Total monthly cost of ownership
Cost to Own a Home in Newcastle, Oklahoma
A $255,000 home here costs
$2,274per 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 $97,500 a year.
A standard mortgage calculator would have told you $1,390. The real number is $884 higher every month, 64% more than the payment most buyers budget for.
Compare McClain 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.
Newcastle against McClain County and Oklahoma
| Measure | Newcastle | McClain County |
|---|---|---|
| Median home value | $255,100 | $233,900 |
| Median property tax | $2,354 | $1,868 |
| Effective tax rate | 0.923% | 0.799% |
| Median gross rent | $1,020 | $964 |
| Population | 12,238 | 43,779 |
The weather behind that power bill
Newcastle sits in McClain County, which averages a high of 92.5°F in its hottest month and a low of 27.7°F in its coldest, with 37.65" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,945 cooling and 3,479 heating degree days, which is what sets the $160 electricity line above.
See the full climate breakdown for McClain County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in McClain County
Full McClain County cost breakdown · Every county in Oklahoma
Talk to someone who works this market
These are Newcastle 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 Newcastle every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Newcastle I already own here and may sell
Common questions
How much does it cost to own a home in Newcastle?
A $255,000 home in Newcastle, Oklahoma costs approximately $2,274 per month with 20% down at 7.24%. That is $1,390 principal and interest, $196 property tax, $247 homeowners insurance, $228 utilities and $213 set aside for maintenance.
What is the property tax rate in Newcastle?
Newcastle has an effective property tax rate of 0.923%, based on a median home value of $255,100 and median real estate taxes of $2,354. That is higher than the McClain County average of 0.799%.
What is the average home price in Newcastle?
The median owner-occupied home value in Newcastle, Oklahoma is $255,100, against $233,900 across McClain County.
Is it cheaper to rent or buy in Newcastle?
Median gross rent in Newcastle is $1,020 a month, against $2,274 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 Newcastle?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Newcastle, Oklahoma at today's rate takes a household income of roughly $97,500 a year. That covers the full $2,274 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Newcastle, 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.