Elk, OK

Very Low · 57

Oklahoma · Population 11,406 · Updated March 2026

$850
Median Rent / Month
$49,500
Median Income
$165,300
Median Home Value
$823
Owner Costs / Month

Affordability

How far your income goes in Elk

20.6%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Oklahoma

State-level tax rates that affect your costs

4.75%
Income Tax (Top Rate)
4.5%
Sales Tax
0.9%
Property Tax Rate

Estimated Annual Costs

$10,200
Annual Rent
$2,351
State Income Tax
$1,488
Property Tax (est.)

Cost of Living Overview

Elk is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 57 (where 100 equals the national median), Elk residents can expect to pay median rent of $850/month while earning a median household income of $49,500/year.

The median home value in Elk, OK is $165,300, with typical monthly owner costs around $823 including mortgage, insurance, and taxes. The median rent-to-income ratio of 20.6% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Oklahoma has a moderate income tax rate of 4.75%. Combined with a 4.5% sales tax rate and 0.9% effective property tax rate, the overall tax environment is a factor in the total cost of living in Elk.

Frequently Asked Questions

Common questions about living costs in Elk

What is the cost of living in Elk, OK?
The cost of living index in Elk, OK is 57 (US average = 100). Median monthly rent is $850, median household income is $49,500/year, and the median home value is $165,300.
Is Elk, OK affordable?
Yes, Elk is more affordable than the national average with a cost index of 57. The rent-to-income ratio is 20.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Elk, OK?
The median gross rent in Elk, OK is $850 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,200.
What is the median household income in Elk?
The median household income in Elk, OK is $49,500 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Oklahoma?
Oklahoma has a top income tax rate of 4.75%, a sales tax of 4.5%, and an effective property tax rate of 0.9%.