Cost of Living: Waco, TX vs Independence, MO (2026)

Waco

Texas
72
VS

Independence

Missouri
67

Waco is 7% more expensive than Independence.

$1,098/mo ↑ 3%
Median Rent
$1,061/mo ↓ 3%
$51,468/yr ↓ 13%
Median Income
$59,480/yr ↑ 16%
$199,600 ↑ 20%
Home Value
$166,400 ↓ 17%
$1,094/mo ↑ 5%
Owner Costs
$1,046/mo ↓ 4%
141,925
Population
121,944

Tax Comparison

0%
Income Tax
4.95%
6.25%
State Sales Tax
4.225%
1.6%
Property Tax
0.93%

Affordability

25.6%
rent-to-income
Affordability
21.4%
rent-to-income

Detailed Comparison

When comparing Waco, TX and Independence, MO, the overall cost of living indices are 72 and 67 respectively (national median = 100). Rent is comparable in both cities, with less than $50/month separating them.

Median household income is $8,012/year higher in Independence. Home values also differ significantly — the median in Waco is $199,600 compared to $166,400 in Independence.

Texas has no state income tax, giving Waco residents a significant tax advantage over Missouri's 4.95% rate.

Frequently Asked Questions

Waco vs Independence — common questions

Is Waco or Independence cheaper to live in?
Based on our cost index, Independence is cheaper to live in with an index of 67 compared to 72 (US average = 100).
What is the rent difference between Waco and Independence?
Median rent in Waco is $1,098/month and in Independence it's $1,061/month — a difference of $37/month.
Which city has higher income, Waco or Independence?
Median household income is $51,468 in Waco and $59,480 in Independence. Median household income is $8,012/year higher in Independence.
How do taxes compare between Texas and Missouri?
Texas has 0% income tax, 6.25% sales tax, and 1.6% property tax. Missouri has 4.95% income tax, 4.225% sales tax, and 0.93% property tax.
Should I move to Waco or Independence?
It depends on your priorities. Waco has a cost index of 72 with median rent of $1,098/mo, while Independence has a cost index of 67 with rent of $1,061/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Waco details → View Independence details →

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