Cost of Living in Independence, OH

With a cost of living index of 104, Independence, OH is somewhat more expensive than average. Living here is 4% more expensive than the national average and 27% above the Ohio state average of 78. Independence is a smaller community of 7,543 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 $1,547 (17% above the US median of $1,319), and the median home value sits at $305,500 (0% below the national median of $304,900). At current prices, the median home costs roughly 2.7x the median household income — well within traditional affordability guidelines.

The median household income in Independence is $114,049, which is 52% higher than the national median of $75,149. Residents spend roughly 16% 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 52.3°F, with summers averaging 73°F and winters around 32°F. Annual rainfall totals 33.3 inches spread over roughly 138 days.

Everyday prices in the Cleveland, OH (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.