The average household size was 2.46 and the average family size was 3.04. In the town, the population was spread out with 23.5% under the age of 18, 8.3% from 18 to 24, 29.4% from 25 to 44, 20.2% from 45 to 64, and 18.5% who were 65 years of age or older. The median age was 38 years. For every 100 females, there were 94.2 males. For every 100 females age 18 and over, there were 91.0 males. The median income for a household in the town was $36,687, and the median income for a family was $43,702. Males had a median income of $28,860 versus $25,766 for females. The per capita income for the town was $16,354. About 7.7% of families and 9.5% of the population were below the poverty line, including 14.0% of those under age 18 and 8.7% of those age 65 or over. Spencer is mentioned in the song "The Wreck of Old 97" as the ultimate endpoint of a train trip which is never reached. The journey began in Monroe, Virginia. Notable people from Spencer include: