Independence, Kentucky Housing Market Prices
Independence Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 103% above the Kentucky median$239,846
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Median rent 35% above the Kentucky median$1,307
Housing Market Overview
| Metric | Independence | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,846 | $118,017 | $248,835 |
| Price Trend (Annual %) | 8.1% | 3.8% | 7.5% |
| Median Gross Rent | $1,307 | $967 | $1,407 |
| Rent Trend (Annual %) | 3.2% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Independence is about 103% higher than in Kentucky. Rent is about 35% higher than the Kentucky average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Independence, up about 8.1% and 3.2% a year respectively. Home prices are changing faster.
Median rent in Independence rose about 33.7% between 2015 and 2024, from $978 to $1,307. Over the same span, rent in Kentucky rose about 43.3%.
Affordability
On average, housing unit costs 2.3 yearly household incomes in Independence.
Buying the median-priced home in Independence costs roughly 15.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Independence. The price-to-rent ratio in Kentucky is about 10.2.
| Metric | Independence | Kentucky Avg | US Average |
|---|---|---|---|
| Median Home Price | $239,846 | $118,017 | $248,835 |
| Median Household Income | $105,760 | $64,312 | $80,455 |
| Price-to-Income Ratio | 2.3 | 1.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Independence rose about 110.0%, while median household income rose about 42.7% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Independence | Kentucky Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 84.5% | 61.3% | 58.5% |
| Rental Rate | 13.3% | 28.4% | 31.2% |
| Vacancy Rate | 2.2% | 10.3% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Independence has a homeownership rate of 84.5%, higher than the Kentucky average of 61.3%. Its housing vacancy rate is 2.2%, compared with 10.3% in Kentucky.
Housing Stock
| Metric | Independence | Kentucky Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.00 people | 2.43 people | 2.53 people |
| Median Structure Built Year | 1996 | 1981 | 1978 |
| Median Number of Rooms | 6.8 | 5.7 | 5.5 |
The typical housing unit in Independence was built around 1996. On average, 3.0 people live in a home with about 6.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Independence, Kentucky.
What is the median home price in Independence, Kentucky?
The median home price in Independence, Kentucky is $239,846, higher than the Kentucky average of $118,017.
What is the average home price in Independence, Kentucky?
The typical home price in Independence, Kentucky, reported as the median sale price, is $239,846. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Independence, Kentucky?
The median gross rent in Independence, Kentucky is $1,307 per month, higher than the Kentucky average of $967.
What was the median gross rent in Independence in 2020?
In 2020, the median gross rent in Independence, Kentucky was $1,033 per month.
What is the price-to-rent ratio in Independence, Kentucky?
The price-to-rent ratio in Independence, Kentucky is about 15.3, meaning it would take roughly 15.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Independence.
Are home prices or rent rising faster in Independence, Kentucky?
Both home prices and rent are rising in Independence, up about 8.1% and 3.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Independence, Kentucky?
84.5% of households in Independence, Kentucky own their home, higher than the Kentucky average of 61.3%.
What is the vacancy rate in Independence, Kentucky?
The housing vacancy rate in Independence, Kentucky is 2.2%, lower than the Kentucky average of 10.3%.
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