Mortgage payment estimates, closing cost breakdowns, and homebuying data for Norman, Oklahoma.
Median Home Price
$245K
Population
128K
Avg Monthly Rent
$1,120
Property Tax Rate
0.88% *
* Property tax shown is the Oklahoma state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Norman.
Norman vs Oklahoma Median
The median home price in Norman is $245,000, which is 17% above the Oklahoma state median of $210,000.
Mortgage Calculator — Norman, OK
Pre-filled with Norman median home price and Oklahoma tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $245K home using Oklahoma's 0.88% tax rate and $3,600/yr insurance.
5% Down
$2,087/mo
Down: $12,250
Loan: $233K
P&I: $1,471
Tax: $180
Insurance: $300
PMI: $136
10% Down
$2,002/mo
Down: $24,500
Loan: $221K
P&I: $1,394
Tax: $180
Insurance: $300
PMI: $129
20% Down (No PMI)
$1,719/mo
Down: $49,000
Loan: $196K
P&I: $1,239
Tax: $180
Insurance: $300
Income needed (28% rule): $74K/year with 20% down, $86K/year with 10% down.
Rent vs Buy in Norman
Rent
$1,120/mo
vs
Buy (10% down)
$2,002/mo
Price-to-rent ratio: 18.2 — A ratio between 15-20 means the rent vs buy decision in Norman depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Norman is $245,000, 17% above the Oklahoma state median of $210,000. With a population of 128,026, Norman is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Oklahoma average 0.88% annually. This moderate property tax rate means a $245,000 home in Norman would carry roughly $180/month in property taxes. Homeowners insurance in Oklahoma runs approximately $3,600 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Norman is $1,120/month. The price-to-rent ratio in Norman is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Norman offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Oklahoma's OHFA Homebuyer DPA program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Norman.