2017 Spencer Comprehensive Land Use Plan

Spencer, Iowa  2017  Comprehensive Plan

HOUSING VALUATION Spencer's housing stock is comprised of a variety of styles and values. In order to analyze the current housing stock, it is useful to identify changes in the current housing market and vacancy rates. From 2013 American Community Survey data, the largest number of housing units per valuation category is in the $50,000-$99,999 price range with a percentage of over 37%. The city’s median house value is $109,500, an increase of 35% over the 2000 median value of $80,900. Data from 2010 shows the highest value category of all housing units in Spencer were 47 houses valued in the $500,000 to $999,999 value range. By 2013 the city recorded a decrease in the number of higher end housing valued at $500,000 or more. This change in the number of the highest price housing stock in Spencer is most likely due to significant housing valuation assessments.

Table 4 – Spencer Housing Valuations, 2000, 2010 & 2013

Valuations of Housing - 2000

Median Value - $80,900

$50,000- $99,999

$100,000- $149,999

$150,000- $199,999

$200,000- $499,999

Value in 2000 <$50,000

$500,000+

# of Homes

480

1,552

461

189

165

0

Valuations of Housing - 2010

Median Value - $103,900

# of Homes

247

1,356

1,062

351

346

47

Valuations of Housing - 2013

Median Value - $109,500

# of Homes

237

1,299

1,065

414

442

25

Figure 15 - Valuation of Homes, 2000, 2010 & 2013 in Spencer

60.00%

54.51%

50.00%

39.78%

40.00%

37.31%

31.15%

30.59%

2000

30.00%

2010

2013

20.00%

16.86%

16.19%

Percentage of Homes

11.89%

12.69%

10.30%

10.15%

7.25%

10.00%

6.81%

6.64%

5.80%

1.38%

0.72%

0.00%

0.00%

42 | P a g e

NW Iowa Planning & Development