The typical owner-occupied home in Waco is worth about $138,800, 42% below the Nebraska median of $238,600 and 58% below the national median of $332,700. Owners pay a median $1,563 a year in property taxes, about 1.13% of their home's value, lower than the Nebraska rate of 1.49%. The median household earns $76,250 a year, so the median home costs 1.8 times the median income (3.1 times for Nebraska). 99% of occupied homes here are lived in by their owners, and 29% of those owners still have a mortgage.
Waco at a glance
| Waco | Nebraska | U.S. | |
|---|---|---|---|
| Median home value | $138,800 | $238,600 | $332,700 |
| Median property tax paid per year | $1,563 | $3,549 | $3,119 |
| Property tax as a share of value | 1.13% | 1.49% | 0.94% |
| Median household income | $76,250 | $76,475 | $80,734 |
| Homes lived in by their owners | 99% | 67% | 65% |
| Owner homes with a mortgage | 29% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,219 | $1,736 | $1,963 |
| Those costs as a share of the owners' income | 18.1% | 19.5% | 21.0% |
| Median rent | – | $1,072 | $1,413 |
| Median year homes were built | 1968 | 1975 | 1980 |
| Vacant homes | 5.0% | 7.6% | 10.1% |
| Population | 178 | 1,978,707 | 334,922,499 |
What a typical home costs per month in Waco
At this week's average 30-year rate of 7.11%, buying the median Waco home of $138,800 with 20% down costs about $936 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,167, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $40,093 for the 20%-down payment. That payment is 15% of the median Waco household income of $76,250; at that income and 20% down, the 28% guideline points to a home of about $264,000.
| Down payment | $27,760 |
|---|---|
| Loan amount | $111,040 |
| Principal and interest | $747 |
| Property taxes (1.13% a year) | $131 |
| Homeowners insurance (our estimate, 0.5% a year) | $58 |
| PMI | $0 |
| Total per month | $936 |
Change the numbers in the calculator
| Down payment | $4,858 |
|---|---|
| Loan amount | $136,286 |
| Principal and interest | $917 |
| Property taxes (1.13% a year) | $131 |
| Homeowners insurance (our estimate, 0.5% a year) | $58 |
| FHA mortgage insurance | $61 |
| Total per month | $1,167 |
Change the numbers in the calculator
Questions about home buying in Waco
What is the median home value in Waco?
About $138,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Waco?
Homeowners pay a median $1,563 a year, which is about 1.13% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Waco?
For the median home with 20% down at 7.11%, the payment is about $936 a month. Keeping that under 28% of gross income takes about $40,093 a year.
More about Waco
- Mortgage Refinance in Waco
- Debt Relief in Waco
- Home Equity Loans in Waco
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data