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City · 143,570 residents · McLennan County, Texas

Waco , Texas

In Waco, a typical home is worth $221,700 and typical rent is $1,165 a month. Compared with all of McLennan County, typical household income is 18% lower, the typical home value is 9% lower, and the share of households that own their home is 12 points lower.

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  • Typical home value

    $221,700

    9% below the county

    22% below Texas

    • Waco
    • McLennan
    • Texas

  • Typical rent

    $1,165a month

    About the same as the county

    17% below Texas

    • Waco
    • McLennan
    • Texas

  • Typical household income

    $54,365a year

    18% below the county

    31% below Texas

    • Waco
    • McLennan
    • Texas

  • Households that own their home

    49%

    12 points below the county

    13 points below Texas

    • Waco
    • McLennan
    • Texas

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$192,729
1% less than 12 months ago
Typical rent
$1,342 a month
0.8% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Waco is in McLennan County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of McLennan County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Waco apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Bellmead, the typical home value is $155,100: 30% less than in Waco ($221,700).

  2. Nearby, in Lacy-Lakeview, the typical rent is $917: 21% less than in Waco ($1,165).

  3. 49% of households in Waco own their home, against 62% in McLennan County.

  4. The typical household income in Waco is $54,365, 18% less than in McLennan County as a whole ($66,643).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Waco

What homes there are in Waco, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house is still the most common home in Waco, but it weighs less than in McLennan County: 59% against 67%.

Year built

In Waco, half of the homes were built before 1979; in McLennan County, before 1983.

There are fewer big homes in Waco than in McLennan County: 55% have 3 bedrooms or more, against 64%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

About 92% of owner-occupied homes in Waco are worth less than the FHA loan limit for McLennan County ($541,287).

Monthly rent with utilities

HUD's 2-bedroom fair market rent (FMR) for McLennan County is $1,297: about 58% of rents in Waco are below it.

With a mortgage

$1,737 a month

McLennan County: $1,805 a month

Without a mortgage

$671 a month

McLennan County: $678 a month

Owners with a mortgage

52%

McLennan County: 53%

Owning costs about the same in Waco as in McLennan County: with a mortgage, $1,737 a month; without one, $671.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Waco rose 77% since 2015–2019, more than in McLennan County (71%).

Much as in McLennan County, the typical rent in Waco rose 35% since 2015–2019.

The typical household income in Waco rose 35% over that time; home values changed +77% and rent +35%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureWacoMcLennan CountyTexasUnited States
Rental vacancy 4.7%4.8%7.7%5.5%
Homeowner vacancy Unreliable estimate1.1%1.1%0.9%
More than one person per room 3.0%3.2%4.8%3.4%
People per household 2.512.642.692.53
Drive alone 76%78%71%69%
Carpool 10%10%10%9%
Public transit Unreliable estimateUnreliable estimate1%3%
Walk or bike 3%2%2%3%
Work from home 10%10%14%15%
Other means 1%1%2%2%
Typical commute 10 to 19 minutes10 to 19 minutes20 to 29 minutes20 to 29 minutes

Open rentals in Waco look like those in McLennan County: the rental vacancy rate is 4.7%.

In Waco, 3.0% of households live with more than one person per room, about the same as in McLennan County.

Much as in McLennan County, a household in Waco has 2.51 people on average.

The car rules in Waco: 76% of workers drive to work alone, and the typical trip takes 10 to 19 minutes.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Waco?

A typical home costs more than the typical income allows

We start with a typical home in Waco, worth $221,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 43% of the typical household income in Waco, which is $54,365 a year. For that payment to be 28% of income, a household would need to earn about $84,030 a year.

The calculator's FHA and conventional loan limits are those of all of McLennan County.

Your numbers

Local data
$

Starts at the typical home value in Waco. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $7,760 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$1,961

at 7.18% · 30 years

Loan amount
$217,684
Total interest
$313,196
Paid off in
November 2056

Includes $3,744 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,269 a month

  • Tight

    $1,269 to $1,631 a month

  • Hard

    more than $1,631 a month

    Your payment · 43%

Compared with the typical household income in Waco ($54,365 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$1,961
Principal & interest$1,475
Property tax$296
Home insurance$92
FHA mortgage insurance (MIP)$98

You need at least $7,760 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Waco and McLennan County

Waco is in McLennan County, Texas. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Waco's own numbers

Typical home value
$221,700
Typical monthly rent
$1,165
Typical yearly household income
$54,365
Households that own their home
49%
Effective property tax rate
1.6%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of McLennan County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,297
Price change over 5 years (FHFA)
+49%
Homes in a high flood-risk zone
2.1%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of McLennan County.

Everything about McLennan County

Buying

Buying a home in Waco

A typical home in Waco is worth $221,700: 9% below the county and 22% below Texas. With the typical household income in Waco ($54,365 a year), a typical home costs 4.1 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Waco 4.1 years
  • McLennan 3.7 years
  • Texas 3.6 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in McLennan County

According to FHFA’s house price index, home prices in McLennan County rose 105% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of McLennan County.

Period County Texas U.S.
Last year (2025) +1.2% +0.8% +2.9%
5 years (2020–2025) +49% +44% +47%
10 years (2015–2025) +105% +88% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Waco next to McLennan County, Texas and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Waco $221,700
  • McLennan $243,600
  • Texas $283,800
  • United States $332,700
Typical monthly rent
  • Waco $1,165
  • McLennan $1,173
  • Texas $1,403
  • United States $1,413
Typical yearly household income
  • Waco $54,365
  • McLennan $66,643
  • Texas $78,476
  • United States $80,734
See the full table
Waco next to McLennan County and Texas
Measure Waco McLennan County Texas U.S.
Typical home value $221,700 $243,600 $283,800 $332,700
Typical monthly rent $1,165 $1,173 $1,403 $1,413
Typical yearly household income $54,365 $66,643 $78,476 $80,734
Households that own their home 49% 62% 63% 65%
Typical yearly property tax $3,537 $3,471 $4,232 $3,119
Effective property tax rate 1.6% 1.42% 1.49% 0.94%
Renters with high rent for their income 58% 57% 52% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below McLennan County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Waco

For a typical $221,700 home in Waco, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Waco's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $1,961a month

    Least cash to close
    Down payment
    $7,760
    Cash to close
    $14,411
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $98

  • Conventional, 5% down $1,920a month

    Down payment
    $11,085
    Cash to close
    $17,736
    Rate
    7.18%
    Mortgage insurance
    PMI · $105

  • Conventional, 20% down, no PMI $1,589a month

    Down payment
    $44,340
    Cash to close
    $50,991
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $1,794a month

    Down payment
    $33,255
    Cash to close
    $39,906
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Waco and for McLennan County.

Property tax

Effective rate in Waco

1.6%of the home’s value each year

$3,537 a year for the typical owner in Waco.

  • Waco 1.6%
  • McLennan 1.42%
  • Texas 1.49%

What Texas publishes School-district homestead exemption (Texas Comptroller of Public Accounts)

Exemptions and deadlines in Texas

Flood risk in McLennan County

FEMA does not publish these numbers by city: they are for all of McLennan County.

Homes in the high-risk zone
2.1%
1,655
Of those, with NFIP insurance
33%
County Texas U.S.
Homes in the high-risk zone 2.1% 4.1% 3.5%
Of those, with NFIP insurance 33% 48% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Waco

Typical rent in Waco is $1,165 a month: about the same as the county. In Waco, 58% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of McLennan County, by unit size. To pay the 2-bedroom one ($1,297 a month) without spending more than 30% of your income, you would need to earn $24.94 an hour working full time.

HUD fair market rent for all of McLennan County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $903 $17.37 $36,120
1 bedroom $1,029 $19.79 $41,160
2 bedrooms $1,297 $24.94 $51,880
3 bedrooms $1,693 $32.56 $67,720
4 bedrooms $1,705 $32.79 $68,200

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Waco

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Waco has 8 ZIP codes with their own.

For 2 bedrooms it runs from $1,120 in 76704 to $1,530 in 76711.

4 of the 8 are above the fair market rent for McLennan County ($1,297).

  • 76701 $1,300$1,670
  • 76704 $1,120$1,440
  • 76707 $1,270$1,660
  • 76708 $1,300$1,700
  • 76710 $1,250$1,630
  • 76711 $1,530$2,000
  • 76712 $1,520$1,980
  • 76798 $1,280$1,670

3 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Waco when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Waco

HUD lists 23 buildings with rents for lower incomes in Waco. These are the largest.

  • Kate Ross Annex 934 S 12th St, Waco 76706 284 homes, 282 low-income · Run by Housing Authority of the City of Waco · Average payment: $271 a month · Average wait: 12 months (254) 752-0324
  • South Terrace 100 Kennedy Cir, Waco 76706 250 low-income homes · 1 bd: 68 · 2 bd: 94 · 3 bd: 64 · 4 bd: 24 · For older adults, people with disabilities, families, people experiencing homelessness
  • Summit at the Villages of Waco Apartments 1100 N 6th St, Waco 76707 250 low-income homes · For families (254) 301-7055
  • Estella Maxey 1000 Delano St, Waco 76704 250 homes, 247 low-income · Run by Housing Authority of the City of Waco · Average payment: $249 a month · Average wait: 8 months (254) 752-0324
  • Riverside Apartments 1738/1740/1742 Dallas Circle, Waco 76704 152 low-income homes · For families (254) 799-3311

See all 32 buildings in McLennan County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Waco

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 2 HUD-approved agencies with an office in McLennan County; 2 say they serve in Spanish.

A grandmother smiles, seated at home.

HUD counseling is free or low-cost

Assistance programs in Waco

No down payment, repair or rent-help program on our list is for Waco or McLennan County. The ones below are statewide in Texas: they work in Waco the same as in the rest of the state.

Which programs do I qualify for? All programs in Texas

  • My First Texas Home

    Statewide in Texas

    Texas state program for first-time buyers: a 30-year mortgage with down payment assistance. Offered by Texas Department of Housing and Community Affairs (TDHCA).

    DeferredForgivable

    See the program Official page

  • My Choice Texas Home

    Statewide in Texas

    Texas state program with down payment assistance for any buyer, not only first-time buyers. Offered by Texas Department of Housing and Community Affairs (TDHCA).

    DeferredForgivable

    See the program Official page

  • Texas Mortgage Credit Certificate (MCC)

    Statewide in Texas

    Limited funds remain, per the source

    Texas state certificate that turns part of your mortgage interest into a credit on your federal tax return. Offered by Texas Department of Housing and Community Affairs (TDHCA).

    Tax credit

    See the program Official page

Housing counselors near Waco

The HUD-approved agencies closest to the center of Waco, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Waco Community Development Corporation

    1624 Colcord Ave, Waco · 2 miles away · Spanish

    • Budget and financial counseling
    • Budget and credit workshops
    • and 4 more
    (254) 235-7358

  • Neighborhood Housing Services of Waco, Inc.

    922 Franklin Ave, Waco · 3 miles away · Spanish

    • Budget and credit workshops
    • Workshops for new owners
    • and 2 more
    (254) 752-1647

  • Families in Crisis, Inc.

    1305 E Rancier Ave, Killeen · 43 miles away · Spanish

    • Budget and financial counseling
    • Budget and credit workshops
    • and 5 more
    (254) 634-1184

Every agency in McLennan County All counseling agencies in Texas

Help in Spanish near Waco

3 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Waco

HUD’s record names them for Waco or McLennan County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of the City of Waco Public housing and Section 8 vouchers (254) 752-0324

3 other authorities have an office in McLennan County: see the list Source: HUD

Cities

Other cities in McLennan County

These cities are also in McLennan County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about McLennan County Housing in Texas

Nearby cities

The cities closest to Waco, with the typical home value.

Neighboring counties

If McLennan County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Waco.

All guides
A mother holding her baby watches her daughter blow bubbles outdoors.

Questions

Housing questions about Waco

Short answers with the numbers for Waco and all of McLennan County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Waco?

The typical home value in Waco is $221,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in McLennan County it is $243,600.

How much does it cost to rent in Waco?

Typical rent in Waco is $1,165 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in McLennan County is $1,297.

What is the FHA loan limit in Waco?

Waco uses the FHA limit for all of McLennan County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Waco?

The typical homeowner in Waco pays $3,537 a year, according to the U.S. Census Bureau. That is 1.6% of the home’s value; in McLennan County, the rate is 1.42%.

Where can I find free help to buy or rent in Waco?

There are 2 HUD-approved counseling agencies with an office in McLennan County. 2 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).