A+
12%
Overall NAT. AVG.
9%
Goods & Services NAT. AVG.
27%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Independence Missouri National
Cost of living8888100
Goods & Services9292100
Groceries9795100
Health care8490100
Housing7378100
Transportation8991100
Utilities10999100

An Overview of Cost of Living in Independence, MO

Understanding the cost of living in Independence can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Independence cost of living index is 88, which is 12% lower than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

What Do Locals Say About the Cost of Living in Independence?

Locals have the inside scoop on their city. So, we polled 7 residents in Independence to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 43% find it reasonable with decreasing prices, but 57% think it's quite pricey, with prices that continue to rise.

Is Independence Affordable?

Wondering if Independence is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Independence, for example, the median home price is 34.4% lower than what folks pay nationally, and monthly rent is 8.2% lower than the usual rates. Plus, income levels matter too, with Independence boasting a median household income of $50,797, which is 8.2% lower than the national average.

What Factors can Influence the Cost of Living in Independence?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Independence, the transportation index is 11.1% lower than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Independence, healthcare costs are 15.6% lower than the national average.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Independence, is 26.5% lower than the national average.

Where is the Data From?

The cost of living data in Independence displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Independence is equal to the Missouri average
  • The cost of living in Independence is 12% lower than the national average
  • Independence housing is 27% lower than the national average
  • Missouri general sales tax is 17% lower than the national average
  • Missouri state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around Independence

See all the best places to live around Independence

Compare Independence, MO Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$63,162$5,264$1,474$1,895
      Renters$36,463$3,039$851$1,094
      The affordability of the housing market in Independence, MO as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Independence homeowners, the median income is $63,162. This indicates that a monthly maximum of $1,474 should be spent by homeowners on all housing related costs. Renters have a median income of $36,463. This indicates that renters would have a maximum of $851 for their rent related monthly costs.

      Missouri Sales Tax

      State General Sales Tax With Max Surtax
      Missouri 4.225% 10.85%

      Missouri Income Tax

      State Income Tax (Low) Income Tax (High)
      Missouri 2% 4.95%

      Goods & Services

      Item Independence National avg. Difference
      Haircut $20.30$24.2616.3%
      Beauty Salon $33.43$45.5626.6%
      Toothpaste $3.70$3.700.2%
      Shampoo $1.42$1.2810.9%
      Movie $12.03$12.130.9%
      Bowling $15.57$18.0013.5%

      Groceries

      Item Independence National avg. Difference
      Ground Beef $6.31$5.848.0%
      Fried Chicken $1.40$1.5711.0%
      Milk $4.62$4.671.0%
      Potatoes $5.24$4.936.2%
      Pizza $11.48$12.095.0%
      Beer $9.39$10.419.8%

      Health Care

      Item Independence National avg. Difference
      Optometrist $96.50$125.6823.2%
      Doctor $90.20$135.7833.6%
      Dentist $100.33$113.2911.4%
      Ibuprofen $10.67$10.650.2%
      Lipitor $474.53$468.601.3%

      Housing

      Item Independence National avg. Difference
      Home Price $121,200.00$184,700.0034.4%
      Avg. Mortgage Payment $2,152.92$2,346.698.3%
      Apartment Rent $871.00$949.008.2%

      Transportation

      Item Independence National avg. Difference
      Gasoline $3.17$3.468.3%
      Tire Balancing $49.17$59.9217.9%

      Utilities

      Item Independence National avg. Difference
      All Electricity $217.10$193.9911.9%
      Phone $199.94$192.254.0%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      River Bend, MO9945.8%
      Randolph, MO288218.3%
      Missouri City, MO5068217.9%
      Sugar Creek, MO3,2818316.6%
      Kansas City, KS153,0148614.2%
      Independence, MO117,1398812.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Rochester, MN117,1341044.2%
      Beaumont, TX117,321927.7%
      Provo, UT116,88611212.4%
      Lansing, MI117,4888416.5%
      Fairfield, CA116,54415049.7%
      Independence, MO117,1398812.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.