Velma, OK
Population 585 · Oklahoma
About Velma, OK
Velma is a small community located in Oklahoma with a population of 585 residents according to the latest US Census Bureau American Community Survey data. The median household income is $61,806 per year, which is 18% below the national median of $75,149. The median age of 41.7 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Velma features a median home value of $105,200, which is 57% below the national median of $244,900. This makes Velma one of the more affordable markets in the country, potentially attractive for first-time homebuyers. Median monthly rent is $920, 21% below the national average of $1,163/month. Of the 292 total housing units, 75% are owner-occupied (190 units) and 25% are renter-occupied (65 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Velma shows an unemployment rate of 4.8%, which is near the national rate of 3.7%. The poverty rate stands at 23.6%, above the national average of 12.4%. Workers in Velma have an average one-way commute time of 26 minutes.
Education & Demographics
8.7% of Velma residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.2% White, 15.0% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.7% of the population being foreign-born.
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.
Similar Cities Near Velma
Cities in Oklahoma with a similar population size.
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Oklahoma
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Velma With Other Cities
Frequently Asked Questions about Velma
What is the population of Velma, OK?
The population of Velma, OK is 585 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Oklahoma.
What is the median household income in Velma?
The median household income in Velma, OK is $61,806 per year, which is 18% below the national median of $75,149.
What is the median home value in Velma?
The median home value in Velma, OK is $105,200, which is 57% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Velma?
The median monthly rent in Velma, OK is $920, which is 21% below the national average of $1,163/month.
What is the unemployment rate in Velma?
The unemployment rate in Velma, OK is 4.8%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Velma, OK a good place to live?
Velma offers a moderate cost of living, affordable housing, and growing employment opportunities. With a population of 585 and a median age of 41.7, the city appeals to a broad range of residents.
How educated is Velma, OK?
8.7% of residents in Velma aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Velma?
Key cost-of-living indicators for Velma, OK: median home value is $105,200 (57% below national), median rent is $920/month, and median household income is $61,806. The home-value-to-income ratio is 1.7x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Velma?
The poverty rate in Velma, OK is 23.6%, compared to the national average of 12.4%. Residents and prospective movers should be aware of the economic challenges facing parts of this community.
How diverse is Velma, OK?
Velma's population is 1.2% White, 15.0% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.7% of residents are foreign-born.