Total monthly cost of ownership
Cost to Own a Home in Norman, Oklahoma
A $239,000 home here costs
$2,180per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $93,500 a year.
A standard mortgage calculator would have told you $1,324. The real number is $856 higher every month, 65% more than the payment most buyers budget for.
Compare Cleveland 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.
Norman against Cleveland County and Oklahoma
| Measure | Norman | Cleveland County |
|---|---|---|
| Median home value | $239,300 | $222,800 |
| Median property tax | $2,432 | $2,288 |
| Effective tax rate | 1.016% | 1.027% |
| Median gross rent | $1,064 | $1,128 |
| Population | 128,714 | 297,545 |
The weather behind that power bill
Norman sits in Cleveland 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 $155 electricity line above.
See the full climate breakdown for Cleveland County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cleveland County
Full Cleveland County cost breakdown · Every county in Oklahoma
Talk to someone who works this market
These are Norman 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 Norman every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Norman I already own here and may sell
Common questions
How much does it cost to own a home in Norman?
A $239,000 home in Norman, Oklahoma costs approximately $2,180 per month with 20% down at 7.4%. That is $1,324 principal and interest, $202 property tax, $232 homeowners insurance, $223 utilities and $199 set aside for maintenance.
What is the property tax rate in Norman?
Norman has an effective property tax rate of 1.016%, based on a median home value of $239,300 and median real estate taxes of $2,432. That is lower than the Cleveland County average of 1.027%.
What is the average home price in Norman?
The median owner-occupied home value in Norman, Oklahoma is $239,300, against $222,800 across Cleveland County.
Is it cheaper to rent or buy in Norman?
Median gross rent in Norman is $1,064 a month, against $2,180 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 Norman?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Norman, Oklahoma at today's rate takes a household income of roughly $93,500 a year. That covers the full $2,180 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Norman, 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.