Total monthly cost of ownership
Cost to Own a Home in Cherokee, Oklahoma
A $90,000 home here costs
$950per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $40,500 a year.
A standard mortgage calculator would have told you $491. The real number is $459 higher every month, 94% more than the payment most buyers budget for.
Compare Alfalfa County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Cherokee from a five-year rolling sample, and with about 1,319 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Alfalfa County figures are drawn from a far larger sample if you want a steadier number.
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 $160 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
Talk to someone who works this market
These are Cherokee averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Cherokee every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cherokee I already own here and may sell
Common questions
How much does it cost to own a home in Cherokee?
A $90,000 home in Cherokee, Oklahoma costs approximately $950 per month with 20% down at 7.24%. That is $491 principal and interest, $69 property tax, $87 homeowners insurance, $228 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 $950 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Cherokee?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cherokee, Oklahoma at today's rate takes a household income of roughly $40,500 a year. That covers the full $950 monthly cost, not just the mortgage payment.
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.