Independence, OR 97351 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Independence, OR—97351

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$420,000

1.0% YoY Growth

Household Income

$84,700

77.4% YoY Growth

Days on Market

16.0% Shorter YoY

Home Price Forecast

0.9%

Median Rent

$1,580

16.5% YoY Growth

1-Bed Rent

$1,200

3.1% YoY Growth

2-Bed Rent

$1,520

N/A

3-Bed Rent

$2,000

8.8% YoY Growth

Home Price Trends — Independence, OR

As of Dec '25, the median home price in Independence, OR is $420,000, with a year-over-year change of 1.0%. This indicates that home prices in Independence, OR are flat. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$420,000	1.0%
Single Family	$420,000	1.2%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Independence, OR

As of July '25, Rentcast reports the average rent in Independence, OR is $1,720, with a year-over-year rent change of -16.5%. Per bedroom, the median rent as of July '25 in Independence, OR is studios: $1,500, 1-bedrooms: $1,340, 2-bedrooms: $1,640, 3-bedrooms: $1,970, 4-bedrooms: $1,840. The most common rental property sizes in Independence, OR are 2-bedroom and 3-bedroom, accounting for 54.7% and 31.2% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,580	$1,720
Studio Rent	$1,500	$1,500
1 Bed Rent	$1,200	$1,340
2 Bed Rent	$1,520	$1,640
3 Bed Rent	$2,000	$1,970
4 Bed Rent	$1,580	$1,840

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% of Rental Stock

1 Bedroom

7.7%

2 Bedrooms

54.7%

3 Bedrooms

31.2%

4 Bedrooms

6.0%

5+ Bedrooms

0.4%

Property Listings — Independence, OR

As of Dec '25, Realtor.com reports that the median days on market for a home in Independence, OR is 65. This is a decrease of -20.0% 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 42.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$442,000	-6.0%
Listing Count	37	1.0%
Listings as % of Homes	0.8%	1.0%
Days on Market	91	-16.0%

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Demographics — Independence, OR

As of the latest ACS Survey released in 2023, Independence, OR has a population of 11,400, which has increased by 7.5% over the past 5 years. Independence, OR is a moderately popular place for families, as children make up 24.5% of the population. The area has a poorly educated workforce, with 24.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.7% reporting working from home.

Metric	Latest Census	YoY % Change
Population	11,400	7.5%
% Under 18	24.5%	-16.4%
% Seniors	11.3%	16.5%
% WFH	12.7%	605.6%
% w/ College Degree	24.7%	14.9%

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As of the latest ACS Survey released in 2023, Independence, OR is a predominantly white area, with 56.6% of the population identifying as white. The white population has shrunk by 10.2% in the last 5 years. The second most common race or ethnicity in Independence, OR is hispanic, making up 35.7% of the population. Foreign-born residents account for 8.5% of the population in Independence, OR, and this percentage has decreased by 28.6% 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	56.6%	-10.2%
% Black	0.4%	100.0%
% Hispanic	35.7%	4.7%
% Asian	0.8%	166.7%
% Foreign Born	8.5%	-28.6%

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Mortgage and Risk — Independence, OR

According to HUD data as of 2023, there were 158 mortgage originations in Independence, OR, of which 71.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Independence, OR. Investor activity is low, as 2.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	158
% Conventional Loans	71.0%
% Government Loans	29.0%
% Investor Loans	2.0%
% Second Loans	1.0%
% Cash Out Refinance	13.0%

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Rentals and Section 8 — Independence, OR

As of 2024, the percent of homes in Independence, OR under the Section 8 program is 10.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Independence, OR, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.

Section 8 Market Size

Total Units under HUD	169
Total Units Section 8	140
% Rentals under Section 8	10.2%
% Occupied Section 8	66.0%

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$170	$1,200	$1,370
2 Bedroom	$240	$1,520	$1,760
3 Bedroom	$450	$2,000	$2,450
4 Bedroom	$1,080	$1,580	$2,660

Independence, OR—97351

Key Metrics at a Glance

Home Price Trends — Independence, OR

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Independence, OR

% of Rental Stock

Property Listings — Independence, OR

Demographics — Independence, OR

Race and Ethnicity

Mortgage and Risk — Independence, OR

Mortgages

Rentals and Section 8 — Independence, OR

Section 8 Market Size

Section 8 Opportunity

Affordability — Independence, OR

Home Price to Income Ratio

Independence, OR — ZIP Code Boundary Map

Nearby ZIP Codes

Salem, OR

Salem, OR

Bethel, OR

Monmouth, OR

Jefferson, OR

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	4.6
Median Home Price	$420,000
Median Household Income	$84,700

Independence, OR—97351

Key Metrics at a Glance

Home Price Trends — Independence, OR

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Independence, OR

% of Rental Stock

Property Listings — Independence, OR

Demographics — Independence, OR

Race and Ethnicity

Mortgage and Risk — Independence, OR

Mortgages

Rentals and Section 8 — Independence, OR

Section 8 Market Size

Section 8 Opportunity

Affordability — Independence, OR

Home Price to Income Ratio

Independence, OR — ZIP Code Boundary Map

Nearby ZIP Codes

Salem, OR

Salem, OR

Bethel, OR

Monmouth, OR

Jefferson, OR

Frequently Asked Questions

What is the average home price in Independence, OR 97351?

How have home prices in Independence, OR 97351 changed over the past year?

What is the home price projection for Independence, OR 97351?

What are the demographics of Independence, OR 97351?

How long does it take homes to sell in Independence, OR 97351?

What is the average rent price in Independence, OR 97351?