Total monthly cost of ownership
Cost to Own a Home in Locust Grove, Oklahoma
A $104,000 home here costs
$1,054per 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 $45,000 a year.
A standard mortgage calculator would have told you $567. The real number is $487 higher every month, 86% more than the payment most buyers budget for.
Compare Mayes County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Locust Grove from a five-year rolling sample, and with about 1,445 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 Mayes 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.
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 $160 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
Talk to someone who works this market
These are Locust Grove 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 Locust Grove every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Locust Grove?
A $104,000 home in Locust Grove, Oklahoma costs approximately $1,054 per month with 20% down at 7.24%. That is $567 principal and interest, $71 property tax, $101 homeowners insurance, $228 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 $1,054 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 Locust Grove?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Locust Grove, Oklahoma at today's rate takes a household income of roughly $45,000 a year. That covers the full $1,054 monthly cost, not just the mortgage payment.
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.