The typical owner-occupied home in Independence is worth about $115,100, 32% below the Mississippi median of $169,800 and 65% below the national median of $332,700. Owners pay a median $488 a year in property taxes, about 0.42% of their home's value, lower than the Mississippi rate of 0.72%. 100% of occupied homes here are lived in by their owners, and 17% of those owners still have a mortgage.
Independence at a glance
| Independence | Mississippi | U.S. | |
|---|---|---|---|
| Median home value | $115,100 | $169,800 | $332,700 |
| Median property tax paid per year | $488 | $1,215 | $3,119 |
| Property tax as a share of value | 0.42% | 0.72% | 0.94% |
| Median household income | – | $56,447 | $80,734 |
| Homes lived in by their owners | 100% | 70% | 65% |
| Owner homes with a mortgage | 17% | 49% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,394 | $1,963 |
| Median rent | – | $954 | $1,413 |
| Median year homes were built | 1977 | 1986 | 1980 |
| Vacant homes | 0.0% | 14.6% | 10.1% |
| Population | 133 | 2,946,779 | 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 $115,100 with 20% down costs about $708 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $899, 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 $30,329 for the 20%-down payment.
| Down payment | $23,020 |
|---|---|
| Loan amount | $92,080 |
| Principal and interest | $619 |
| Property taxes (0.42% a year) | $40 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| PMI | $0 |
| Total per month | $708 |
Change the numbers in the calculator
| Down payment | $4,028 |
|---|---|
| Loan amount | $113,015 |
| Principal and interest | $760 |
| Property taxes (0.42% a year) | $40 |
| Homeowners insurance (our estimate, 0.5% a year) | $48 |
| FHA mortgage insurance | $51 |
| Total per month | $899 |
Change the numbers in the calculator
Questions about home buying in Independence
What is the median home value in Independence?
About $115,100 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 $488 a year, which is about 0.42% 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 $708 a month. Keeping that under 28% of gross income takes about $30,329 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