Independence KY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Independence, KY Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Independence Housing Market Information

With a population of 28,109, 8,840 total housing units (homes and apartments), and a median house value of $189,384, Independence real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Independence, accounting for 85.33% of the city's housing units. Other types of housing that are prevalent in Independence include large apartment complexes or high rise apartments ( 9.59%), duplexes, homes converted to apartments or other small apartment buildings ( 2.69%), and a few mobile homes or trailers ( 1.47%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Independence. Owner-occupied housing accounts for 79.54% of Independence's homes, and 77.79% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Independence built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Independence built between 2000 and later ( 42.54%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.94%). There's also some housing in Independence built before 1939 ( 2.65%).

Independence Home Appreciation Rates

Appreciation rates for homes in Independence have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 22.47%, which ranks in the top 50% nationwide. This equates to an annual average Independence house appreciation rate of 2.05%.

Appreciation rates are so strong in Independence that despite a nationwide downturn in the housing market, Independence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Independence appreciation rates continue to be some of the highest in America, at 5.90%, which is higher than appreciation rates in 81.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Independence. Independence appreciation rates in the latest quarter were at 1.82%, which equates to an annual appreciation rate of 7.49%.

Relative to Kentucky, our data show that Independence's latest annual appreciation rate is higher than 90% of the other cities and towns in Kentucky.

Average Home Values

 

Median Home Value:
$189,384

Independence, KY HOME PRICES

Value Range
> $1,217,000 0.3
$912,001 - $1,217,000 0.0
$608,001 - $912,000 0.3
$487,001 - $608,000 0.6
$365,001 - $487,000 4.2
$243,001 - $365,000 17.5
$122,001 - $243,000 62.7
$61,001 - $122,000 9.2
$0 - $61,000 5.1

Very High for KY
Average for Nation

Value Relative to Nation Value Relative to State
42.9810218978102 16.4588528678304

Number Of Homes And Apartments:
8,840

Independence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
KY*
Compared To
America*
Latest Quarter:
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
Since 2000:
2000 Q1 - 2019 Q3
34.72% 1.52%
2
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,376 / per month

Homeownership Rate

Homeownership
Owners 79.54
Renters 20.46
Vacant 4.94

Housing Market Details

 

Age of Homes

AGE OF Independence HOMES
2000 or Newer 42.5
1970 - 1999 42.9
1940 - 1969 11.9
1939 or Older 2.6

Types of Homes

TYPE OF Independence HOMES
Single-Family 85.3
Townhomes 0.9
Small Apt. Buildings 2.7
Apt. Complexes 9.6
Mobile Homes 1.5
Other 0.0

Home Size

SIZE OF Independence HOMES
No Bedroom 0.37
1 Bedroom 3.65
2 Bedrooms 14.14
3 Bedrooms 56.81
4 Bedrooms 20.98
5 or more bedrooms 4.05