Velma is located close to the center of Oklahoma. Velma is part of Stephens County. Velma has 1.41 square miles of land area and 0.01 square miles of water area. As of 2010-2014, the total Velma population is 727, which has grown 9.49% since 2000. The population growth rate is lower than the state average rate of 10.67% and is lower than the national average rate of 11.61%. Velma median household income is $65,125 in 2010-2014 and has grown by 114.64% since 2000. The income growth rate is much higher than the state average rate of 38.43% and is much higher than the national average rate of 27.36%. Velma median house value is $63,900 in 2010-2014 and has grown by 40.75% since 2000. The house value growth rate is much lower than the state average rate of 62.66% and is lower than the national average rate of 46.91%. As a reference, the national Consumer Price Index (CPI) inflation rate for the same period is 26.63%. On average, the public school district that covers Velma is worse than the state average in quality. The Velma area code is 580.