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
Compare the cost of living in Waco, TX with 299 other major U.S. cities