Measured against area pay, Spencerville costs more to live in than 72% of U.S. towns
Home prices around Spencerville have risen about 49% over the past 5 years.
Census 2020–24 home values, rents, tax bills and cost burden, measured against the median household income of the Farmington, NM metro area ($56K). How TownRatings grades cost of living
Only 0 sales in September 2026: in a market this size, monthly medians swing a lot, so the typical value is the steadier guide.
The grade compares costs with what households across the Farmington metro earn ($56K, Census 2020–24). Even so, the typical home costs 4.6 years of metro income, and 73% of renters pay 30% or more of income for housing.
In dollars
- $1,110a month for a two-bedroom, utilities includedHUD Fair Market Rent, 2026
- 88prices across the Farmington metro, where the U.S. is 100 (housing 57)BEA Regional Price Parities, 2024
In paychecks the grade
- 4.6 yrsof area income buys the typical home; the typical U.S. town: 3.3$56K, Farmington-area income
- 28%of area income goes to the median rent; the typical U.S. town: 18%Census 2020–24
- 25%of owners do; the typical U.S. town: 20%Census 2020–24
What’s behind Spencerville’s grade
Measured against what households in the area earn, Spencerville is more affordable than 28% of U.S. towns. Rent pulls the grade down most; property tax holds it up.
Home prices up 49% in 5 years
The federal house price index for the ZIP codes around Spencerville rose 49% over the past 5 years, about the same as across New Mexico. Last year prices rose 3.7%. Carrying the Census median home value forward with that index puts the typical Spencerville home at roughly $309,000 today.
Carrying the Census median forward with the index puts a typical home at about $309K.
Federal Housing Finance Agency House Price Index (annual) for the ZIP codes around Spencerville, weighted by land area. It tracks repeat sales of the same homes, so it shows how prices changed, not what homes cost.
A year’s rent takes 28% of area income
The calculator starts from the area income the grade uses. Switch to Spencerville’s own median, or type yours.
That’s $82K short of a typical Spencerville home.
A two-bedroom rents for about $1,110 a month here, $670 less than owning.
An estimate, not a loan offer: payments of up to 28% of income, a 30-year fixed loan, Spencerville’s typical property tax (0.62% of value a year, from the Census) and insurance of about 0.35%. Mortgage insurance, HOA fees and other debts aren’t included.
A two-bedroom rents for about $1,110
Renters already here pay a median of $1,301.
Fair Market Rent a month, utilities included
U.S. Department of Housing and Urban Development, Fair Market Rents by ZIP code (Farmington, NM MSA): the 40th-percentile rent plus utilities for a standard unit. Median rent and renters: U.S. Census Bureau, American Community Survey.
Property tax runs below the New Mexico norm
The median bill is $1,571 (New Mexico: $1,731), 0.62% of a home’s value a year, against 0.70% statewide.
Census American Community Survey 2020–24: the median real-estate tax bill homeowners report, and that bill ÷ the median home value. Bills include town, school and county taxes. The Census reports bills over $10,000 only as “$10,000+”.
The rest of a budget near Spencerville
Only figures published free for the whole country, each labeled with the area it covers: the Farmington, NM metro area, or New Mexico. Groceries follow the goods price level; nobody publishes them town by town.
| Cost | Here | Compared with | Area | Source |
|---|---|---|---|---|
| Prices overall U.S. = 100 | 88 | NM 92 | metro | BEA, 2024 |
| Goods (groceries, clothing, cars…) U.S. = 100 | 96 | NM 96 | metro | BEA, 2024 |
| Utilities U.S. = 100 | 78 | NM 78 | metro | BEA, 2024 |
| Other services U.S. = 100 | 99 | NM 99 | metro | BEA, 2024 |
Price levels: U.S. Bureau of Economic Analysis, Regional Price Parities 2024 (metro area and state). Electricity: U.S. Energy Information Administration, Electric Power Monthly, table 5.6.A.
Spencerville vs. its neighbors
Zillow publishes no value for Spencerville. South River has no Zillow value, so it is in the table only.
Cost next door · one source per column
| Town | Cost | Typical home Zillow, latest | Median value Census 2020–24 | Tax rate bill ÷ value | 2-bed rent HUD 2026 |
|---|---|---|---|---|---|
| Spencerville | C | — | $255K | 0.62% | $1,110 |
| Flora Vista | C | $307K | $219K | 0.40% | $1,540 |
| South River | B− | — | $260K | 0.57% | $1,030 |
| Aztec | B | $273K | $175K | 0.76% | $1,030 |
“—” under Zillow: Zillow publishes no value for that town, so it’s left blank rather than mixed with Census figures.
Questions about the cost of living in Spencerville
Is Spencerville expensive to live in?
Measured against what households in the area earn, Spencerville costs more than 72% of U.S. towns: a C for cost of living. The typical home costs 4.6 years of the median household income of the Farmington, NM metro area ($56K).
How much is rent in Spencerville?
HUD puts a two-bedroom at about $1,110 a month with utilities, the going rate for someone moving in. Renters already here pay a median of $1,301 (Census 2020–24).
What are property taxes in Spencerville?
The median bill is $1,571 a year, 0.62% of the median home value (New Mexico: $1,731, 0.70%), from the Census 2020–24.
Neighbors talk housing
What Spencerville buyers, sellers and renters are saying.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center, September 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. The calculator is an estimate, not a loan offer. Regional price levels: BEA; electricity: EIA. How TownRatings grades cost of living.