Independence vs Lee's Summit: Housing Costs in Missouri
Side-by-side comparison of home prices, mortgage payments, and housing costs between Independence and Lee's Summit, Missouri. Using Missouri's 0.97% property tax rate and $2,200/year insurance. Updated for 2026.
Metric
Independence
Lee's Summit
Median Home Price
$195K
$325K
Population
123,011
101,108
Average Rent
$1,020/mo
$1,350/mo
Est. Monthly Mortgage (P&I)
$1,109/mo
$1,849/mo
Est. Monthly Property Tax
$158/mo
$263/mo
Est. Monthly Insurance
$183/mo
$183/mo
Est. Total PITI
$1,523/mo
$2,417/mo
Price-to-Rent Ratio
15.9
20.1
Verdict
Independence is significantly more affordable than Lee's Summit, with homes priced 40% lower on average. That translates to $894/month in savings on your total housing payment. For budget-conscious buyers in Missouri, Independence offers a much more accessible path to homeownership.
Monthly Payment Comparison
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Missouri's 0.97% property tax rate.
Independence
Home Price$195,000
Down Payment (10%)$19,500
Loan Amount$175,500
Monthly P&I$1,109
Monthly Property Tax$158
Monthly Insurance$183
Monthly PMI$73
Total PITI$1,523/mo
Annual property tax: $1,892
Lee's Summit
Home Price$325,000
Down Payment (10%)$32,500
Loan Amount$292,500
Monthly P&I$1,849
Monthly Property Tax$263
Monthly Insurance$183
Monthly PMI$122
Total PITI$2,417/mo
Annual property tax: $3,153
Buying in Independence saves you approximately $894/month ($10,728/year) compared to Lee's Summit, based on median home prices with identical loan terms.
Which City Is Better For...
First-Time Buyers
Independence is the better choice for first-time buyers, with a median price of $195K versus $325K in Lee's Summit. That's $130K less to save for a down payment. You'd need roughly $7K for an FHA 3.5% down payment in Independence, compared to $11K in Lee's Summit. Missouri offers the MHDC First Place Loan program (Up to 4% cash assistance) which applies in both cities.
Real Estate Investment
Independence has the better price-to-rent ratio at 15.9x versus 20.1x in Lee's Summit. A lower ratio generally signals better rental income relative to purchase price. Average rent in Independence is $1,020/month on a $195K median home, making it a stronger candidate for buy-and-rent investors.
Families
Independence (pop. 123,011) offers more amenities, schools, and services typical of a larger city, while Lee's Summit (pop. 101,108) may offer a quieter, more community-oriented lifestyle. Independence offers both more options and lower housing costs, making it attractive for families who want urban amenities without a premium price.