Total monthly cost of ownership
Cost to Own a Home in Independence, Oregon
A $345,000 home here costs
$2,703per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $116,000 a year.
A standard mortgage calculator would have told you $1,881. The real number is $822 higher every month, 44% more than the payment most buyers budget for.
Compare Polk 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 Polk County and Oregon
| Measure | Independence | Polk County |
|---|---|---|
| Median home value | $345,200 | $419,500 |
| Median property tax | $3,315 | $3,534 |
| Effective tax rate | 0.960% | 0.842% |
| Median gross rent | $1,585 | $1,270 |
| Population | 10,088 | 88,553 |
The weather behind that power bill
Independence sits in Polk County, which averages a high of 80.7°F in its hottest month and a low of 32.9°F in its coldest, with 81.19" of precipitation a year and 51% of it in a single three-month stretch. That climate drives 193 cooling and 5,303 heating degree days, which is what sets the $140 electricity line above.
See the full climate breakdown for Polk County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Polk County
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 $345,000 home in Independence, Oregon costs approximately $2,703 per month with 20% down at 7.24%. That is $1,881 principal and interest, $276 property tax, $50 homeowners insurance, $208 utilities and $288 set aside for maintenance.
What is the property tax rate in Independence?
Independence has an effective property tax rate of 0.960%, based on a median home value of $345,200 and median real estate taxes of $3,315. That is higher than the Polk County average of 0.842%.
What is the average home price in Independence?
The median owner-occupied home value in Independence, Oregon is $345,200, against $419,500 across Polk County.
Is it cheaper to rent or buy in Independence?
Median gross rent in Independence is $1,585 a month, against $2,703 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, Oregon at today's rate takes a household income of roughly $116,000 a year. That covers the full $2,703 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 Oregon.
- 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.