Total monthly cost of ownership
Cost to Own a Home in Commerce, Oklahoma
A $72,000 home here costs
$780per 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 $33,500 a year.
A standard mortgage calculator would have told you $393. The real number is $388 higher every month, 99% more than the payment most buyers budget for.
Compare Ottawa County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Commerce from a five-year rolling sample, and with about 2,259 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 Ottawa 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.
Commerce against Ottawa County and Oklahoma
| Measure | Commerce | Ottawa County |
|---|---|---|
| Median home value | $71,500 | $114,300 |
| Median property tax | $358 | $708 |
| Effective tax rate | 0.501% | 0.619% |
| Median gross rent | $681 | $764 |
| Population | 2,259 | 30,360 |
The weather behind that power bill
Commerce sits in Ottawa County, which averages a high of 89.1°F in its hottest month and a low of 23.2°F in its coldest, with 45.8" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 1,381 cooling and 4,376 heating degree days, which is what sets the $160 electricity line above.
See the full climate breakdown for Ottawa County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ottawa County
Full Ottawa County cost breakdown · Every county in Oklahoma
Talk to someone who works this market
These are Commerce 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 Commerce every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Commerce I already own here and may sell
Common questions
How much does it cost to own a home in Commerce?
A $72,000 home in Commerce, Oklahoma costs approximately $780 per month with 20% down at 7.24%. That is $393 principal and interest, $30 property tax, $70 homeowners insurance, $228 utilities and $60 set aside for maintenance.
What is the property tax rate in Commerce?
Commerce has an effective property tax rate of 0.501%, based on a median home value of $71,500 and median real estate taxes of $358. That is lower than the Ottawa County average of 0.619%.
What is the average home price in Commerce?
The median owner-occupied home value in Commerce, Oklahoma is $71,500, against $114,300 across Ottawa County.
Is it cheaper to rent or buy in Commerce?
Median gross rent in Commerce is $681 a month, against $780 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 Commerce?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Commerce, Oklahoma at today's rate takes a household income of roughly $33,500 a year. That covers the full $780 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Commerce, 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.