CALCMONEY // HOME AFFORDABILITY // OK // NORMAN
How much house can you afford in Norman? Based on local median home prices, current OK mortgage rates, and Norman property tax data.
$222,000
$1,429/mo
$61,229/yr
$199,729
Monthly housing costs of $1,429 represent 30.5% of Norman's median gross monthly income ($4,683/mo). At 30.5%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $222,000 |
| Down Payment (20%) | $44,400 |
| Loan Amount | $177,600 |
| Monthly PI Payment | $1,170 |
| Monthly Property Tax | $167 |
| Monthly Insurance Est. | $93 |
| Total Monthly PITI | $1,429 |
| Housing Cost % of Income | 30.5% |
| Required Income (28% rule) | $61,229/yr |
| Max Affordable Home | $199,729 |
$7,770
$1,822/mo
Norman Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $222,000 | Norman city median |
| Down Payment (20%) | $44,400 | Conventional loan |
| Monthly PITI | $1,429 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $61,229 | Annual gross |
| Max Affordable Home | $199,729 | Based on median income |
| FHA Down (3.5%) | $7,770 | Minimum FHA |
| Housing Cost % of Income | 30.5% | Median income: $56,200/yr |
| Property Tax Rate | 0.9% | $1,998/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Norman is $222,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $177,600, generating a monthly P&I payment of $1,170. Adding property taxes ($167/mo) and homeowners insurance ($93/mo) brings total monthly PITI to $1,429.
Norman's property tax rate of 0.9% is near the national average, adding a standard increment to monthly housing costs. On the Norman median home, that is $167/month, or $1,998 per year.
Oklahoma levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Norman should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Norman's median income of $56,200/year can afford up to $1,311/month in total housing costs. Based on Norman's mortgage rate of 6.9% and property tax rate of 0.9%, that translates to a maximum affordable home price of approximately $199,729 with 20% down on a 30-year loan.
To afford the median Norman home priced at $222,000, you need an annual gross income of approximately $61,229. Total monthly housing costs (principal and interest of $1,170, property taxes of $167, and insurance of $93) come to $1,429/month, which equals 28% of the required income.
At the median home price of $222,000 and median household income of $56,200, the total monthly housing cost of $1,429 represents 30.5% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Norman home of $222,000 is $44,400. An FHA loan requires just 3.5% down — $7,770 — but adds mortgage insurance of roughly $152/month, bringing total FHA payments to $1,822/month.
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