Total monthly cost of ownership
Cost to Own a Home in Locust Grove, Oklahoma
A $104,000 home here costs
$982per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $535. The real number is $447 higher every month — 84% 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.
Locust Grove against Mayes County and Oklahoma
| Measure | Locust Grove | Mayes County |
|---|---|---|
| Median home value | $103,500 | $171,900 |
| Median property tax | $850 | $1,153 |
| Effective tax rate | 0.821% | 0.671% |
| Median gross rent | $667 | $846 |
| Population | 1,445 | 39,406 |
The weather behind that power bill
Locust Grove sits in Mayes County, which averages a high of 92.1°F in its hottest month and a low of 25.1°F in its coldest, with 44.73" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,728 cooling and 3,874 heating degree days, which is what sets the $120 electricity line above.
See the full climate breakdown for Mayes County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Mayes County
Common questions
How much does it cost to own a home in Locust Grove?
A $104,000 home in Locust Grove, Oklahoma costs approximately $982 per month with 20% down at 6.66%. That is $535 principal and interest, $71 property tax, $101 homeowners insurance, $188 utilities and $87 set aside for maintenance.
What is the property tax rate in Locust Grove?
Locust Grove has an effective property tax rate of 0.821%, based on a median home value of $103,500 and median real estate taxes of $850. That is higher than the Mayes County average of 0.671%.
What is the average home price in Locust Grove?
The median owner-occupied home value in Locust Grove, Oklahoma is $103,500, against $171,900 across Mayes County.
Is it cheaper to rent or buy in Locust Grove?
Median gross rent in Locust Grove is $667 a month, against $982 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 Locust Grove — 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.