The typical owner-occupied home in Alva is worth about $133,600, 33% below the Oklahoma median of $199,800 and 60% below the national median of $332,700. Owners pay a median $850 a year in property taxes, about 0.64% of their home's value, lower than the Oklahoma rate of 0.80%. The median household earns $40,709 a year, so the median home costs 3.3 times the median income (3.1 times for Oklahoma). 50% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Alva at a glance
| Alva | Oklahoma | U.S. | |
|---|---|---|---|
| Median home value | $133,600 | $199,800 | $332,700 |
| Median property tax paid per year | $850 | $1,599 | $3,119 |
| Property tax as a share of value | 0.64% | 0.80% | 0.94% |
| Median household income | $40,709 | $65,039 | $80,734 |
| Homes lived in by their owners | 50% | 66% | 65% |
| Owner homes with a mortgage | 58% | 54% | 61% |
| Median monthly costs, owners with a mortgage | $1,219 | $1,539 | $1,963 |
| Those costs as a share of the owners' income | 15.4% | 19.6% | 21.0% |
| Median rent | $877 | $1,014 | $1,413 |
| Rent as a share of renters' income | 39.0% | 28.4% | 30.6% |
| Median year homes were built | 1955 | 1980 | 1980 |
| Vacant homes | 18.4% | 12.0% | 10.1% |
| Population | 4,982 | 4,028,634 | 334,922,499 |
What a typical home costs per month in Alva
At this week's average 30-year rate of 7.11%, buying the median Alva home of $133,600 with 20% down costs about $846 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,068, 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 $36,253 for the 20%-down payment. That payment is 25% of the median Alva household income of $40,709; at that income and 20% down, the 28% guideline points to a home of about $150,000.
The median rent here is $877 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $26,720 |
|---|---|
| Loan amount | $106,880 |
| Principal and interest | $719 |
| Property taxes (0.64% a year) | $71 |
| Homeowners insurance (our estimate, 0.5% a year) | $56 |
| PMI | $0 |
| Total per month | $846 |
Change the numbers in the calculator
| Down payment | $4,676 |
|---|---|
| Loan amount | $131,180 |
| Principal and interest | $882 |
| Property taxes (0.64% a year) | $71 |
| Homeowners insurance (our estimate, 0.5% a year) | $56 |
| FHA mortgage insurance | $59 |
| Total per month | $1,068 |
Change the numbers in the calculator
Questions about home buying in Alva
What is the median home value in Alva?
About $133,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Alva?
Homeowners pay a median $850 a year, which is about 0.64% 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 Alva?
For the median home with 20% down at 7.11%, the payment is about $846 a month. Keeping that under 28% of gross income takes about $36,253 a year.
More about Alva
- Mortgage Refinance in Alva
- Debt Relief in Alva
- Home Equity Loans in Alva
- 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