Texas · Population 141,925 · Updated March 2026
How far your income goes in Waco
State-level tax rates that affect your costs
Waco is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 72 (where 100 equals the national median), Waco residents can expect to pay median rent of $1,098/month while earning a median household income of $51,468/year.
The median home value in Waco, TX is $199,600, with typical monthly owner costs around $1,094 including mortgage, insurance, and taxes. With a rent-to-income ratio of 25.6%, Waco falls within the generally affordable range, though it's approaching the 30% burden threshold.
Texas has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.25% sales tax rate and 1.6% effective property tax rate, the overall tax environment helps keep costs manageable in Waco.
Common questions about living costs in Waco