Cost of Living in Independence, IA

With a cost of living index of 68, Independence, IA is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 3% below the Iowa state average of 71. Independence is a smaller community of 6,149 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Independence's cost of living. The median monthly rent is $769 (42% below the US median of $1,319), and the median home value sits at $156,900 (49% below the national median of $304,900). At current prices, the median home costs roughly 2.2x the median household income — well within traditional affordability guidelines.

The median household income in Independence is $72,250, which is 4% lower than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Independence. The area sees an average annual temperature of 49°F, with summers averaging 73°F and winters around 23°F. Annual rainfall totals 36.3 inches spread over roughly 114 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.