Total monthly cost of ownership
Cost to Own a Home in Independence, Virginia
A $116,000 home here costs
$1,004per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $596. The real number is $408 higher every month — 68% 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 Grayson County and Virginia
| Measure | Independence | Grayson County |
|---|---|---|
| Median home value | $115,700 | $132,300 |
| Median property tax | $676 | $820 |
| Effective tax rate | 0.584% | 0.620% |
| Median gross rent | $762 | $712 |
| Population | 1,144 | 15,323 |
The weather behind that power bill
Independence sits in Grayson County, which averages a high of 83.6°F in its hottest month and a low of 22.3°F in its coldest, with 57.09" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 651 cooling and 5,148 heating degree days, which is what sets the $158 electricity line above.
See the full climate breakdown for Grayson County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Grayson County
No other places of this size are published in Grayson County.
Full Grayson County cost breakdown · Every county in Virginia
Common questions
How much does it cost to own a home in Independence?
A $116,000 home in Independence, Virginia costs approximately $1,004 per month with 20% down at 6.66%. That is $596 principal and interest, $56 property tax, $29 homeowners insurance, $226 utilities and $97 set aside for maintenance.
What is the property tax rate in Independence?
Independence has an effective property tax rate of 0.584%, based on a median home value of $115,700 and median real estate taxes of $676. That is lower than the Grayson County average of 0.620%.
What is the average home price in Independence?
The median owner-occupied home value in Independence, Virginia is $115,700, against $132,300 across Grayson County.
Is it cheaper to rent or buy in Independence?
Median gross rent in Independence is $762 a month, against $1,004 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 Virginia.
- 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.