Waco, Texas Housing Market Prices
Waco Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 17% below the Texas median$214,475
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Median rent 18% below the Texas median$1,153
Housing Market Overview
| Metric | Waco | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $214,475 | $258,873 | $248,835 |
| Price Trend (Annual %) | 14.8% | 9.2% | 7.5% |
| Median Gross Rent | $1,153 | $1,402 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Waco is about 17% lower than in Texas. Rent is about 18% lower than the Texas average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Waco, up about 14.8% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Waco rose about 56.5% between 2015 and 2024, from $737 to $1,153. Over the same span, rent in Texas rose about 59.1%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Waco.
Buying the median-priced home in Waco costs roughly 15.5 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Waco. The price-to-rent ratio in Texas is about 15.4.
| Metric | Waco | Texas Avg | US Average |
|---|---|---|---|
| Median Home Price | $214,475 | $258,873 | $248,835 |
| Median Household Income | $51,707 | $78,939 | $80,455 |
| Price-to-Income Ratio | 4.1 | 3.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Waco rose about 173.0%, while median household income rose about 57.8% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Waco | Texas Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.8% | 56.7% | 58.5% |
| Rental Rate | 44.9% | 33.9% | 31.2% |
| Vacancy Rate | 12.3% | 9.4% | 10.2% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Waco has a homeownership rate of 42.8%, lower than the Texas average of 56.7%. Its housing vacancy rate is 12.3%, compared with 9.4% in Texas.
Housing Stock
| Metric | Waco | Texas Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.50 people | 2.69 people | 2.53 people |
| Median Structure Built Year | 1979 | 1990 | 1978 |
| Median Number of Rooms | 5.1 | 5.4 | 5.5 |
The typical housing unit in Waco was built around 1979. On average, 2.5 people live in a home with about 5.1 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Waco, Texas.
What is the median home price in Waco, Texas?
The median home price in Waco, Texas is $214,475, lower than the Texas average of $258,873.
What is the average home price in Waco, Texas?
The typical home price in Waco, Texas, reported as the median sale price, is $214,475. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Waco, Texas?
The median gross rent in Waco, Texas is $1,153 per month, lower than the Texas average of $1,402.
What was the median gross rent in Waco in 2020?
In 2020, the median gross rent in Waco, Texas was $870 per month.
What is the price-to-rent ratio in Waco, Texas?
The price-to-rent ratio in Waco, Texas is about 15.5, meaning it would take roughly 15.5 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Waco.
Are home prices or rent rising faster in Waco, Texas?
Both home prices and rent are rising in Waco, up about 14.8% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Waco, Texas?
42.8% of households in Waco, Texas own their home, lower than the Texas average of 56.7%.
What is the vacancy rate in Waco, Texas?
The housing vacancy rate in Waco, Texas is 12.3%, higher than the Texas average of 9.4%.
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