The typical owner-occupied home in Elk City is worth about $27,500, 87% below the Kansas median of $217,200 and 92% below the national median of $332,700. Owners pay a median $457 a year in property taxes, about 1.66% of their home's value, higher than the Kansas rate of 1.29%. The median household earns $46,250 a year, so the median home costs 0.6 times the median income (2.9 times for Kansas). 81% of occupied homes here are lived in by their owners, and 29% of those owners still have a mortgage.
Elk City at a glance
| Elk City | Kansas | U.S. | |
|---|---|---|---|
| Median home value | $27,500 | $217,200 | $332,700 |
| Median property tax paid per year | $457 | $2,798 | $3,119 |
| Property tax as a share of value | 1.66% | 1.29% | 0.94% |
| Median household income | $46,250 | $74,275 | $80,734 |
| Homes lived in by their owners | 81% | 67% | 65% |
| Owner homes with a mortgage | 29% | 57% | 61% |
| Median monthly costs, owners with a mortgage | $950 | $1,689 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 19.4% | 21.0% |
| Median rent | $929 | $1,060 | $1,413 |
| Rent as a share of renters' income | 13.8% | 27.1% | 30.6% |
| Median year homes were built | 1938 | 1976 | 1980 |
| Vacant homes | 40.3% | 9.2% | 10.1% |
| Population | 245 | 2,947,197 | 334,922,499 |
What a typical home costs per month in Elk City
At this week's average 30-year rate of 7.11%, buying the median Elk City home of $27,500 with 20% down costs about $198 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $243, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $8,464 for the 20%-down payment. That payment is 5% of the median Elk City household income of $46,250; at that income and 20% down, the 28% guideline points to a home of about $150,000.
The median rent here is $929 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $5,500 |
|---|---|
| Loan amount | $22,000 |
| Principal and interest | $148 |
| Property taxes (1.66% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $11 |
| PMI | $0 |
| Total per month | $198 |
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| Down payment | $962 |
|---|---|
| Loan amount | $27,002 |
| Principal and interest | $182 |
| Property taxes (1.66% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $11 |
| FHA mortgage insurance | $12 |
| Total per month | $243 |
Change the numbers in the calculator
Questions about home buying in Elk City
What is the median home value in Elk City?
About $27,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elk City?
Homeowners pay a median $457 a year, which is about 1.66% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Elk City?
For the median home with 20% down at 7.11%, the payment is about $198 a month. Keeping that under 28% of gross income takes about $8,464 a year.
More about Elk City
- Mortgage Refinance in Elk City
- Debt Relief in Elk City
- Home Equity Loans in Elk City
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data