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Spencer city, IA

ZIP 51301 — Housing & Real Estate

Source: U.S. Census Bureau ACS 2019–2023 5-Year Estimates. Page data updated 2026-08-02.

Middle ClassLow Snow Area

Home values, rent, tenure, and housing stock

Housing & Real Estate in ZIP Code 51301

Median Home Value
$180,400
Median Rent
$667
Affordability Snapshot
$50,000
Est. income to buy

Household income needed for a median home under a 20% down / 6.8% illustrative mortgage model (~$1,159/mo PITI).

13%
Rent-to-Income Ratio

Below the 30% threshold — generally affordable for median earners.

2.9x
Home Price-to-Income Ratio

Below 3x — relatively affordable housing market.

22.5 yrs
Price-to-Rent Ratio

Years to break even buying vs renting at median home value and rent.

To comfortably buy a median-priced home in ZIP 51301 in Spencer city, IA, a household would need roughly $50,000 in annual income under a 20% down, 30-year loan at 6.8% (illustrative), keeping housing costs near 28% of income. Estimated monthly PITI is about $1,159. That sits below the local median household income ($61,175), suggesting the typical household income is closer to a workable buy-in level under these assumptions. Rates, taxes, insurance, and HOA fees vary — treat this as a planning estimate, not a lender quote.

Housing Tenure

Owner-occupied majority; balanced tenure mix.

Heating Fuel
Housing Metrics
Owner Occupied
69.5%+6% vs US avg
x
Vacancy Rate
8.9%-14% vs US avg
x
Broadband Access
88.3%+1% vs US avg
x
4+ Bedrooms
3.9%-74% vs US avg
x
Built Pre-1939
5.9%-54% vs US avg
x
Built Post-2014
0.4%-94% vs US avg
x
Rent Burden >30%
16.6%-67% vs US avg
x
Mortgage-Free
45.2%+18% vs US avg
x
$180,400
Home Value
$667
Rent
1970
Year Built
2012
Moved In

Residents have lived here since ~2012 on average

Housing Structure

Census ACS structure types (single-family, multi-unit, etc.).

  • 1-unit detached69.2%
  • 1-unit attached2.0%
  • 2-9 units16.1%
  • 10+ units11.0%
  • Mobile home & other1.8%

Housing & Real Estate key statistics

Housing statistics
Housing
Median home value$180,400
Median rent$667
Owner-occupied69.5%
Vacant8.9%
Price-to-income2.9x
Est. income to buy$50,000