The typical owner-occupied home in Independence is worth about $263,700, 28% above the Kentucky median of $205,600 and 21% below the national median of $332,700. Owners pay a median $2,527 a year in property taxes, about 0.96% of their home's value, higher than the Kentucky rate of 0.75%. The median household earns $102,361 a year, so the median home costs 2.6 times the median income (3.2 times for Kentucky). 84% of occupied homes here are lived in by their owners, and 80% of those owners still have a mortgage.
Independence at a glance
| Independence | Kentucky | U.S. | |
|---|---|---|---|
| Median home value | $263,700 | $205,600 | $332,700 |
| Median property tax paid per year | $2,527 | $1,544 | $3,119 |
| Property tax as a share of value | 0.96% | 0.75% | 0.94% |
| Median household income | $102,361 | $63,726 | $80,734 |
| Homes lived in by their owners | 84% | 68% | 65% |
| Owner homes with a mortgage | 80% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,666 | $1,433 | $1,963 |
| Those costs as a share of the owners' income | 18.6% | 18.8% | 21.0% |
| Median rent | $1,250 | $967 | $1,413 |
| Rent as a share of renters' income | 26.3% | 28.1% | 30.6% |
| Median year homes were built | 1999 | 1982 | 1980 |
| Vacant homes | 1.9% | 10.3% | 10.1% |
| Population | 29,392 | 4,534,824 | 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 $263,700 with 20% down costs about $1,740 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,179, 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 $74,571 for the 20%-down payment. That payment is 20% of the median Independence household income of $102,361; at that income and 20% down, the 28% guideline points to a home of about $362,000.
The median rent here is $1,250 a month, so owning the median home costs about $490 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $52,740 |
|---|---|
| Loan amount | $210,960 |
| Principal and interest | $1,419 |
| Property taxes (0.96% a year) | $211 |
| Homeowners insurance (our estimate, 0.5% a year) | $110 |
| PMI | $0 |
| Total per month | $1,740 |
Change the numbers in the calculator
| Down payment | $9,230 |
|---|---|
| Loan amount | $258,924 |
| Principal and interest | $1,742 |
| Property taxes (0.96% a year) | $211 |
| Homeowners insurance (our estimate, 0.5% a year) | $110 |
| FHA mortgage insurance | $117 |
| Total per month | $2,179 |
Change the numbers in the calculator
Questions about home buying in Independence
What is the median home value in Independence?
About $263,700 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 $2,527 a year, which is about 0.96% 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 $1,740 a month. Keeping that under 28% of gross income takes about $74,571 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