The typical owner-occupied home in Oil City is worth about $70,000, 68% below the Louisiana median of $216,500 and 79% below the national median of $332,700. Owners pay a median $199 a year in property taxes, about 0.28% of their home's value, lower than the Louisiana rate of 0.55%. The median household earns $21,325 a year, so the median home costs 3.3 times the median income (3.6 times for Louisiana). 30% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Oil City at a glance
| Oil City | Louisiana | U.S. | |
|---|---|---|---|
| Median home value | $70,000 | $216,500 | $332,700 |
| Median property tax paid per year | $199 | $1,180 | $3,119 |
| Property tax as a share of value | 0.28% | 0.55% | 0.94% |
| Median household income | $21,325 | $60,756 | $80,734 |
| Homes lived in by their owners | 30% | 67% | 65% |
| Owner homes with a mortgage | 49% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,327 | $1,604 | $1,963 |
| Those costs as a share of the owners' income | 27.0% | 20.4% | 21.0% |
| Median rent | $413 | $1,064 | $1,413 |
| Rent as a share of renters' income | 31.9% | 32.8% | 30.6% |
| Median year homes were built | 1978 | 1983 | 1980 |
| Vacant homes | 10.3% | 14.4% | 10.1% |
| Population | 1,184 | 4,611,961 | 334,922,499 |
What a typical home costs per month in Oil City
At this week's average 30-year rate of 7.11%, buying the median Oil City home of $70,000 with 20% down costs about $422 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $539, 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 $18,095 for the 20%-down payment. That payment is 24% of the median Oil City household income of $21,325; at that income and 20% down, the 28% guideline points to a home of about $82,000.
The median rent here is $413 a month, so owning the median home costs about $9 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $14,000 |
|---|---|
| Loan amount | $56,000 |
| Principal and interest | $377 |
| Property taxes (0.28% a year) | $16 |
| Homeowners insurance (our estimate, 0.5% a year) | $29 |
| PMI | $0 |
| Total per month | $422 |
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| Down payment | $2,450 |
|---|---|
| Loan amount | $68,732 |
| Principal and interest | $462 |
| Property taxes (0.28% a year) | $16 |
| Homeowners insurance (our estimate, 0.5% a year) | $29 |
| FHA mortgage insurance | $31 |
| Total per month | $539 |
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Questions about home buying in Oil City
What is the median home value in Oil City?
About $70,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Oil City?
Homeowners pay a median $199 a year, which is about 0.28% 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 Oil City?
For the median home with 20% down at 7.11%, the payment is about $422 a month. Keeping that under 28% of gross income takes about $18,095 a year.
More about Oil City
- Mortgage Refinance in Oil City
- Debt Relief in Oil City
- Home Equity Loans in Oil 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