The typical owner-occupied home in Albion is worth about $45,000, 77% below the Oklahoma median of $199,800 and 86% below the national median of $332,700. Owners pay a median $267 a year in property taxes, about 0.59% of their home's value, lower than the Oklahoma rate of 0.80%. The median household earns $35,000 a year, so the median home costs 1.3 times the median income (3.1 times for Oklahoma). 83% of occupied homes here are lived in by their owners, and 10% of those owners still have a mortgage.
Albion at a glance
| Albion | Oklahoma | U.S. | |
|---|---|---|---|
| Median home value | $45,000 | $199,800 | $332,700 |
| Median property tax paid per year | $267 | $1,599 | $3,119 |
| Property tax as a share of value | 0.59% | 0.80% | 0.94% |
| Median household income | $35,000 | $65,039 | $80,734 |
| Homes lived in by their owners | 83% | 66% | 65% |
| Owner homes with a mortgage | 10% | 54% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,539 | $1,963 |
| Median rent | $725 | $1,014 | $1,413 |
| Rent as a share of renters' income | 15.0% | 28.4% | 30.6% |
| Median year homes were built | 1972 | 1980 | 1980 |
| Vacant homes | 33.3% | 12.0% | 10.1% |
| Population | 54 | 4,028,634 | 334,922,499 |
What a typical home costs per month in Albion
At this week's average 30-year rate of 7.11%, buying the median Albion home of $45,000 with 20% down costs about $283 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $358, 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 $12,131 for the 20%-down payment. That payment is 10% of the median Albion household income of $35,000; at that income and 20% down, the 28% guideline points to a home of about $130,000.
The median rent here is $725 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $9,000 |
|---|---|
| Loan amount | $36,000 |
| Principal and interest | $242 |
| Property taxes (0.59% a year) | $22 |
| Homeowners insurance (our estimate, 0.5% a year) | $19 |
| PMI | $0 |
| Total per month | $283 |
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| Down payment | $1,575 |
|---|---|
| Loan amount | $44,185 |
| Principal and interest | $297 |
| Property taxes (0.59% a year) | $22 |
| Homeowners insurance (our estimate, 0.5% a year) | $19 |
| FHA mortgage insurance | $20 |
| Total per month | $358 |
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Questions about home buying in Albion
What is the median home value in Albion?
About $45,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Albion?
Homeowners pay a median $267 a year, which is about 0.59% 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 Albion?
For the median home with 20% down at 7.11%, the payment is about $283 a month. Keeping that under 28% of gross income takes about $12,131 a year.
More about Albion
- Mortgage Refinance in Albion
- Debt Relief in Albion
- Home Equity Loans in Albion
- 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