Cost of Living in Independence, VA

With a cost of living index of 68, Independence, VA is one of the most affordable cities in the country. Living here is 32% cheaper than the national average and 37% below the Virginia state average of 104. Independence is a small community of 1,144 residents.

Housing costs are the biggest factor in Independence's cost of living. The median monthly rent is $762 (42% below the US median of $1,319), and the median home value sits at $115,700 (62% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Independence is $36,250, which is 52% lower than the national median of $75,149. Residents spend roughly 25% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

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.