Independence, Missouri 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 8% below the Missouri median$134,139
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Median rent 8% above the Missouri median$1,112
Housing Market Overview
| Metric | Independence | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,139 | $145,462 | $248,835 |
| Price Trend (Annual %) | 6.6% | 5.2% | 7.5% |
| Median Gross Rent | $1,112 | $1,033 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Independence is about 8% lower than in Missouri. Rent is about 8% higher than the Missouri 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 6.6% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Independence rose about 43.5% between 2015 and 2024, from $775 to $1,112. Over the same span, rent in Missouri rose about 38.6%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Independence.
Buying the median-priced home in Independence costs roughly 10.1 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Independence. The price-to-rent ratio in Missouri is about 11.7.
| Metric | Independence | Missouri Avg | US Average |
|---|---|---|---|
| Median Home Price | $134,139 | $145,462 | $248,835 |
| Median Household Income | $60,502 | $70,801 | $80,455 |
| Price-to-Income Ratio | 2.2 | 2.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Independence rose about 87.9%, while median household income rose about 31.6% 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 | Missouri Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.8% | 60.5% | 58.5% |
| Rental Rate | 36.0% | 28.3% | 31.2% |
| Vacancy Rate | 8.2% | 11.2% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Independence has a homeownership rate of 55.8%, lower than the Missouri average of 60.5%. Its housing vacancy rate is 8.2%, compared with 11.2% in Missouri.
Housing Stock
| Metric | Independence | Missouri Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.40 people | 2.53 people |
| Median Structure Built Year | 1968 | 1978 | 1978 |
| Median Number of Rooms | 5.4 | 5.7 | 5.5 |
The typical housing unit in Independence was built around 1968. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Independence, Missouri.
What is the median home price in Independence, Missouri?
The median home price in Independence, Missouri is $134,139, lower than the Missouri average of $145,462.
What is the average home price in Independence, Missouri?
The typical home price in Independence, Missouri, reported as the median sale price, is $134,139. 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, Missouri?
The median gross rent in Independence, Missouri is $1,112 per month, higher than the Missouri average of $1,033.
What was the median gross rent in Independence in 2020?
In 2020, the median gross rent in Independence, Missouri was $872 per month.
What is the price-to-rent ratio in Independence, Missouri?
The price-to-rent ratio in Independence, Missouri is about 10.1, meaning it would take roughly 10.1 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Independence.
Are home prices or rent rising faster in Independence, Missouri?
Both home prices and rent are rising in Independence, up about 6.6% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Independence, Missouri?
55.8% of households in Independence, Missouri own their home, lower than the Missouri average of 60.5%.
What is the vacancy rate in Independence, Missouri?
The housing vacancy rate in Independence, Missouri is 8.2%, lower than the Missouri average of 11.2%.
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