Total monthly cost of ownership
Cost to Own a Home in Elk City, Oklahoma
A $165,000 home here costs
$1,449per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $848. The real number is $601 higher every month — 71% 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.
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 $120 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
Common questions
How much does it cost to own a home in Elk City?
A $165,000 home in Elk City, Oklahoma costs approximately $1,449 per month with 20% down at 6.66%. That is $848 principal and interest, $115 property tax, $160 homeowners insurance, $188 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 $1,449 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 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.