Total monthly cost of ownership
Cost to Own a Home in Cherokee, Oklahoma
A $90,000 home here costs
$883per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $463. The real number is $420 higher every month — 91% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Cherokee against Alfalfa County and Oklahoma
| Measure | Cherokee | Alfalfa County |
|---|---|---|
| Median home value | $90,200 | $103,000 |
| Median property tax | $833 | $649 |
| Effective tax rate | 0.924% | 0.630% |
| Median gross rent | $788 | $614 |
| Population | 1,319 | 5,685 |
The weather behind that power bill
Cherokee sits in Alfalfa County, which averages a high of 92.9°F in its hottest month and a low of 22.4°F in its coldest, with 33.14" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 1,715 cooling and 4,436 heating degree days, which is what sets the $120 electricity line above.
See the full climate breakdown for Alfalfa County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Alfalfa County
Full Alfalfa County cost breakdown · Every county in Oklahoma
Common questions
How much does it cost to own a home in Cherokee?
A $90,000 home in Cherokee, Oklahoma costs approximately $883 per month with 20% down at 6.66%. That is $463 principal and interest, $69 property tax, $87 homeowners insurance, $188 utilities and $75 set aside for maintenance.
What is the property tax rate in Cherokee?
Cherokee has an effective property tax rate of 0.924%, based on a median home value of $90,200 and median real estate taxes of $833. That is higher than the Alfalfa County average of 0.630%.
What is the average home price in Cherokee?
The median owner-occupied home value in Cherokee, Oklahoma is $90,200, against $103,000 across Alfalfa County.
Is it cheaper to rent or buy in Cherokee?
Median gross rent in Cherokee is $788 a month, against $883 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cherokee — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Oklahoma.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.