Spencer, IA vs Fairmont, MN: Cost of Living

Which city costs less?

Fairmont, MN has a modeled overall cost index 10.8% higher than Spencer, IA.

Spencer, IA · modeled 2BR rent
$960 / month
Fairmont, MN · modeled 2BR rent
$970 / month

These are saved estimates, not current rental listings. Some cities use adjusted regional data. Your household budget can differ from the overall index. Sources and assumptions

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Cost of Living Comparison 2026

Compare Spencer, IA and Fairmont, MN using saved regional data and explicit budgeting assumptions. Rent estimates are not live listings. Change the salary below, then check the source notes before applying a result to your household.

Saved regional estimates · Sources and assumptions

$
Numbers update automatically as you type

Estimated extra cost: $732/month in Fairmont, MN

$150,000 in your current city has a modeled equivalent of $158,782 in Fairmont, MN

Regional cost estimates: Spencer, IA uses Des Moines, IA. Fairmont, MN uses Minneapolis, MN. Available city ZIP rent estimates are shown separately.
Overall Cost
↑ 10.8%
More expensive
Monthly Impact
$732
Extra cost
Annual Impact
$8.8K
Per year

Assumes 60% of current gross income goes to living costs. The headline uses the category budget below; taxes, moving costs and savings goals are excluded.

Spencer, IA

Population:11K
Cost Index:
78.8
100 = national average
Typical Home:$189K

Fairmont, MN

Population:10K
Cost Index:
87.3
100 = national average
Typical Home:$187K

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Spencer, IA

The Hawkeye State

11K
Population
State Tax
Yes

Located in Iowa, this city has a population of 11K residents.

Fairmont, MN

The North Star State

10K
Population
State Tax
Yes

Located in Minnesota, this city has a population of 10K residents.

Cost Breakdown by Category

Estimated monthly spending: Spencer, IA vs Fairmont, MN

Assumes 60% of your current gross income is spent on these categories. The headline and totals use this same budget. Rent estimates below are separate reference data. Rounded amounts may differ by $1.

Housing
↑ 24.6%
Spencer, IA
$2,027
Fairmont, MN
$2,526
Difference
$499
more
Groceries
↑ 8.8%
Spencer, IA
$1,053
Fairmont, MN
$1,145
Difference
$92.19
more
Healthcare
↑ 6.6%
Spencer, IA
$789
Fairmont, MN
$841
Difference
$51.83
more
Other
↑ 1.9%
Spencer, IA
$1,741
Fairmont, MN
$1,775
Difference
$33.84
more
Transportation
↑ 2.5%
Spencer, IA
$1,347
Fairmont, MN
$1,380
Difference
$33.29
more
All Utilities
↑ 3.9%
Spencer, IA
$544
Fairmont, MN
$565
Difference
$21.26
more

🏠Rent Comparison

Studio
From$720
To$670
↓ $50.00
1 Bed
From$730
To$800
↑ $70.00
2 Bed
From$960
To$970
↑ $10.00
3 Bed
From$1,200
To$1,280
↑ $80.00
Spencer, IAZIP-level data

1BR range: $730–$730/mo

Fairmont, MNZIP-level data

1BR range: $800–$800/mo

💡 Note: HUD Fair Market Rents estimate 40th-percentile gross rents, including most tenant-paid utilities. City ZIP summaries are medians of those estimates, not market median rents. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$7,500
Monthly in Spencer, IA
$8,232
Monthly in Fairmont, MN
$732
Difference

Home Values

Spencer
Fairmont
$189K
Median Value
$187K
↑ +5.9%
YoY Change
↑ +4.5%
↑ +33.5%
5-Year Change
↑ +36%

Homes in Fairmont are 1% less expensive than Spencer

Calculate payment - SpencerCalculate payment - Fairmont

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings
↑ $272
Per year
Monthly Difference
$22.70
More take-home
Effective Rate Diff
0.2%
Rate difference

Spencer, IA

Federal Income Tax
Effective: 18.9%
$25.5K
Iowa State Tax
Effective: 7.1%
$10.7K
FICA Taxes
Social Security + Medicare
$11.5K
Total Taxes
Effective: 31.8%
$47.7K
Take-Home Pay
$8,524/month
$102.3K

Fairmont, MN

Federal Income Tax
Effective: 18.9%
$25.5K
Minnesota State Tax
Effective: 7.0%
$10.4K
FICA Taxes
Social Security + Medicare
$11.5K
Total Taxes
Effective: 31.6%
$47.4K
Take-Home Pay
$8,546/month
$102.6K

Additional Tax Information

Spencer, IA Tax Rates

Sales Tax:7.4%
Property Tax:1.5%

Fairmont, MN Tax Rates

Sales Tax:8.0%
Property Tax:1.1%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.

Environment

Spencer
Fairmont
45 Good
Air Quality
42 Good
67.5%
Good Air Days
66.4%
92 Moderate
Climate Risk
98 High
🌡☀🌪
Top Hazards
🌊🌡🌪
▲+3.4°F
2050 Outlook
▲+3.6°F
25 days
Heat Days >95°F
14 days
▲+3.4°F
2050 Outlook
▲+3.6°F
25 days
Heat Days >95°F
14 days

Before moving from Spencer, IA to Fairmont, MN

Use this comparison to shortlist a move, then check the costs that depend on your household.

  1. Compare actual homes. Get current quotes in Fairmont, MN for the same bedroom count and included utilities as your home in Spencer, IA. Add parking, deposits, insurance and any overlapping leases. The rent estimates above are a starting point, not available listings.
  2. Confirm your income. Check your expected pay with your employer, including any location adjustment. Use “Different salary at destination?” above to compare two incomes. The budget model excludes taxes and one-time moving costs; it is not a take-home-pay calculation.
  3. Price your daily routine. Check the commute from a specific address to work, school or childcare. Add household expenses missing from this model, such as childcare, debt payments and medical needs. Verify local services before signing a lease.
  4. Plan the transition. Get moving quotes and budget for travel, setup costs and time off. Open your Spencer to Fairmont moving checklist to organize the tasks and timing.

Still choosing a destination? Explore cities similar to Fairmont, MN by cost, housing, population and region.

Frequently Asked Questions: Spencer, IA vs Fairmont, MN

How do the cost estimates for Spencer, IA and Fairmont, MN compare?

Fairmont, MN has a modeled overall cost index 10.8% higher than Spencer, IA. This is a broad model comparison, not a survey of today's prices or a forecast of your household spending. Some cities use adjusted regional fallback data.

What does the equivalent salary mean?

At a $150,000 salary in Spencer, IA, the model estimates $158,782 in Fairmont, MN. It allocates 60% of gross income to the origin city’s category budget and applies each destination category’s relative cost. The equivalent salary adds the total category difference to your income. The monthly difference is the same category difference divided by 12; it is not take-home pay or guaranteed savings. Household size, childcare and your actual lease are not inputs to this calculation.

What rent estimates are available for Spencer, IA and Fairmont, MN?

The modeled two-bedroom rents are $960/month in Spencer, IA and $970/month in Fairmont, MN. Where available, the source is a city median of HUD FY2026 ZIP-level estimates; otherwise a saved metro table is used. City adjustments may also apply. These are not asking rents or available listings. Compare actual properties with the same bedroom count and included utilities.

How should I use this comparison before moving?

Use it to shortlist locations, then replace modeled costs with a current housing quote, employer-confirmed income, commute costs, insurance and your household's other expenses. Add one-time moving costs separately. Source years differ and the saved datasets are not a live price feed. Read the methodology for the formulas and fallback rules.

💰 See how taxes change too — compare take-home pay between Iowa and Minnesota on TaxTakeHome.com

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