Cost of Living: Indianapolis, IN vs Waco, TX (2026)

Indianapolis

Indiana
74
VS

Waco

Texas
72

Indianapolis and Waco have a similar cost of living.

$1,112/mo ↑ 1%
Median Rent
$1,098/mo ↓ 1%
$62,995/yr ↑ 22%
Median Income
$51,468/yr ↓ 18%
$207,000 ↑ 4%
Home Value
$199,600 ↓ 4%
$1,124/mo ↑ 3%
Owner Costs
$1,094/mo ↓ 3%
882,043
Population
141,925

Tax Comparison

3.05%
Income Tax
0%
7.0%
State Sales Tax
6.25%
0.83%
Property Tax
1.6%

Affordability

21.2%
rent-to-income
Affordability
25.6%
rent-to-income

Detailed Comparison

When comparing Indianapolis, IN and Waco, TX, the overall cost of living indices are 74 and 72 respectively (national median = 100). Rent is comparable in both cities, with less than $50/month separating them.

Median household income is $11,527/year higher in Indianapolis. Home values also differ significantly — the median in Indianapolis is $207,000 compared to $199,600 in Waco.

Texas has no state income tax, giving Waco residents a significant tax advantage over Indiana's 3.05% rate.

Frequently Asked Questions

Indianapolis vs Waco — common questions

Is Indianapolis or Waco cheaper to live in?
Based on our cost index, Waco is cheaper to live in with an index of 72 compared to 74 (US average = 100).
What is the rent difference between Indianapolis and Waco?
Median rent in Indianapolis is $1,112/month and in Waco it's $1,098/month — a difference of $14/month.
Which city has higher income, Indianapolis or Waco?
Median household income is $62,995 in Indianapolis and $51,468 in Waco. Median household income is $11,527/year higher in Indianapolis.
How do taxes compare between Indiana and Texas?
Indiana has 3.05% income tax, 7.0% sales tax, and 0.83% property tax. Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax.
Should I move to Indianapolis or Waco?
It depends on your priorities. Indianapolis has a cost index of 74 with median rent of $1,112/mo, while Waco has a cost index of 72 with rent of $1,098/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
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