c.1900 New York Farmhouse W/ Big Barn and 2.76 Acres $199K

Pros

• Affordable housing. This is probably Spencer’s biggest advantage. Current median listing price is around $189K, and Census estimates put typical owner-occupied values around $154K–$174K depending on whether you’re looking at the village or town. That’s dramatically below New York State’s overall housing values.
• Quiet, rural lifestyle. If you want acreage, woods, farmland, less traffic and a slower pace, Spencer fits well.
• Good access to nature. There are parks, ponds, farms and outdoor recreation nearby. Nichols Park and the surrounding rural area provide a very different lifestyle from a larger city.
• Small-town community feel. The annual Spencer Picnic, farmers market and youth sports are examples of the community-oriented character. Spencer Picnic
• Basic necessities are available locally. Spencer Shur Fine Food Mart provides a full grocery option in the village, while Crosby’s – Spencer provides gas and convenience items.
• Some local restaurants. You aren’t completely dependent on driving elsewhere—The Country Diner and Parkview Pizzeria are examples.
• Reasonable location for regional commuting. Spencer is positioned between the Ithaca and Binghamton areas. Route 34/96 runs through the community, which makes regional travel relatively straightforward.
• Outdoor/recreational options. Hollybrook Country Club, local sports fields and nearby nature preserves give you options beyond just staying home.
• Housing may offer better value than Ithaca. If you’re interested in the Ithaca area but don’t need to live in Ithaca itself, Spencer can provide substantially more house/land for the money.

Cons

• Limited amenities. This is the flip side of the affordability. You’re not going to have the restaurant, shopping, entertainment and medical choices you’d find in Ithaca or Binghamton.
• You’ll probably drive a lot. Even though the village has basic necessities, larger shopping trips and many services will require going elsewhere.
• Winters are a real consideration. Snow, freezing temperatures and gray weather are part of the package in this part of New York. One quality-of-life source specifically lists harsh winters and gloomy weather among Spencer’s drawbacks.
• Taxes can hurt the affordability equation. New York’s property taxes are generally high, and Spencer isn’t necessarily as cheap on an all-in monthly cost basis as the house price initially suggests.
• Lower local incomes. Village median household income is around $52K, compared with roughly $86K for New York State, so the local economy isn’t particularly affluent.
• Higher poverty than you’d expect from a typical suburb. Census Reporter estimates poverty at about 31% in the village, although the estimate has a very large margin of error because the population is small. I’d therefore treat that number cautiously rather than as a precise measurement.
• Schools aren’t a major selling point. Realtor currently shows ratings of about 4/10 for Spencer-Van Etten Elementary and 5/10 for the middle school. Ratings are imperfect, so I’d look at graduation rates, class sizes, AP offerings and actual school visits before making a decision based on them.
• Small housing market. Current listings have a median of about 110 days on market, which suggests you shouldn’t expect the liquidity of a major metro housing market.
• Internet/cell service deserves checking if you’re buying rural acreage. The experience can vary substantially by road and exact property.
• Not ideal if you want nightlife or urban convenience. Spencer is much more “country/small town” than “Ithaca suburb.”