Cost Of Living in Spencer, TN

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Spencer	Tennessee	National
Cost of living	80	89	100
Goods & Services	98	94	100
Groceries	96	98	100
Health care	84	88	100
Housing	48	80	100
Transportation	90	89	100
Utilities	88	93	100

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Cost Of Living Quick Facts

The cost of living in Spencer is 10% lower than the Tennessee average
The cost of living in Spencer is 20% lower than the national average
Spencer housing is 52% lower than the national average
Tennessee general sales tax is 37% higher than the national average
Tennessee state income tax is 100% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$48,714	$4,060	$1,137	$1,462
Renters	$18,750	$1,563	$437	$563

Tennessee Sales Tax

State	General Sales Tax	With Max Surtax
Tennessee	7%	9.75%

Tennessee Income Tax

State	Income Tax (Low)	Income Tax (High)
Tennessee	0%	0%

Goods & Services

Item	Spencer	National avg.	Difference
Haircut	$16.67	$24.26	31.3%
Beauty Salon	$35.81	$45.56	21.4%
Toothpaste	$3.68	$3.70	0.6%
Shampoo	$1.08	$1.28	15.7%
Movie	$11.36	$12.13	6.4%
Bowling	$16.00	$18.00	11.1%

Groceries

Item	Spencer	National avg.	Difference
Ground Beef	$6.08	$5.84	4.1%
Fried Chicken	$1.44	$1.57	8.2%
Milk	$4.58	$4.67	2.0%
Potatoes	$5.16	$4.93	4.6%
Pizza	$10.76	$12.09	11.0%
Beer	$9.98	$10.41	4.1%

Health Care

Item	Spencer	National avg.	Difference
Optometrist	$91.33	$125.68	27.3%
Doctor	$106.94	$135.78	21.2%
Dentist	$90.50	$113.29	20.1%
Ibuprofen	$10.15	$10.65	4.8%
Lipitor	$466.21	$468.60	0.5%

Housing

Item	Spencer	National avg.	Difference
Home Price	$84,900.00	$184,700.00	54.0%
Avg. Mortgage Payment	$1,899.91	$2,346.69	19.0%
Apartment Rent	$495.00	$949.00	47.8%

Transportation

Item	Spencer	National avg.	Difference
Gasoline	$3.19	$3.46	7.9%
Tire Balancing	$50.61	$59.92	15.5%

Utilities

Item	Spencer	National avg.	Difference
All Electricity	$155.43	$193.99	19.9%
Phone	$192.18	$192.25	0.0%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City	Population	Cost of Living Index	National Avg.
Doyle, TN	589	82	18.0%
Pikeville, TN	2,465	83	17.3%
Sparta, TN	4,942	87	12.9%
Spencer, TN	1,387	80	19.8%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Ferndale, CA	1,387	136	35.6%
Westwood, CA	1,387	96	4.3%
New Windsor, MD	1,387	116	16.3%
Elroy, WI	1,387	91	9.5%
Powerview-Pine Falls, MB	1,387	n/a
Spencer, TN	1,387	80	19.8%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Spencer, TN