Market Overview
Home Prices in Independence, MN
The median home value in Independence, MN is $819,203 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.6% compared to a year ago and up 2.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Independence are priced100% above average. Independence is part of the Minneapolis-St. Paul-Bloomington, MN-WI metro area.
Over the past five years, Independence home values have risen by approximately26.1%, reflecting strong long-term appreciation in this market.
Price History
Independence Home Price Trend
City Comparison
Independence vs. National Median
At $819,203, homes in Independence cost 100% above the national median of $410,000. Buyers in Independence should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Independence?
20% Down Payment
$163,841
on $819,203
Monthly P&I
$4,272/mo
30-yr @ 6.8%
Total Monthly Est.
~$5,425/mo
incl. taxes & insurance
Income Needed
$217,000
gross annual (30% rule)
10% Down Option
$81,920
+ PMI applies
Loan Amount (20% dn)
$655,362
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Independence, MN?
The median home value in Independence is $819,203 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.6% year-over-year.
How much have home prices changed in Independence?
Over the past year, home values in Independence have increased by 4.6%. Over five years, prices have risen approximately 26.1%.
How much do I need to earn to buy a home in Independence?
To comfortably afford the median home price of $819,203 with a 20% down payment ($163,841) at today's rates (6.8%), you'd need a gross annual income of approximately $217,000. This assumes keeping total housing costs at or below 30% of gross income.
How does Independence compare to the national average home price?
The national median home value is approximately $410,000. At $819,203, homes in Independence are 100% above the national average.
What metro area is Independence part of?
Independence is part of the Minneapolis-St. Paul-Bloomington, MN-WI metropolitan area. Home prices and market conditions can vary across the broader metro region.