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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Independence, KY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Independence, KY Housing Market Trends

With a population of 29,326, 9,968 total housing units (homes and apartments), and a median house value of $291,429, Independence real estate is some of the most expensive in Kentucky, although Independence home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Independence, accounting for 82.78% of the city's housing units. Other types of housing that are prevalent in Independence include large apartment complexes or high rise apartments ( 11.28%), duplexes, homes converted to apartments or other small apartment buildings ( 3.34%), and a few row houses and other attached homes ( 1.96%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Independence. Owner-occupied housing accounts for 80.96% of Independence's homes, and 76.55% have either three or four bedrooms, which is average sized relative to America.

Independence homes and real estate are some of the newest in America. 48.22% of Independence's housing was built since 2000, making the city have a very new look and feel. If you like the amenities of newer homes and subdivisions, then you will probably like what the Independence real estate market has to offer. Quite a bit of the housing here was also built between 1970-1999 ( 38.12%), and between 1940-1969 ( 11.36%). There's also some housing in Independence built before 1939 ( 2.30%).

Independence Home Appreciation Rates

Appreciation rates for homes in Independence have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 84.55%, which ranks in the top 50% nationwide. This equates to an annual average Independence house appreciation rate of 6.32%.

NeighborhoodScout's data show that during the latest twelve months, Independence's appreciation rate, at 6.60%, has been at or slightly above the national average. In the latest quarter, Independence's appreciation rate has been 0.10%, which annualizes to a rate of 0.40%.

Relative to Kentucky, our data show that Independence's latest annual appreciation rate is higher than 90% of the other cities and towns in Kentucky.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Independence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Independence - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Independence real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$291,429

Independence, KY Home Prices
> $1,320,000
$990,001 - $1,320,000
$660,001 - $990,000
$528,001 - $660,000
$396,001 - $528,000
$264,001 - $396,000
$132,001 - $264,000
$66,001 - $132,000
$0 - $66,000
0.8%
0.8%
0.8%
0.8%
0.6%
0.6%
3.2%
3.2%
14.6%
14.6%
43.3%
43.3%
30.3%
30.3%
3.3%
3.3%
3.0%
3.0%
0% 100.0%
% of Homes
Very High

for Kentucky

Average

for nation

Number of Homes And Apartments:

9,968

Independence Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,290 / per month

Homeownership Rate

Owners
Renters
81.0%
81.0%
19.0%
19.0%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
2.0%
2.0%
98.0%
98.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
48.2%
48.2%
38.1%
38.1%
11.4%
11.4%
2.3%
2.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
82.8%
82.8%
2.0%
2.0%
3.3%
3.3%
11.3%
11.3%
0.6%
0.6%
0.1%
0.1%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.8%
0.8%
1.8%
1.8%
16.3%
16.3%
48.7%
48.7%
27.8%
27.8%
4.6%
4.6%
0% 100.0%
% of Homes