The typical owner-occupied home in Independence is worth about $122,400, 68% below the Virginia median of $383,700 and 63% below the national median of $332,700. Owners pay a median $675 a year in property taxes, about 0.55% of their home's value, lower than the Virginia rate of 0.73%. The median household earns $39,286 a year, so the median home costs 3.1 times the median income (4.1 times for Virginia). 66% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Independence at a glance
| Independence | Virginia | U.S. | |
|---|---|---|---|
| Median home value | $122,400 | $383,700 | $332,700 |
| Median property tax paid per year | $675 | $2,790 | $3,119 |
| Property tax as a share of value | 0.55% | 0.73% | 0.94% |
| Median household income | $39,286 | $93,170 | $80,734 |
| Homes lived in by their owners | 66% | 67% | 65% |
| Owner homes with a mortgage | 58% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $1,019 | $2,127 | $1,963 |
| Those costs as a share of the owners' income | 21.4% | 20.1% | 21.0% |
| Median rent | $668 | $1,579 | $1,413 |
| Rent as a share of renters' income | 34.3% | 29.4% | 30.6% |
| Median year homes were built | 1967 | 1984 | 1980 |
| Vacant homes | 16.9% | 8.7% | 10.1% |
| Population | 1,132 | 8,705,170 | 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 $122,400 with 20% down costs about $766 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $970, 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 $32,820 for the 20%-down payment. That payment is 23% of the median Independence household income of $39,286; at that income and 20% down, the 28% guideline points to a home of about $147,000.
The median rent here is $668 a month, so owning the median home costs about $98 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $24,480 |
|---|---|
| Loan amount | $97,920 |
| Principal and interest | $659 |
| Property taxes (0.55% a year) | $56 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $766 |
Change the numbers in the calculator
| Down payment | $4,284 |
|---|---|
| Loan amount | $120,183 |
| Principal and interest | $808 |
| Property taxes (0.55% a year) | $56 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $970 |
Change the numbers in the calculator
Questions about home buying in Independence
What is the median home value in Independence?
About $122,400 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 $675 a year, which is about 0.55% 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 $766 a month. Keeping that under 28% of gross income takes about $32,820 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