Velma, OK
Population 585 · Oklahoma
About Velma, OK
Velma is a small community in Oklahoma with a population of 585 residents. The median household income is $61,806 per year, which is near the national average. The median age in Velma is 41.7 years.
Housing in Velma has a median home value of $105,200 and median monthly rent of $920. Of the 292 total housing units, the majority are owner-occupied, with 190 owner-occupied and 65 renter-occupied units.
The unemployment rate in Velma is 4.8% and the poverty rate is 23.6%. 8.7% of residents hold a bachelor's degree or higher. The average commute time is 26 minutes.
Cost of Living in Velma, OK
Compared to national averages, Velma has a median household income of $61,806 (18% below the national median of $75,149). Home values average $105,200, which is 57% below the national median. Monthly rent at $920 is 21% below the US average of $1,163. Within Oklahoma, Velma's income is 10% above the state average of $56,382, and home values are 12% below the state median of $119,992.
Why Live in Velma, OK?
Velma offers affordable housing with a median home value of $105,200, below the US average of $244,900, and rent that’s lower than the national average at $920/month.
Potential considerations include median household income ($61,806) that falls below the national average. However, Velma’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Velma has a population of 585 with a median age of 41.7 years. Compare Velma with other cities to see how it stacks up, or explore all cities in Oklahoma.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Velma
What is the population of Velma, OK?
The population of Velma, OK is 585 according to the latest Census data.
What is the median household income in Velma?
The median household income in Velma, OK is $61,806 per year.
What is the median home value in Velma?
The median home value in Velma, OK is $105,200.
What is the average rent in Velma?
The median monthly rent in Velma, OK is $920.
What is the unemployment rate in Velma?
The unemployment rate in Velma, OK is 4.8%.