15.5%
Built between 1970 and 1979 102 7.7% -31.5%
Built between 1980 and 1989 142 10.7% 65.1%
Built between 1990 and 1999 62 4.7% -11.4%
Built between 2000 and 2009 37 2.8% 23.3%
Built between 2010 and 2019 13 1% -23.5%
Built in 2020 or later 4 0.3% -20.0%
As a renter, knowing when homes were built helps you understand the potential condition and design of rental units. Newer builds may have more contemporary layouts, while older homes can offer character or larger lots, depending on the area.

Spencer occupancy rates

Out of the 1,193 occupied housing units in Spencer, 67.1% are owner-occupied, while 32.9% are lived in by tenants. Meanwhile, 10.3% of all homes on the local market sit vacant.

Occupied housing units
1,193
10.6% year-over-year change
Occupancy breakdown
Renter occupied
392
Owner occupied
801
Value Percent YoY
change
Renter occupied 392 32.9% 5.7%
Owner occupied 801 67.1% 13.1%
Unoccupied housing units
10.3%
Unoccupied housing units refer to homes that are currently without residents—whether they're waiting for renters or owners, used seasonally, or simply unclaimed. A higher share of empty homes may mean more housing availability, while a low number can reflect a tighter market with more competition. This, along with the renter-vs.-owner mix, helps paint a clearer picture of what types of housing and services are likely to be available in the area.

Spencer housing costs

Housing costs in Spencer come to a median of $757 per month, while tenants specifically pay a median gross rent of $798.

Median housing costs per month
$757/month
This figure sums up typical monthly housing costs for all households in the area. If you own, it includes mortgage payments in addition to property taxes, insurance and HOA fees. If you rent, it accounts for rent plus extras like utilities. It’s useful for seeing how local living expenses stack up compared to other places.
Median gross rent in Spencer
$798/month
Gross rent gives a more complete look at what renters actually pay, including not just base rent, but also utilities and fees. It’s a key number for evaluating rental affordability in your area of interest and understanding how it compares to nearby locations.

Education in Spencer

Spencer education at a glance

About 54.8% of the population in Spencer went to high school, while 18.2% pursued college studies. Another 5.5% earned an associate degree and 10.4% hold a bachelor’s. Meanwhile, 8.7% went even further, earning a master’s or doctorate.

Education level
Value Percent YoY change
No high school 51 2.4% 6.2%
High school diploma 1,171 54.8% 5.7%
College diploma 389 18.2% 4.6%
Associate degree 118 5.5% -7.1%
Bachelor's degree 223 10.4% 14.9%
Graduate degree 186 8.7% 33.8%
A community’s education mix can offer insights into the local economy and housing market. Higher levels of education often align with more job opportunities and stable incomes, which can increase demand for homes and influence both rent prices and rental availability.

Income in Spencer

How much people earn in Spencer

The average annual household income in Spencer was $61,215 in 2024, the most recent annual data available, according to the U.S. Census Bureau. This marked a -4.2% change from the previous year. At the same time, the median income stood at $48,378, reflecting a +0.8% shift over the same period.

Average household income in Spencer
$61,215/year
-4.2% year-over-year change
Median household income in Spencer
$48,378/year
0.8% year-over-year change

Spencer income by age

In Spencer, households led by residents aged 25 to 44 — usually in the early to mid stages of their careers — have a median income of $66,528. Those with someone between 45 and 64 in charge, often well established professionally, earn $49,083 overall. Younger households, where the main provider is under 25 and just starting out, report a median income of $29,792, while those led by someone over 65, many of whom may be retired, have about $45,606 in earnings. Overall, 86.1% of the locals in this community live above the poverty line.

Income breakdown by age
Value YoY change
Under 25 $29,792 5.3%
25 - 44 $66,528 -13.7%
45 - 64 $49,083 -0.4%
Over 65 $45,606 16.0%
Above poverty level
2,039
Below poverty level
328
Value Percent YoY
change
Above poverty level 2,039 86.1% 7.0%
Below poverty level 328 13.9% 7.9%

Average renter income in Spencer

To get a better sense of what renters earn on average in Spencer, their median household income was $25,404 according to 2022 Census data. In addition, the rent-to-income ratio in the area, at 37.7%, shows what portion of their earnings goes toward housing expenses.

Renter median household income
$25,404
Rent-to-income ratio
37.7%
Understanding the rent-to-income ratio can help renters gauge if local housing costs align with their earnings. A ratio under 30% usually signals affordability, while exceeding this mark means rent is taking a larger-than-recommended bite out of income. That could make it harder for you to cover other costs like transportation, healthcare, or child care.

Employment in Spencer

Workforce and job types in Spencer

The job market in Spencer is powered by 1,130 working residents, spread across a range of industries and roles. 59.2% of the working population are employed in professional or administrative positions, while 40.8% are in hands-on or service-based jobs. Also, 3.2% run their own businesses, 72.7% are employed by private companies, and 12.8% work in the public sector.

Workforce demographics

Working population
1,130
6.3% year-over-year change
White collar
669
Blue collar
461
Value Percent YoY change
White collar 669 59.2% 8.6%
Blue collar 461 40.8% 3.1%
Employer type
Self employees
3.2%
Private companies
72.7%
Governmental workers
12.8%
Not for profit companies
11.2%
Value Percent YoY change
Self employees 36 3.2% -54.4%
Private companies 822 72.7% 10.8%
Governmental workers 145 12.8% -0.7%
Not for profit companies 127 11.2% 32.3%
Unemployment rate
4.3%
50.0% year-over-year change

Available workforce

The unemployment rate in Spencer stands at 4.3%, representing the share of the workforce currently without a job and actively looking for one.

For renters, the unemployment rate helps paint a picture of job security and financial stability in the area. Rates around 4% to 5% are considered typical. A lower-than-average rate might suggest strong job prospects and a thriving local economy, while a higher rate could hint at fewer opportunities—both useful to consider when planning a move.

Transportation in Spencer

How people get around in Spencer

In Spencer, the average commute time is 18 minutes. Commuting methods vary: 82.4% of residents travel by personal vehicle and 8.4% prefer to walk, while the remaining share relies on public transit or on two wheelers to get from A to B.

Commute time
18 min
Means of transportation
Value Percent YoY change
Car 894 82.4% 2.0%
Motorcycle 18 1.7% 12.5%
Walk 91 8.4% 46.8%
Understanding how locals get to work can help you plan your own routine. High car usage might mean you’ll need a vehicle, while strong public transit or walkability could save you the hassle. Commute times also play a big role in quality of life—shorter trips can give you more time for the things you enjoy.

What is the median and average household income in Spencer by zipcode?

Zipcode Population Number of households Median income Average income
47460 11,006 4,485 $68,447 $87,845

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FAQs about Spencer demographics 

What is the total population of Spencer?

Spencer has a total population of 2,481 residents, according to the latest release from the U.S. Census Bureau: the 2019-2023 American Community Survey (ACS) 5-year estimates. This figure changed by +7.5% compared to a year ago.

What is the gender ratio in Spencer?

The gender ratio in Spencer is as follows:
  • 49.3% males (1,223 residents)
  • 50.7% females (1,258 residents)

What is the median age in Spencer?

The median age in Spencer is 51.7.

What is the age distribution of the population in Spencer?

The age distribution in Spencer is as follows:
  • Under 15: 12.4% (309 residents)
  • Ages 15-24: 9.7% (241 residents)
  • Ages 25-44: 21.3% (528 residents)
  • Ages 45-64: 26.4% (656 residents)
  • Over 65: 30.1% (747 residents)

What is the racial and ethnic makeup of Spencer?

The racial and ethnic makeup of Spencer is as follows:
  • White: 92.3% (2,291 residents)
  • Black or African American: 0.8% (21 residents)
  • American Indian and Alaska Native: 0.2% (5 residents)
  • Asian: 2.6% (65 residents)
  • Native Hawaiian and Other Pacific Islander: 0% (0 residents)
  • Two or More Races: 1.2% (30 residents)
  • Other: 2.8% (69 residents)

What percentage of the population in Spencer are U.S.-born citizens?

U.S.-born citizens represent 97.7% of the population in Spencer.

How many housing units are there in Spencer?

There are 1,330 housing units in Spencer, reflecting a +7.3% change compared to the previous year, according to the latest data from the U.S. Census Bureau.

How many households are in Spencer and what is the average household size?

Spencer has a total of 1,193 households, with an average of 2 people in each.

What is the median household income in Spencer?

Spencer has a median household income of $48,378, representing a +0.8% shift from the previous year, according to the U.S. Census Bureau.

What is the employment rate and job market overview for Spencer?

The employment rate is 95.7% in Spencer, with a workforce of 1,130 residents. Here’s a detailed breakdown of the local job market:

Job types:
  • White-collar workers: 59.2% (669 residents)
  • Blue-collar workers: 40.8% (461 residents)

Places of employment:
  • Self-employed: 3.2% (36 residents)
  • Private companies: 72.7% (822 residents)
  • Governmental workers: 12.8% (145 residents)
  • Not-for-profit companies: 11.2% (127 residents)

Data source & methodology

The demographic data on this page was sourced from the latest U.S. Census Bureau release—the 2019–2023 American Community Survey (ACS) 5-year estimates.

The information, issued annually, is compiled and published by the Point2Homes Research Team as soon as new data becomes available.

No representation, guarantee, or warranty is made concerning the accuracy or completeness of modified or aggregated information for particular areas.

Page last updated: September 2025