Total monthly cost of ownership
Cost to Own a Home in Elgin, Oklahoma
A $244,000 home here costs
$2,198per 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 $94,000 a year.
A standard mortgage calculator would have told you $1,330. The real number is $868 higher every month, 65% more than the payment most buyers budget for.
Compare Comanche County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Elgin from a five-year rolling sample, and with about 3,560 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 Comanche 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.
Elgin against Comanche County and Oklahoma
| Measure | Elgin | Comanche County |
|---|---|---|
| Median home value | $243,600 | $154,300 |
| Median property tax | $2,396 | $1,386 |
| Effective tax rate | 0.984% | 0.898% |
| Median gross rent | $1,206 | $940 |
| Population | 3,560 | 121,699 |
The weather behind that power bill
Elgin sits in Comanche County, which averages a high of 95.9°F in its hottest month and a low of 27.9°F in its coldest, with 34.18" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 2,236 cooling and 3,280 heating degree days, which is what sets the $160 electricity line above.
See the full climate breakdown for Comanche County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Comanche County
Full Comanche County cost breakdown · Every county in Oklahoma
Talk to someone who works this market
These are Elgin 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 Elgin every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Elgin?
A $244,000 home in Elgin, Oklahoma costs approximately $2,198 per month with 20% down at 7.24%. That is $1,330 principal and interest, $200 property tax, $236 homeowners insurance, $228 utilities and $203 set aside for maintenance.
What is the property tax rate in Elgin?
Elgin has an effective property tax rate of 0.984%, based on a median home value of $243,600 and median real estate taxes of $2,396. That is higher than the Comanche County average of 0.898%.
What is the average home price in Elgin?
The median owner-occupied home value in Elgin, Oklahoma is $243,600, against $154,300 across Comanche County.
Is it cheaper to rent or buy in Elgin?
Median gross rent in Elgin is $1,206 a month, against $2,198 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 Elgin?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elgin, Oklahoma at today's rate takes a household income of roughly $94,000 a year. That covers the full $2,198 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elgin, 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.