Independence, OH—44131
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Independence, OH
As of Oct '25, the median home price in Independence, OH is $304,000, with a year-over-year change of 5.5%. This indicates that home prices in Independence, OH are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $304,000 | 5.6% |
| Single Family | $305,000 | 5.9% |
| Condos | $237,000 | 0.9% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $239,000 | 7.7% |
3 Bed | $285,000 | 5.9% |
4 Bed | $383,000 | 6.4% |
| 5 Bed | $431,000 | 5.4% |
% of Housing Stock
Rental Trends — Independence, OH
As of July '25, Rentcast reports the average rent in Independence, OH is $2,090, with a year-over-year rent change of -27.4%. Per bedroom, the median rent as of July '25 in Independence, OH is studios: $2,020, 2-bedrooms: $1,100, 3-bedrooms: $2,320. The most common rental property sizes in Independence, OH are 3-bedroom and 4-bedroom, accounting for 69.2% and 14.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,020 | $2,090 |
| Studio Rent | $2,020 | $2,020 |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,100 | $1,100 |
| 3 Bed Rent | $2,100 | $2,320 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Independence, OH
As of Oct '25, Realtor.com reports that the median days on market for a home in Independence, OH is 35. This is a decrease of -6.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $335,000 | -2.0% |
Listing Count | 57 | 16.0% |
| Listings as % of Homes | 0.2% | 16.0% |
Days on Market | 35 | -6.0% |
Demographics — Independence, OH
As of the latest ACS Survey released in 2023, Independence, OH has a population of 20,600, which has remained stable by 0.4% over the past 5 years. Independence, OH is a moderately popular place for families, as children make up 17.5% of the population. The area has a moderately educated workforce, with 39.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,600 | 0.4% |
% Under 18 | 17.5% | -1.7% |
% Seniors | 24.4% | 2.5% |
% WFH | 16.0% | 240.4% |
% w/ College Degree | 39.9% | 3.6% |
As of the latest ACS Survey released in 2023, Independence, OH is a predominantly white area, with 89.4% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in Independence, OH is hispanic, making up 3.7% of the population. Foreign-born residents account for 6.7% of the population in Independence, OH, and this percentage has decreased by 17.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 89.4% | -4.3% |
% Black | 1.3% | -31.6% |
% Hispanic | 3.7% | 146.7% |
% Asian | 3.3% | 43.5% |
% Foreign Born | 6.7% | -17.3% |
Mortgage and Risk — Independence, OH
According to HUD data as of 2023, there were 429 mortgage originations in Independence, OH, of which 90.0% of loans were conventional mortgages. The average loan-to-value was 53.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Independence, OH. Investor activity is low, as 0.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 429 |
% Conventional Loans | 90.0% |
% Government Loans | 10.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Independence, OH
Independence, OH lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 5 |
Total Units Section 8 | 5 |
% Rentals under Section 8 | 0.7% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,430 |
| 2 Bedroom | $630 | $1,100 | $1,730 |
| 3 Bedroom | $120 | $2,100 | $2,220 |
| 4 Bedroom | N/A | N/A | $2,390 |
Affordability — Independence, OH
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.6 |
| Median Home Price | $304,000 |
| Median Household Income | $98,800 |