Buying a Home in Oklahoma: What You Need to Know
If you're considering buying a home in Oklahoma, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Oklahoma homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Oklahoma-specific data to give you accurate monthly payment estimates.
Oklahoma Property Taxes
Oklahoma has an effective property tax rate of 0.77%, ranking #25 out of 50 states (where #1 is the highest). On a median-priced home of $244,000, you'd pay approximately $1,879 per year in property taxes, or about $157/month.
Oklahoma's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Oklahoma Homeowners Insurance
The average annual homeowners insurance premium in Oklahoma is $4,695 for $300,000 in dwelling coverage, or about $391/month.
Oklahoma has some of the highest insurance costs in the country. This is typically due to weather-related risks such as hurricanes, tornadoes, hail, or wildfires. Consider shopping multiple insurers and asking about discounts for security systems, new roofs, or bundling policies.
Oklahoma Closing Costs
Closing costs in Oklahoma average 1.08% of the home's purchase price. On a $244,000 home, that's approximately $2,635. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Oklahoma Housing Market
The median home price in Oklahoma is $244,000. This is below the national median of approximately $410,000, making Oklahoma one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More Oklahoma Mortgage Tools
Use these additional calculators to plan your Oklahoma home purchase: