Cost of Living: Waco, TX vs Elizabeth, NJ (2026)

Waco

Texas
72
VS

Elizabeth

New Jersey
112

Waco is 36% cheaper than Elizabeth.

$1,098/mo ↓ 25%
Median Rent
$1,463/mo ↑ 33%
$51,468/yr ↓ 19%
Median Income
$63,874/yr ↑ 24%
$199,600 ↓ 49%
Home Value
$393,500 ↑ 97%
$1,094/mo ↓ 29%
Owner Costs
$1,543/mo ↑ 41%
141,925
Population
135,887

Tax Comparison

0%
Income Tax
10.75%
6.25%
State Sales Tax
6.625%
1.6%
Property Tax
2.23%

Affordability

25.6%
rent-to-income
Affordability
27.5%
rent-to-income

Detailed Comparison

When comparing Waco, TX and Elizabeth, NJ, the overall cost of living indices are 72 and 112 respectively (national median = 100). Rent is $365/month cheaper in Waco, saving renters about $4,380/year.

Median household income is $12,406/year higher in Elizabeth. Home values also differ significantly — the median in Waco is $199,600 compared to $393,500 in Elizabeth.

Texas has no state income tax, giving Waco residents a significant tax advantage over New Jersey's 10.75% rate.

Frequently Asked Questions

Waco vs Elizabeth — common questions

Is Waco or Elizabeth cheaper to live in?
Based on our cost index, Waco is cheaper to live in with an index of 72 compared to 112 (US average = 100).
What is the rent difference between Waco and Elizabeth?
Median rent in Waco is $1,098/month and in Elizabeth it's $1,463/month — a difference of $365/month.
Which city has higher income, Waco or Elizabeth?
Median household income is $51,468 in Waco and $63,874 in Elizabeth. Median household income is $12,406/year higher in Elizabeth.
How do taxes compare between Texas and New Jersey?
Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax. New Jersey has 10.75% income tax, 6.625% sales tax, and 2.23% property tax.
Should I move to Waco or Elizabeth?
It depends on your priorities. Waco has a cost index of 72 with median rent of $1,098/mo, while Elizabeth has a cost index of 112 with rent of $1,463/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Waco details → View Elizabeth details →

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