Cost of Living in Independence, MO 2026

Affordability

How far your income goes in Independence

21.4%

Rent-to-Income Ratio

Affordable

Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Missouri

State-level tax rates that affect your costs

4.95%

Income Tax (Top Rate)

4.225%

Sales Tax

0.93%

Property Tax Rate

Estimated Annual Costs

$12,732

Annual Rent

$2,944

State Income Tax

$1,548

Property Tax (est.)

Cost of Living Overview

Independence is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 67 (where 100 equals the national median), Independence residents can expect to pay median rent of $1,061/month while earning a median household income of $59,480/year.

The median home value in Independence, MO is $166,400, with typical monthly owner costs around $1,046 including mortgage, insurance, and taxes. The median rent-to-income ratio of 21.4% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Missouri has a moderate income tax rate of 4.95%. Combined with a 4.225% sales tax rate and 0.93% effective property tax rate, the overall tax environment is a factor in the total cost of living in Independence.

Frequently Asked Questions

Common questions about living costs in Independence

What is the cost of living in Independence, MO?

The cost of living index in Independence, MO is 67 (US average = 100). Median monthly rent is $1,061, median household income is $59,480/year, and the median home value is $166,400.

Is Independence, MO affordable?

Yes, Independence is more affordable than the national average with a cost index of 67. The rent-to-income ratio is 21.4%—below the 30%% threshold considered affordable by HUD.

What is the average rent in Independence, MO?

The median gross rent in Independence, MO is $1,061 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $12,732.

What is the median household income in Independence?

The median household income in Independence, MO is $59,480 per year. This compares to the national median of approximately $80,000.

What are the taxes like in Missouri?

Missouri has a top income tax rate of 4.95%, a sales tax of 4.225%, and an effective property tax rate of 0.93%.

Independence, MO

Affordability

Tax Burden in Missouri

Estimated Annual Costs

Cost of Living Overview

Frequently Asked Questions

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