The typical owner-occupied home in Commerce is worth about $72,600, 64% below the Oklahoma median of $199,800 and 78% below the national median of $332,700. Owners pay a median $382 a year in property taxes, about 0.53% of their home's value, lower than the Oklahoma rate of 0.80%. The median household earns $34,817 a year, so the median home costs 2.1 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.
Commerce at a glance
| Commerce | Oklahoma | U.S. | |
|---|---|---|---|
| Median home value | $72,600 | $199,800 | $332,700 |
| Median property tax paid per year | $382 | $1,599 | $3,119 |
| Property tax as a share of value | 0.53% | 0.80% | 0.94% |
| Median household income | $34,817 | $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 | $1,029 | $1,539 | $1,963 |
| Those costs as a share of the owners' income | 26.1% | 19.6% | 21.0% |
| Median rent | $692 | $1,014 | $1,413 |
| Rent as a share of renters' income | 31.1% | 28.4% | 30.6% |
| Median year homes were built | 1962 | 1980 | 1980 |
| Vacant homes | 16.6% | 12.0% | 10.1% |
| Population | 2,212 | 4,028,634 | 334,922,499 |
What a typical home costs per month in Commerce
At this week's average 30-year rate of 7.11%, buying the median Commerce home of $72,600 with 20% down costs about $453 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $574, 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 $19,416 for the 20%-down payment. That payment is 16% of the median Commerce household income of $34,817; at that income and 20% down, the 28% guideline points to a home of about $130,000.
The median rent here is $692 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $14,520 |
|---|---|
| Loan amount | $58,080 |
| Principal and interest | $391 |
| Property taxes (0.53% a year) | $32 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| PMI | $0 |
| Total per month | $453 |
Change the numbers in the calculator
| Down payment | $2,541 |
|---|---|
| Loan amount | $71,285 |
| Principal and interest | $480 |
| Property taxes (0.53% a year) | $32 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| FHA mortgage insurance | $32 |
| Total per month | $574 |
Change the numbers in the calculator
Questions about home buying in Commerce
What is the median home value in Commerce?
About $72,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Commerce?
Homeowners pay a median $382 a year, which is about 0.53% 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 Commerce?
For the median home with 20% down at 7.11%, the payment is about $453 a month. Keeping that under 28% of gross income takes about $19,416 a year.
More about Commerce
- Mortgage Refinance in Commerce
- Debt Relief in Commerce
- Home Equity Loans in Commerce
- 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