In Independence, a typical home is worth $165,300 and typical rent is $820 a month. Compared with all of Buchanan County, the typical home value is 6% lower, typical household income is 6% lower, and the share of households that own their home is 10 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $158,723 to $210,942.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Independence is in Buchanan County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Buchanan County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Oelwein, the typical home value is $96,300: 42% less than in Independence ($165,300).
2
72% of households in Independence own their home, against 82% in Buchanan County.
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Independence
What homes there are in Independence, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Independence
Buchanan County
Iowa
United States
Kind of home: Independence and its comparisons
Measure
Independence
Buchanan County
Iowa
United States
Detached house
73%
83%
72%
61%
Attached house
Unreliable estimate
Unreliable estimate
5%
6%
Building of 2 to 4
17%
8%
6%
8%
Apartments (5 or more)
Unreliable estimate
3%
14%
19%
Mobile home
Unreliable estimate
4%
3%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
The detached house is still the most common home in Independence, but it weighs less than in Buchanan County: 73% against 83%.
Year built
Before 19601960–19791980–19992000–20092010 or later
Independence
Buchanan County
Iowa
United States
Year built: Independence and its comparisons
Measure
Independence
Buchanan County
Iowa
United States
Before 1960
38%
36%
38%
26%
1960–1979
23%
25%
24%
24%
1980–1999
24%
23%
17%
25%
2000–2009
7%
10%
11%
14%
2010 or later
7%
6%
11%
11%
In Independence, half of the homes were built before 1971; in Buchanan County, before 1973.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K17%
$100K–$200K49%
$200K–$300K24%
$300K–$500K9%
$500K–$750KUnreliable
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: Independence and its comparisons
Measure
Independence
Under $100K
17%
$100K–$200K
49%
$200K–$300K
24%
$300K–$500K
9%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable
$1M or more
Unreliable estimate
At least 99% of owner-occupied homes in Independence are worth less than $500,000, below the FHA loan limit for Buchanan County ($541,287).
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99957%
$1,000–$1,49921%
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Independence and its comparisons
Measure
Independence
Under $500
Unreliable estimate
$500–$999
57%
$1,000–$1,499
21%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable estimate
With a mortgage
$1,363 a month
Buchanan County: $1,376 a month
Without a mortgage
$562 a month
Buchanan County: $565 a month
Owners with a mortgage
56%
Buchanan County: 56%
The typical cost for an owner with a mortgage in Independence is $1,363 a month, near the figure in Buchanan County ($1,376).
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Independence+24%
Buchanan County+24%
Iowa+41%
United States+53%
Typical rent
IndependenceNo clear change
Buchanan County+25%
Iowa+23%
United States+33%
Typical household income
Independence+36%
Buchanan County+21%
Iowa+24%
United States+29%
Change since 2015–2019: Independence and its comparisons
Measure
Independence
Buchanan County
Iowa
United States
Typical home value
+24%
+24%
+41%
+53%
Typical rent
No clear change
+25%
+23%
+33%
Typical household income
+36%
+21%
+24%
+29%
Much as in Buchanan County, the typical home value in Independence rose 24% since 2015–2019.
The typical rent in Independence stayed about the same over that time: the difference is within the Census margin of error.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Independence and its comparisons
Measure
Independence
Buchanan County
Iowa
United States
Rental vacancy
Unreliable estimate
Unreliable estimate
5.7%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.8%
0.9%
More than one person per room
Unreliable estimate
Unreliable estimate
1.6%
3.4%
People per household
2.19
2.49
2.36
2.53
Drive alone
81%
78%
76%
69%
Carpool
9%
10%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
Unreliable estimate
3%
3%
3%
Work from home
6%
8%
11%
15%
Other means
Unreliable estimate
Unreliable estimate
1%
2%
Typical commute
10 to 19 minutes
Unreliable estimate
10 to 19 minutes
20 to 29 minutes
Fewer people live in each home here: 2.19 on average, against 2.49 in Buchanan County.
To get to work, 81% of workers in Independence drive alone; in Buchanan County, 78%.
Do the math
What would you pay each month for a home in Independence?
A typical home is within reach of the typical income
We start with a typical home in Independence, worth $165,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 24% of the typical household income in Independence, which is $73,806 a year.
The calculator's FHA and conventional loan limits are those of all of Buchanan County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Independence. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $5,786 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,469
at 7.18% · 30 years
Loan amount
$162,305
Total interest
$233,520
Paid off in
November 2056
Includes $2,791 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,722 a month
Your payment · 24%
Tight
$1,722 to $2,214 a month
Hard
more than $2,214 a month
Compared with the typical household income in Independence ($73,806 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,100
Property tax
$227
Home insurance
$69
FHA mortgage insurance (MIP)
$73
You need at least $5,786 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,469; principal and interest $1,100.
The city and its county
Independence and Buchanan County
Independence is in Buchanan County, Iowa. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Independence
Map of Buchanan County, Iowa, with Independence marked. Around it, the neighboring counties.
Independence
Buchanan County
Other cities with a page
Independence's own numbers
Typical home value
$165,300
Typical monthly rent
$820
Typical yearly household income
$73,806
Households that own their home
72%
Effective property tax rate
1.65%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Buchanan County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$937
Price change over 5 years (FHFA)
+37%
Homes in a high flood-risk zone
3.1%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Buchanan County.
A typical home in Independence is worth $165,300: 6% below the county and 21% below Iowa. With the typical household income in Independence ($73,806 a year), a typical home costs 2.2 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Independence2.2 years
Buchanan2.2 years
Iowa2.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Buchanan County
According to FHFA’s house price index, home prices in Buchanan County rose 61% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Buchanan County.
Yearly change in FHFA’s price index in Buchanan County, 2016 to 2025
2016: +2.0% +2.0% 2016
2017: +4.4% +4.4% 2017
2018: +2.8% +2.8% 2018
2019: +3.4% +3.4% 2019
2020: +3.5% +3.5% 2020
2021: +5.1% +5.1% 2021
2022: +10.2% +10.2% 2022
2023: +7.3% +7.3% 2023
2024: +6.2% +6.2% 2024
2025: +3.9% +3.9% 2025
Change in FHFA’s price index in Buchanan County, Iowa and the United States
Period
County
Iowa
U.S.
Last year (2025)
+3.9%
+3.2%
+2.9%
5 years (2020–2025)
+37%
+41%
+47%
10 years (2015–2025)
+61%
+65%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Independence next to Buchanan County, Iowa and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Independence$165,300
Buchanan$176,000
Iowa$208,000
United States$332,700
Typical monthly rent
Independence$820
Buchanan$848
Iowa$972
United States$1,413
Typical yearly household income
Independence$73,806
Buchanan$78,236
Iowa$75,059
United States$80,734
See the full table
Independence next to Buchanan County and Iowa
Measure
Independence
Buchanan County
Iowa
U.S.
Typical home value
$165,300 ▼6% below the county
$176,000
$208,000
$332,700
Typical monthly rent
$820 ▼3% below the county
$848
$972
$1,413
Typical yearly household income
$73,806 ▼6% below the county
$78,236
$75,059
$80,734
Households that own their home
72% ▼10 points below the county
82%
72%
65%
Typical yearly property tax
$2,722 ▲14% above the county
$2,390
$2,897
$3,119
Effective property tax rate
1.65% ▲0.29 points above the county
1.36%
1.39%
0.94%
Renters with high rent for their income
36% ▼1 points below the county
37%
44%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Buchanan County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Independence
For a typical $165,300 home in Independence, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Independence's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,469a month
Least cash to close
Down payment
$5,786
Cash to close
$10,745
Rate
7.18%
Mortgage insurance
FHA MIP · $73
Conventional, 5% down$1,438a month
Down payment
$8,265
Cash to close
$13,224
Rate
7.18%
Mortgage insurance
PMI · $79
Conventional, 20% down, no PMI$1,192a month
Down payment
$33,060
Cash to close
$38,019
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,345a month
Down payment
$24,795
Cash to close
$29,754
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Independence
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,469
$5,786
$162,306
7.18%
FHA MIP · $73
$10,745
580
Conventional, 5% down
$1,438
$8,265
$157,035
7.18%
PMI · $79
$13,224
620*
Conventional, 20% down, no PMI
$1,192
$33,060
$132,240
7.18%
None
$38,019
620*
ITIN, 15% down (example)
$1,345
$24,795
$140,505
8.18%
None
$29,754
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Independence is $820 a month: 3% below the county. In Independence, 36% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Buchanan County, by unit size. To pay the 2-bedroom one ($937 a month) without spending more than 30% of your income, you would need to earn $18.02 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Buchanan County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$712
$13.69
$28,480
1 bedroom
$716
$13.77
$28,640
2 bedrooms
$937
$18.02
$37,480
3 bedrooms
$1,297
$24.94
$51,880
4 bedrooms
$1,522
$29.27
$60,880
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Independence
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Independence is in ZIP code 50644.
For 2 bedrooms it is $930: $7 less than the fair market rent for Buchanan County ($937).
Fair market rent by ZIP code and size in Independence, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
50644
$700
$710
$930
$1,280
$1,510
ZIP code2 bd3 bd
50644 $930$1,280
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Independence when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Buchanan County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Independence or Buchanan County. The ones below are statewide in Iowa: they work in Independence the same as in the rest of the state.
With the Iowa state authority's FirstHome mortgage, a first-time buyer can get a second loan of up to 3% of the price (maximum $10,000) or up to 5% (maximum $15,000), with no monthly payments, repaid when you sell, refinance or pay off the mortgage.Offered by Iowa Finance Authority (IFA).
Iowa state authority second loan, with the Homes for Iowans mortgage, of up to 3% of the price (maximum $10,000) or 5% (maximum $15,000) for the down payment and closing costs; no monthly payments, and for any buyer.Offered by Iowa Finance Authority (IFA).
The HUD-approved agencies closest to the center of Independence, in a straight line, nearest first. If one says it serves in Spanish, its card says so.
No legal help resource on our list is for Independence or Buchanan County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Independence and all of Buchanan County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Independence?
The typical home value in Independence is $165,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Buchanan County it is $176,000.
How much does it cost to rent in Independence?
Typical rent in Independence is $820 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Buchanan County is $937.
What is the FHA loan limit in Independence?
Independence uses the FHA limit for all of Buchanan County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Independence?
The typical homeowner in Independence pays $2,722 a year, according to the U.S. Census Bureau. That is 1.65% of the home’s value; in Buchanan County, the rate is 1.36%.
Where can I find free help to buy or rent in Independence?
We found no HUD-approved counseling agencies with an office in Buchanan County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
