Total monthly cost of ownership
Cost to Own a Home in Independence, Missouri
A $166,000 home here costs
$1,423per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $853. The real number is $570 higher every month — 67% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Independence against Jackson County and Missouri
| Measure | Independence | Jackson County |
|---|---|---|
| Median home value | $166,400 | $213,300 |
| Median property tax | $1,856 | $2,448 |
| Effective tax rate | 1.115% | 1.148% |
| Median gross rent | $1,061 | $1,151 |
| Population | 121,944 | 717,021 |
Independence extends across 2 counties. Figures here use Jackson County, where most of its housing sits.
The weather behind that power bill
Independence sits in Jackson County, which averages a high of 88.3°F in its hottest month and a low of 22.1°F in its coldest, with 38.34" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 1,446 cooling and 4,786 heating degree days, which is what sets the $123 electricity line above.
See the full climate breakdown for Jackson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Jackson County
Full Jackson County cost breakdown · Every county in Missouri
Common questions
How much does it cost to own a home in Independence?
A $166,000 home in Independence, Missouri costs approximately $1,423 per month with 20% down at 6.66%. That is $853 principal and interest, $154 property tax, $86 homeowners insurance, $191 utilities and $138 set aside for maintenance.
What is the property tax rate in Independence?
Independence has an effective property tax rate of 1.115%, based on a median home value of $166,400 and median real estate taxes of $1,856. That is lower than the Jackson County average of 1.148%.
What is the average home price in Independence?
The median owner-occupied home value in Independence, Missouri is $166,400, against $213,300 across Jackson County.
Is it cheaper to rent or buy in Independence?
Median gross rent in Independence is $1,061 a month, against $1,423 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Independence — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Missouri.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.