RentData

Average Rent in Spencer County, IN↑ Rents rising 7.5% YoY🔻 5th cheapest in IN

HUD FY2025 · Official government data · Updated annually · Metro pop. 19,871

Data review: HUD FY2025Sources: HUD, Zillow, Census, BLSMethodologyEditorial standardsReport a correction

Market Overview

Spencer County, IN has rental prices ranging from $636/month to $1,444/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $707/month — 49% below the national average of $1,400/month. With a median household income of $70,890/year, spending $707/month on a 1-bedroom represents 12% of gross income — within the recommended 30% threshold.

How Spencer County Compares

With an average 2-bedroom rent of $928/month, Spencer County ranks #73 most expensive of the 77 cities tracked in Indiana — more affordable than 64% of all US cities in our data.

The Spencer County Rental Market

The Spencer County, IN area has a population of about 19,871 and 19% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Spencer County, IN have risen by $65/month (7.5%) over the past year, from $863 to $928. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Spencer County, IN without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $28,280. The local median household income of $70,890 exceeds that threshold by $42,610, making Spencer County relatively accessible compared to local wages.

Economy & Jobs

Spencer County, IN has an unemployment rate of 3.0%, 0.9 percentage points below the national average of 3.9%. Strong employment conditions typically sustain rental demand, as workers relocate to the area and local residents maintain stable housing.

Fair Market Rents

HUD FY2025
Studio
$636
Affordable
1 Bedroom
$707
Affordable
2 Bedrooms
$928
↑7.5% YoY
Affordable
3 Bedrooms
$1,300
Affordable
4 Bedrooms
$1,444
Affordable
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Is Spencer County, IN Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Affordability Index(30% income rule)

To rent a 2BR
$37,120/year
Local median income: $70,890
To buy a median home
—/year
US national median: $75,000
💡 Based on a 2BR rent of $928/month and 20% down on a — home at 7% rate.

Nearby Cities in INlargest metros in the state

CityStudio1BR2BR3BRHome Value
Gary$860$985$1,197$1,475—
Franklin County$727$802$1,052$1,389—
Cincinnati$883$993$1,287$1,707—
Anderson$759$803$1,054$1,379—
Indianapolis$955$1,097$1,283$1,669—
Louisville$1,003$1,094$1,330$1,714—

Rent or Buy in Spencer County?

Break-even analysis and mortgage estimates based on local market data.

Should I Rent or Buy?

Break-even analysis using real Spencer County data

$
Home Value
$350,000
2BR Rent
$928/mo
Mortgage Rate
7%
Monthly P&I
$1,863/mo
🏢 Rent

Renting appears to be the better financial choice for this scenario.

Total monthly buy cost: $2,577/movs rent: $928/mo
Estimates only. Excludes HOA, PMI (if <20% down), closing costs, and tax benefits. Assumes 5% return on invested down payment.

Living in Spencer County

Cost of living, job market, crime rates, and moving cost estimates.

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Frequently Asked Questions

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🏘️Neighborhoods in Spencer County

Compare rent & home prices by neighborhood

💵Rent Affordability in Spencer County

Salary needed to afford rent here

🗺️All Cities in IN

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⚖️Compare Spencer County

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📋IN Tenant Rights

Deposit limits, eviction laws & renters protections