Total monthly cost of ownership
Cost to Own a Home in Oil City, Pennsylvania
A $67,000 home here costs
$800per 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 $34,500 a year.
A standard mortgage calculator would have told you $365. The real number is $434 higher every month, 119% more than the payment most buyers budget for.
Compare Venango 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.
Oil City against Venango County and Pennsylvania
| Measure | Oil City | Venango County |
|---|---|---|
| Median home value | $66,600 | $114,500 |
| Median property tax | $1,315 | $1,509 |
| Effective tax rate | 1.974% | 1.318% |
| Median gross rent | $799 | $774 |
| Population | 9,517 | 50,096 |
The weather behind that power bill
Oil City sits in Venango County, which averages a high of 82.7°F in its hottest month and a low of 18.3°F in its coldest, with 46.33" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 584 cooling and 6,365 heating degree days, which is what sets the $178 electricity line above.
See the full climate breakdown for Venango County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Venango County
Full Venango County cost breakdown · Every county in Pennsylvania
Talk to someone who works this market
These are Oil City 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 Oil City every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Oil City I already own here and may sell
Common questions
How much does it cost to own a home in Oil City?
A $67,000 home in Oil City, Pennsylvania costs approximately $800 per month with 20% down at 7.24%. That is $365 principal and interest, $110 property tax, $22 homeowners insurance, $246 utilities and $56 set aside for maintenance.
What is the property tax rate in Oil City?
Oil City has an effective property tax rate of 1.974%, based on a median home value of $66,600 and median real estate taxes of $1,315. That is higher than the Venango County average of 1.318%.
What is the average home price in Oil City?
The median owner-occupied home value in Oil City, Pennsylvania is $66,600, against $114,500 across Venango County.
Is it cheaper to rent or buy in Oil City?
Median gross rent in Oil City is $799 a month, against $800 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 Oil City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Oil City, Pennsylvania at today's rate takes a household income of roughly $34,500 a year. That covers the full $800 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Oil City, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Pennsylvania.
- 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.