Affordable

What Salary Do You Need to Live in Spencerville?

To afford a 2-bedroom in Spencerville, you need to earn at least $43,240/year based on estimated fair market rent data. The median household income here is $71,705, which means the typical resident is $28,465 above the threshold.

Census ACS Data Pop. 1,174

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$757	$2,523	$30,280	$-41,425
1 Bedroom	$897	$2,990	$35,880	$-35,825
2 Bedroom BENCHMARK	$1,081	$3,603	$43,240	$-28,465
3 Bedroom	$1,319	$4,397	$52,760	$-18,945
4 Bedroom	$1,622	$5,407	$64,880	$-6,825

Affordability Breakdown

Where the required salary line crosses above Spencerville's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$71,705

Annual household

2BR Required Salary

$43,240

Under 30% rule

Income Gap

+$28,465

Surplus

Verdict

Affordable

Ratio: 18.1%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Spencerville

Your Annual Salary

Pre-filled with Spencerville's median household income

Max monthly rent you can afford$1,793

Studio

$757/mo

1 BR

$897/mo

2 BR

$1,081/mo

3 BR

$1,319/mo

4 BR

$1,622/mo

Your salary is $0 above the median income in Spencerville.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Spencerville's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Spencerville

Spencerville, New Mexico stands out as one of the more financially accessible housing markets in the state. The median household income of $71,705 significantly exceeds the $43,240 needed to comfortably afford a 2-bedroom at 30% of gross income — leaving a $28,465 annual surplus for savings, debt repayment, or lifestyle spending.

For remote workers or relocators evaluating Spencerville, a studio at $757/month offers an even more aggressive savings rate. Even a 3-bedroom at $1,319/month remains accessible for dual-income households earning above $52,760.

To live comfortably with room for non-housing expenses, a break-even salary of approximately $64,860 would position you well — though many residents in Spencerville manage on less given the favorable rent-to-income dynamics.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Spencerville, New Mexico.

With a total population of 1,174, the city supports an active civilian workforce of 484 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $43,240 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

484

Active civilian employees in Spencerville

Frequently Asked Questions About Renting in Spencerville

What salary do I need to live in Spencerville, New Mexico?

To afford a 2-bedroom in Spencerville under the 30% rule, you need an annual salary of at least $43,240. The median household income in Spencerville is $71,705.

Can I afford a 2-bedroom in Spencerville on $71,705?

The affordability verdict for Spencerville is "Affordable". The rent-to-income ratio is 18.1%, meaning median earners have a $28,465 surplus.

What is the average rent in Spencerville compared to median income?

The median gross rent in Spencerville is $897/month. With a median household income of $71,705, residents spend approximately 18.1% of their income on rent.

What salary do I need for a studio in Spencerville?

A studio in Spencerville rents for approximately $757/month. Under the 30% rule, you need an annual salary of $30,280 to afford this.

Is Spencerville considered an affordable place to live?

Based on the surplus of $28,465 and an affordability verdict of "Affordable", Spencerville is considered a affordable rental market when comparing the required 2-bedroom salary of $43,240 to the local median household income.

How Spencerville Compares

Other cities in New Mexico with salary requirements