The typical owner-occupied home in Independence is worth about $295,900, 60% below the California median of $734,700 and 11% below the national median of $332,700. Owners pay a median $2,019 a year in property taxes, about 0.68% of their home's value, close to the California rate of 0.70%. The median household earns $73,850 a year, so the median home costs 4.0 times the median income (7.4 times for California). 85% of occupied homes here are lived in by their owners, and 30% of those owners still have a mortgage.
Independence at a glance
| Independence | California | U.S. | |
|---|---|---|---|
| Median home value | $295,900 | $734,700 | $332,700 |
| Median property tax paid per year | $2,019 | $5,124 | $3,119 |
| Property tax as a share of value | 0.68% | 0.70% | 0.94% |
| Median household income | $73,850 | $99,122 | $80,734 |
| Homes lived in by their owners | 85% | 56% | 65% |
| Owner homes with a mortgage | 30% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,634 | $2,946 | $1,963 |
| Those costs as a share of the owners' income | 19.5% | 24.8% | 21.0% |
| Median rent | $1,203 | $2,036 | $1,413 |
| Rent as a share of renters' income | 27.5% | 32.8% | 30.6% |
| Median year homes were built | 1956 | 1976 | 1980 |
| Vacant homes | 21.9% | 7.5% | 10.1% |
| Population | 730 | 39,287,377 | 334,922,499 |
What a typical home costs per month in Independence
At this week's average 30-year rate of 7.11%, buying the median Independence home of $295,900 with 20% down costs about $1,883 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,376, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $80,717 for the 20%-down payment. That payment is 31% of the median Independence household income of $73,850; at that income and 20% down, the 28% guideline points to a home of about $271,000.
The median rent here is $1,203 a month, so owning the median home costs about $680 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $59,180 |
|---|---|
| Loan amount | $236,720 |
| Principal and interest | $1,592 |
| Property taxes (0.68% a year) | $168 |
| Homeowners insurance (our estimate, 0.5% a year) | $123 |
| PMI | $0 |
| Total per month | $1,883 |
Change the numbers in the calculator
| Down payment | $10,356 |
|---|---|
| Loan amount | $290,541 |
| Principal and interest | $1,954 |
| Property taxes (0.68% a year) | $168 |
| Homeowners insurance (our estimate, 0.5% a year) | $123 |
| FHA mortgage insurance | $131 |
| Total per month | $2,376 |
Change the numbers in the calculator
Questions about home buying in Independence
What is the median home value in Independence?
About $295,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Independence?
Homeowners pay a median $2,019 a year, which is about 0.68% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Independence?
For the median home with 20% down at 7.11%, the payment is about $1,883 a month. Keeping that under 28% of gross income takes about $80,717 a year.
More about Independence
- Mortgage Refinance in Independence
- Debt Relief in Independence
- Home Equity Loans in Independence
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data