Total monthly cost of ownership
Cost to Own a Home in Elk City, Oklahoma
A $165,000 home here costs
$1,540per 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 $66,000 a year.
A standard mortgage calculator would have told you $900. The real number is $640 higher every month, 71% more than the payment most buyers budget for.
Compare Beckham County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Elk City against Beckham County and Oklahoma
| Measure | Elk City | Beckham County |
|---|---|---|
| Median home value | $165,300 | $153,400 |
| Median property tax | $1,383 | $1,215 |
| Effective tax rate | 0.837% | 0.792% |
| Median gross rent | $850 | $821 |
| Population | 11,406 | 22,202 |
The weather behind that power bill
Elk City sits in Beckham County, which averages a high of 94.2°F in its hottest month and a low of 27.5°F in its coldest, with 23.9" of precipitation a year and 39% of it in a single three-month stretch. That climate drives 1,981 cooling and 3,752 heating degree days, which is what sets the $160 electricity line above.
See the full climate breakdown for Beckham County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Beckham County
Full Beckham County cost breakdown · Every county in Oklahoma
Talk to someone who works this market
These are Elk City 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 Elk City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Elk City I already own here and may sell
Common questions
How much does it cost to own a home in Elk City?
A $165,000 home in Elk City, Oklahoma costs approximately $1,540 per month with 20% down at 7.24%. That is $900 principal and interest, $115 property tax, $160 homeowners insurance, $228 utilities and $138 set aside for maintenance.
What is the property tax rate in Elk City?
Elk City has an effective property tax rate of 0.837%, based on a median home value of $165,300 and median real estate taxes of $1,383. That is higher than the Beckham County average of 0.792%.
What is the average home price in Elk City?
The median owner-occupied home value in Elk City, Oklahoma is $165,300, against $153,400 across Beckham County.
Is it cheaper to rent or buy in Elk City?
Median gross rent in Elk City is $850 a month, against $1,540 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 Elk City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Elk City, Oklahoma at today's rate takes a household income of roughly $66,000 a year. That covers the full $1,540 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Elk City, 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.