Total monthly cost of ownership
Cost to Own a Home in Independence, Missouri
A $166,000 home here costs
$1,528per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $65,500 a year.
A standard mortgage calculator would have told you $919. The real number is $608 higher every month, 66% more than the payment most buyers budget for.
Compare Jackson County with anywhere in America · full county breakdown
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 $161 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
Talk to someone who works this market
These are Independence averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Independence every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Independence I already own here and may sell
Common questions
How much does it cost to own a home in Independence?
A $166,000 home in Independence, Missouri costs approximately $1,528 per month with 20% down at 7.4%. That is $919 principal and interest, $154 property tax, $86 homeowners insurance, $229 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 $1,528 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Independence?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Independence, Missouri at today's rate takes a household income of roughly $65,500 a year. That covers the full $1,528 monthly cost, not just the mortgage payment.
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.