Living in Velma, Oklahoma
Cost of living, income, home prices, rent and demographics of Velma · Census data 2020–2024
Velma has 590 residents with a median age of 41.8. The median household income is $87,674 (35% higher than the Oklahoma median), the median home value is $111,500, the median rent is $888/month.
Velma is a small town, so Census survey estimates have wide margins of error. Treat percentages as approximate.
Velma at a glance
- Population
- 590
- Median age
- 41.8State: 37
- Median household income
- $87,674State: $65,039
- Median home value
- $111,500State: $199,800
- Median rent
- $888/moState: $1,014
- Homeowners
- 74.3%
- Bachelor's degree or higher
- 8.1%
- Average commute
- 25 min
Is Velma a good place to live?
Pros: Median household income 35% higher than the Oklahoma median; home values 44% lower than the state median.
Cons: An average commute of 25 minutes; unemployment of 5.2%; a poverty rate of 22.7%.
The weather is best in April–May and September–October.
Cost of living in Velma
Housing is the biggest part of the cost of living. In Velma the median home value is $111,500, 66% lower than the U.S. median. Renters pay a median of $888 per month, which is 36.1% of household income. Homeowners with a mortgage pay $1,173 a month in housing costs.
Velma median household income
The median household income in Velma is $87,674 and the income per person is $33,113. 22.7% of residents live below the poverty line (Oklahoma: 15.3%).
Housing in Velma: homes for sale and rent
- Housing units
- 282
- Owner-occupied
- 74.3%
- Renter-occupied
- 25.7%
- Vacant
- 10.3%Includes seasonal homes
- Median year built
- 1974
- Average household size
- 2.33
Velma demographics
- Population
- 590
- Median age
- 41.8
- Under 18
- 20%
- 65 and older
- 15.8%
- Households
- 253
- Foreign-born
- 1%
- Veterans
- 10.4%Adults 18+
Hispanic or Latino can be of any race. Population history of Velma ›
Education in Velma
8.1% of adults 25 and older in Velma have a bachelor's degree or higher (Oklahoma: 28.3%), and 1.4% have a graduate or professional degree.
Jobs and commute in Velma
- Unemployment rate
- 5.2%State: 5%
- Average commute
- 25 minState: 22 min
- Work from home
- 2.6%
- Drive alone
- 90.8%
- Public transit
- 0%
- Walk to work
- 0%
- Homes with broadband
- 83.4%
Velma vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Velma | 590 | $87,674 | $111,500 | $888 |
| Tatums | 164 | $43,750 | $73,800 | $825 |
| Bray | 979 | $73,897 | $166,700 | $785 |
| Foster | 254 | $74,712 | $244,200 | $733 |
| Duncan | 22,958 | $58,054 | $131,500 | $896 |
| Healdton | 2,495 | $51,286 | $66,400 | $891 |
| Comanche | 1,545 | $41,016 | $78,100 | $663 |
| Elmore City | 882 | $35,694 | $84,100 | $791 |
| Ringling | 807 | $41,111 | $74,800 | $533 |
More for people moving to Velma
Velma ZIP code ›Weather and climate ›Living in Velma: FAQ
What is the median household income in Velma, OK?
The median household income in Velma is $87,674, 35% higher than the Oklahoma median of $65,039 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Velma?
The median home value in Velma is $111,500, compared with $199,800 in Oklahoma.
How much is rent in Velma?
The median gross rent in Velma is $888 per month, about 36.1% of household income.
Is Velma, OK a good place to live?
Pluses: median household income 35% higher than the Oklahoma median; home values 44% lower than the state median. Minuses: an average commute of 25 minutes; unemployment of 5.2%; a poverty rate of 22.7%.
What is the median age in Velma?
The median age in Velma is 41.8 years (Oklahoma: 37).
How long is the commute in Velma?
The average commute to work in Velma is 25 minutes; 2.6% of workers work from home.
What is the unemployment rate in Velma?
The unemployment rate in Velma is 5.2% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Velma?
8.1% of adults in Velma have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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