Rent vs buy in Independence, MO

In Independence, Missouri, typical rent is $1,395 /mo and a typical home is $210,944.

Buy

Over 7 years, buying wins by $9k

Based on Independence's typical rent and home value, assuming 20% down and today's mortgage rate. The break-even point is year 6.

An opinion, clearly labelled, math included. Estimates, not quotes. Change one number and the stamp updates.

Owning leads by: $9k
Break-even point: Year 6
The real cost of owning: $1,929 a month

Change my numbers

Independence's typical rent and home value drive the stamp. Your own rent, price and years can flip the result.

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Is it cheaper to rent or buy in Independence?

Count in the money you get back when you sell, and buying comes out $8,819 cheaper over 7 years. In year 6, owning's net cost falls below renting's and stays there.

Rent. Own. Net cost to date, by year.

Independence: average rent compared with the mortgage payment

Rent and the mortgage don't tell the whole story, so here are all the monthly costs in year 1, using Independence's typical price.

Each month, year 1	Amount	What it is
Rent	$1,395	All of it, every month
Mortgage payment	$1,150	$1,014 of it is interest in year 1
Property tax	$195	1.11% of the value a year
Insurance	$114	Census median for the city
Upkeep	$176	1% of the value a year
Owning, cash out	$1,635	$136 of it builds equity
Lost return on the down payment	$343	What that cash would earn yearly at 8.3%
Buying costs, spread out	$88	3.5% of the price over 7 years
True cost of owning	$1,929	Cash out, minus what builds equity, plus the two lines above.

Behind the Independence verdict: the numbers

Typical home valueZillow's ZHVI, September 2026: $210,944
Typical rentZillow's ZORI, September 2026: $1,395 a month
With a 20% down payment, private mortgage insurance is avoided; the engine does not model it.: 20%
Mortgage rate: Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US): 7.24%
How home prices grow: FHFA house price index for Missouri, 1995 to 2025: 4% per year
Rent growthCPI primary residence rent, yearly growth 2006 to 2026: 3.5% each year
What savings earn1928 to 2025, rebalanced yearly: 60% S&P 500 with dividends, 40% 10-year Treasuries: Each year: 8.3%
Property tax, from Census ACS 2020-2024, Independence: 1.11% of the value
Home insurance, from Census ACS 2020-2024, Independence: Monthly: $114
Maintenance, per Fannie Mae, low end of 1% to 4%: Each year: 1% of value
Freddie Mac puts buying costs in the middle range, 2% to 5%: 3.5% of the amount you pay
Selling costs: Agent commission plus closing costs: 6% of the price

What would change the verdict in Independence?

Each line marks the point where the 7-year verdict for Independence flips, with everything else held as it is.

Renting comes out ahead when

Growth in home prices under 3.5% a year (our input is Missouri's long-run rate, 4%).
The mortgage rate remains above 7.98%.
Renting a similar home would cost less than $1,300 a month (the typical figure here is $1,395).
You move earlier than year 6.

Buying comes out ahead when

Home prices grow by more than 3.5% a year.
You lock in a mortgage rate under 7.98%; today's rate is 7.24%.
You'd pay more than $1,300 each month to rent that same home.
Your stay lasts 6 years or longer.

How Independence compares with the other 812 cities

Measure	Independence	Median city
Typical home value	$210,944	$422,451
Typical rent	$1,395 /mo	$1,837 /mo
Price-to-rent ratio	12.6 (#738 of 813)	18.5
Home prices, last 10 years	8.4% a year	6.2% a year
Rents, last 5 years	5.7% a year	4% a year
Property tax	1.11%	0.87%
Households that rent	39%	42%

Data comes from Zillow ZHVI plus ZORI, Census ACS 2020-2024.

Other Missouri cities

Florissant, MO. Buy. Buying comes out ahead by $37k.

Missouri rent vs buy: the state's numbers