The typical owner-occupied home in Elk City is worth about $150,400, 25% below the Oklahoma median of $199,800 and 55% below the national median of $332,700. Owners pay a median $1,357 a year in property taxes, about 0.90% of their home's value, higher than the Oklahoma rate of 0.80%. The median household earns $51,272 a year, so the median home costs 2.9 times the median income (3.1 times for Oklahoma). 64% of occupied homes here are lived in by their owners, and 45% of those owners still have a mortgage.
Elk City at a glance
| Elk City | Oklahoma | U.S. | |
|---|---|---|---|
| Median home value | $150,400 | $199,800 | $332,700 |
| Median property tax paid per year | $1,357 | $1,599 | $3,119 |
| Property tax as a share of value | 0.90% | 0.80% | 0.94% |
| Median household income | $51,272 | $65,039 | $80,734 |
| Homes lived in by their owners | 64% | 66% | 65% |
| Owner homes with a mortgage | 45% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,172 | $1,539 | $1,963 |
| Those costs as a share of the owners' income | 24.5% | 19.6% | 21.0% |
| Median rent | $943 | $1,014 | $1,413 |
| Rent as a share of renters' income | 30.5% | 28.4% | 30.6% |
| Median year homes were built | 1978 | 1980 | 1980 |
| Vacant homes | 20.6% | 12.0% | 10.1% |
| Population | 11,361 | 4,028,634 | 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 $150,400 with 20% down costs about $985 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,235, 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 $42,209 for the 20%-down payment. That payment is 23% of the median Elk City household income of $51,272; at that income and 20% down, the 28% guideline points to a home of about $183,000.
The median rent here is $943 a month, so owning the median home costs about $42 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $30,080 |
|---|---|
| Loan amount | $120,320 |
| Principal and interest | $809 |
| Property taxes (0.90% a year) | $113 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| PMI | $0 |
| Total per month | $985 |
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| Down payment | $5,264 |
|---|---|
| Loan amount | $147,676 |
| Principal and interest | $993 |
| Property taxes (0.90% a year) | $113 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| FHA mortgage insurance | $67 |
| Total per month | $1,235 |
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Questions about home buying in Elk City
What is the median home value in Elk City?
About $150,400 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 $1,357 a year, which is about 0.90% 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 $985 a month. Keeping that under 28% of gross income takes about $42,209 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