Independence, MN—55359
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Independence, MN
As of Oct '25, the median home price in Independence, MN is $587,000, with a year-over-year change of 3.4%. This indicates that home prices in Independence, MN are increasing. According to Zillow, the 1-year price projection is -0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $587,000 | 3.4% |
| Single Family | $667,000 | 3.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $437,000 | 3.8% |
3 Bed | $543,000 | 3.2% |
4 Bed | $833,000 | 2.8% |
| 5 Bed | $1,118,000 | 2.4% |
% of Housing Stock
Rental Trends — Independence, MN
As of July '25, Rentcast reports the average rent in Independence, MN is $2,330, with a year-over-year rent change of -1.7%. Per bedroom, the median rent as of July '25 in Independence, MN is 2-bedrooms: $1,320, 3-bedrooms: $2,800. The most common rental property sizes in Independence, MN are 2-bedroom and 1-bedroom, accounting for 50.6% and 17.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,600 | $2,330 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,250 | $1,320 |
| 3 Bed Rent | $2,600 | $2,800 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Independence, MN
As of Oct '25, Realtor.com reports that the median days on market for a home in Independence, MN is 51. This is a decrease of -16.0% 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 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,510,000 | 33.0% |
Listing Count | 50 | 28.0% |
| Listings as % of Homes | 0.8% | 28.0% |
Days on Market | 51 | -16.0% |
Demographics — Independence, MN
As of the latest ACS Survey released in 2023, Independence, MN has a population of 7,070, which has increased by 11.3% over the past 5 years. Independence, MN is a popular place for families, as children make up 29.3% of the population. The area has a highly educated workforce, with 58.0% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 25.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,070 | 11.3% |
% Under 18 | 29.3% | 14.0% |
% Seniors | 17.5% | 13.6% |
% WFH | 25.7% | 149.5% |
% w/ College Degree | 58.0% | 27.8% |
As of the latest ACS Survey released in 2023, Independence, MN is a predominantly white area, with 91.1% of the population identifying as white. The white population has grown by 0.1% in the last 5 years. The second most common race or ethnicity in Independence, MN is hispanic, making up 1.9% of the population. Foreign-born residents account for 2.5% of the population in Independence, MN, and this percentage has decreased by 21.9% 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 | 91.1% | 0.1% |
% Black | 1.4% | -63.2% |
% Hispanic | 1.9% | -42.4% |
% Asian | 1.2% | 100.0% |
% Foreign Born | 2.5% | -21.9% |
Mortgage and Risk — Independence, MN
According to HUD data as of 2023, there were 110 mortgage originations in Independence, MN, of which 96.0% 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, MN. Investor activity is low, as 3.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 110 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Independence, MN
Independence, MN lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 40 |
Total Units Section 8 | 40 |
% Rentals under Section 8 | 10.2% |
% Occupied Section 8 | 70.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,200 |
| 2 Bedroom | $210 | $1,250 | $1,460 |
| 3 Bedroom | -$630 | $2,600 | $1,970 |
| 4 Bedroom | N/A | N/A | $2,240 |
Affordability — Independence, MN
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.2 |
| Median Home Price | $587,000 |
| Median Household Income | $130,000 |